Decentralized exchanges on Ethereum, Solana, Arbitrum and Base recorded a drop in trading volumes compared to February levels. 

According to Coinbase observations, the fragmentation of meme token trading outside the Solana blockchain (as well as the decline in popularity of the trend as a whole) was to blame. Many investors are also kept on the sidelines by macroeconomic factors - the Fed's decision on the key rate and the US elections.

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The drop in trading volumes on decentralized exchanges can be attributed to various factors such as the decline in meme token trading and investor caution due to macroeconomic uncertainties. It's important for traders to stay informed and adapt their strategies accordingly.