Decentralized Exchanges Capture Record 25% of Global Spot Trading Volume in May

Decentralized exchanges (DEXs) reached a major milestone in May, claiming 25% of global spot crypto trading volume—an all-time high and a clear signal of growing momentum behind decentralized finance.

According to data, DEXs handled $410.2 billion in trading volume last month, up sharply from previous months. PancakeSwap led the pack with $171.6 billion in trades, followed by Aerodrome and PumpSwap, each approaching $15 billion. This marks a significant increase from January’s previous high, when DEXs accounted for 20% of spot volume relative to centralized exchanges (CEXs).

“This isn’t just a market trend—it’s a shift in the way financial systems are being built,” said Simon Kim, CEO and partner at blockchain investment firm Hashed.

He described the rise of DEXs as a move from trust-based to code-based systems, adding that decentralized trading platforms have become the “core infrastructure” of blockchain finance.

Several factors are fueling this rise. The explosion of on-chain memecoin trading last year brought large volumes to DEXs, many of which hosted early launches for viral tokens. At the same time, improved wallet technology and growing skepticism toward centralized platforms—especially in the wake of past exchange failures—have driven more users toward decentralized alternatives.

Kim believes the trend will only accelerate. He predicts that DEXs could overtake centralized exchanges in volume by 2028 and become the dominant model by the end of the decade.

“Satoshi Nakamoto envisioned peer-to-peer electronic cash,” Kim said. “Today, that vision is evolving into full-scale decentralized financial ecosystems.”

While centralized exchanges still dominate in liquidity and user onboarding, the rapid growth of DEXs shows a clear shift toward decentralized finance models that prioritize openness, interoperability, and user control.