According to The Block, in May 2025, decentralized exchanges (DEX) set a new record, reaching a 25.3% share of the cryptocurrency spot trading market compared to centralized exchanges (CEX). The trading volume on DEX amounted to $410.2 billion, significantly exceeding the previous peak of 14.22% in July 2024. Uniswap remains the leader with a trading volume of $103 billion in December 2024, followed by PancakeSwap ($72 billion) and Raydium ($54.6 billion). The growing popularity of DEX is attributed to their security, as users control their private keys, and the transparency of transactions recorded on the blockchain. Furthermore, decentralized platforms are less subject to regulatory restrictions, attracting investors amid tightening requirements for CEX. Positive market sentiment, particularly after the re-election of Donald Trump, also contributed to the increase in trading volumes. The development of DeFi protocols, such as lending and yield farming, further supports the popularity of DEX. This trend indicates a gradual shift towards decentralized financial systems, which could change the landscape of the cryptocurrency market.
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