In May 2025, the spot trading volume of decentralized exchanges (DEXs) accounted for 25% of the total, reaching a record high. This is the first time that DEXs have approached the market share of centralized exchanges (CEXs).
The total trading volume of DEXs in May was $410.2 billion. Among them, PancakeSwap had a trading volume of $171.6 billion, ranking first. Aerodrome and PumpSwap followed closely, with monthly trading volumes of nearly $15 billion.
The growth of DEXs can be attributed to several factors. First, the surge in on – chain trading of meme coins last year, with some prominent ones launching on DEXs first, has driven the trading volume. Second, the improvement in the usability of personal crypto wallets has made it more convenient for users to trade on DEXs. Third, the decline in trust in centralized platforms has also led some users to turn to DEXs.
Some people predict that DEXs will overtake CEXs in trading volume in 2028 and become dominant by 2030.
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