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What caused Uniswap waning volume?

An overall bearish market that deepened in May and gained further ground in June has been largely credited for the waning volumes of Uniswap, DEXs, and centralized exchanges (CEXs) as a whole.
This was reflected in major coins on the exchange trading against stablecoins. The primary purpose of stablecoins is to maintain their peg to a fiat currency.
In extremely bearish markets such as June, stablecoin pairings helped in reducing large percentage losses for traders and investors.
Out of the top 10 markets on the platform, seven were stablecoin pairings and they are USDC

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