BNB Chain recorded $178.23B in volume, the highest among all blockchains.
PancakeSwap's volume reached $171.6B, surpassing Uniswap by $ 79.5 B.
The total DEX trading volume in May 2025 was $474.14B, the second-highest on record.
According to data from DeFiLlama, in May 2025, decentralized exchanges enlisted $474.14 billion in trading volume. This figure depicts the second-highest monthly total in the history of decentralized finance (DeFi). The activity traversed multiple blockchains and reflects sustained user attention with non-custodial trading platforms. Several factors, including incentive programs and growing ecosystem utility impacted volume increases.
Source: DeFiLlama BNB Chain Leads Monthly Trading Volume
BNB Chain generated $178.23 billion, accounting for the largest share among all tracked blockchains. This total marks an all-time high for the network. Trading campaigns and the Alpha airdrop contributed to the increase in transaction activity across BNB-based platforms during the month.
Within BNB Chain, PancakeSwap reported $170.6 billion. This figure represents the majority of BNB Chain’s total and stands as PancakeSwap’s highest monthly volume to date. No other decentralized exchange matched this individual performance during May.
Additionally, Uniswap, the leading DEX on Ethereum, documented $90.14 billion. PancakeSwap exceeded Uniswap’s by over $70 billion during the same period. These data tell of a shift in user transaction flows between networks, controlled by factors such as trading costs and platform inducements.
Source: DeFiLlama
The infrastructure supporting BNB Chain offers lower transaction fees and faster processing times compared to some Layer 1 alternatives. These factors may contribute to the high activity observed on PancakeSwap in recent months.
Sector-Wide Growth Indicates High User Engagement
The overall DEX trading volume of $474.14 billion in May is second only to one prior month on record. This level of trading shows continued use of trustless platforms for crypto transactions. DEXs reflects organic user behavior and smart contract interaction without centralized intermediaries.
DeFiLlama tracked activity across major DEXs and blockchains to compile these figures. The data includes Layer 1 and Layer 2 networks where decentralized exchanges operate. Cross-chain usage continues to expand as users diversify platforms based on network capabilities and incentives.
Several campaigns during May contributed to volume growth. BNB Chain’s Alpha airdrop distributed tokens to users who met on-chain criteria. This event coincided with increased trading activity and a rise in liquidity across BNB-based DEXs.These campaign-based events often lead to short-term surges in volume. The data from May confirms a direct correlation between incentive-driven events and DEX transaction totals. Additional campaigns across other blockchains could impact future monthly results.
