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DEXs reached 25% of global spot crypto volume in May 2025.
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PancakeSwap led with $171.6B in trades; total DEX volume hit $410B.
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Growth driven by memecoins, better wallets, and distrust of CEXs.
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Analysts predict DEXs will surpass CEXs in market share by 2028.
Decentralization On the Rise
Decentralized exchanges (DEXs) captured 25% of the global spot crypto trading volume in May, marking their highest-ever market share compared to centralized exchanges (CEXs), according to The Block’s data.
The $410.2 billion in monthly volume marks a major shift, with PancakeSwap leading at $171.6 billion. Aerodrome and PumpSwap followed, each nearing $15 billion.
The Shift From Trust to Code
Hashed CEO Simon Kim called the rise a “paradigm shift,” emphasizing that DEXs now form the core financial infrastructure of blockchain ecosystems. Their permissionless innovation, cross-chain functionality, and composability are replacing traditional trust-based systems with code-based platforms.
Catalysts Behind the Surge
The rise in DEX volume has been fueled by memecoin mania, improved self-custody wallet interfaces, and growing user skepticism toward centralized exchanges following past failures and scandals. This sentiment has led users to seek transparency and control over their funds.
The Road Ahead
Kim predicted that DEXs could surpass CEXs in volume by 2028 and dominate markets by 2030. “Satoshi Nakamoto’s vision is expanding beyond peer-to-peer cash to complete decentralized financial systems,” he said, underscoring the long-term momentum behind DEXs.
