Chiara Bianchi
In a historic shift, decentralized exchanges (DEXs) claimed 25% of the global spot crypto trading volume in May, setting a new record for their market presence. The previous benchmark stood at 20%, recorded in January 2025.
According to PRIME’s data dashboard, DEXs processed $410.2 billion in trades last month. PancakeSwap led the surge with a remarkable $171.6 billion in trading volume, followed by Aerodrome and PumpSwap, which both handled close to $15 billion each.
From Centralized Control to Code-Based Trust
“This trend goes beyond mere statistics,” stated Simon Kim, CEO and partner at blockchain-focused VC firm Hashed.
โThis marks a fundamental shiftโfrom centralized platforms to decentralized protocols, from trust in institutions to trust in code.โ
Kim emphasized that DEXs are no longer experimental tools, but instead have become core infrastructure for blockchain finance. Their strengths lie in permissionless development, interoperability across chains, and the ability to innovate without gatekeepers.
Whatโs Driving the Growth of DEXs?
The rise in DEX activity can be attributed to several key factors:
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Explosive interest in memecoins, many of which launched exclusively on DEXs first
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Improved usability of personal crypto wallets
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Declining trust in centralized exchanges (CEXs) due to past failures and security concerns
Kim predicts that if current trends continue, DEXs will surpass CEXs in total trading volume by 2028, and by 2030, they could become the dominant force in crypto trading.
A Vision Realized: Decentralization in Full Swing
According to Kim, the momentum behind DEXs is in line with the original vision of Satoshi Nakamoto.
โWeโre witnessing the transformation of peer-to-peer money into full-scale financial ecosystems built on decentralization. Centralized exchanges still echo traditional finance, but DEXs embody the true ethos of blockchain technology.โ
