In May 2025, decentralized exchanges (DEXs) recorded a staggering $474.14 billion in total trading volume, securing the second-highest monthly figure in their history. This surge underscores the growing adoption and resilience of decentralized finance (DeFi) platforms, as users increasingly turn to trustless, blockchain-based trading solutions.
Breaking down the numbers by blockchain, BNB Chain led the pack with an impressive $178.23 billion in trading volume, solidifying its position as a dominant force in the DeFi ecosystem.
Within BNB Chain, PancakeSwap emerged as the standout performer, outpacing its closest rival, Uniswap. PancakeSwap recorded a remarkable $171.6 billion in trading volume, significantly surpassing Uniswap’s $92.1 billion.
PancakeSwap’s dominance highlights the efficiency and appeal of BNB Chain’s low-cost, high-speed infrastructure, which continues to attract both retail and institutional traders.
While Uniswap remains a cornerstone of the Ethereum-based DeFi landscape, PancakeSwap’s performance signals a shift in market dynamics, with BNB Chain capturing a larger share of the DEX trading market.
Also read:
- QUASA Report: The State of the Cryptocurrency Market (April 2025) – Part 2: Rated Projects and the Illusion of Trust
- Crypto Liquidity Vanished: 90% Fake Trading Across Exchanges, 95% Useless or Scam Projects—Reckoning Looms
- Lost Fortunes in Crypto Crashes: Money Laundering, Scams, Collusion, and a Horde of Fraudsters
This milestone reflects the broader maturation of DeFi, as decentralized exchanges continue to challenge traditional finance by offering transparent, accessible, and efficient trading platforms.
As the sector evolves, the competition between leading DEXs like PancakeSwap and Uniswap will likely drive further innovation, benefiting users worldwide.
