In May, decentralized exchanges (DEX) unexpectedly accounted for 25% of the total global crypto trading volume, equivalent to over $410 billion, the highest level ever recorded. Among them, PancakeSwap led with $171.6 billion, followed by Aerodrome and PumpSwap, each reaching nearly $15 billion.

This surge reflects a strong trend of shifting from centralized exchanges (CEX) to decentralized platforms (DEX). Experts predict that DEX will surpass CEX in trading volume around 2028 and become the dominant trading channel by 2030.