Decentralized exchanges (DEXs) achieved a record 25% share of global spot trade volume in May, compared to centralized exchanges (CEXs). This milestone signifies a major shift in the crypto trading landscape. The total monthly trade volume for DEXs reached $410.2 billion.
PancakeSwap led the DEX market with $171.6 billion in volume during May, according to The Block's data. Aerodrome and PumpSwap followed, each with monthly volumes close to $15 billion. The previous record was in January, when DEXs accounted for 20% of spot crypto trade volume.
Simon Kim, CEO of Hashed, noted that DEXs are becoming the core infrastructure for blockchain financial ecosystems. He cited composability, permissionless innovation, and cross-chain interoperability as key strengths. Kim predicts DEXs will overtake CEXs in trade volume by 2028 and become dominant by 2030.