The share of decentralized exchanges has reached 25% of the global spot trading volume, which is a record high relative to centralized exchanges.
According to The Block, in May, the total monthly trading volume on the DEX was $410,2 billion, with PancakeSwap leading the way with $171,6 billion. Aerodrome and PumpSwap followed with monthly volumes close to $15 billion.
The previous record was set in January this year, when DEX accounted for 20% of the cryptocurrency spot trading volume compared to CEX.
“This is not just a change in market share,” said Simon Kim, CEO and partner at cryptocurrency venture firm Hashed. “It signals a clear paradigm shift from centralized to decentralized trading based on trust in the code of trading systems.”
The recent surge in DEX trading volume can be attributed to the hype around memecoins, as they were primarily launched on decentralized platforms. The increased usability of personal crypto wallets and the decline in trust in centralized platforms have also contributed to the growth of DEXs.
Kim believes that DEXs will overtake CEX in trading volume in 2028 and achieve dominance by 2030.
