PancakeSwap Dominates DEX Market, Driving Record Trading Volume

PancakeSwap has secured its position as the leader in the decentralized exchange (DEX) market with record trading volume exceeding $171.6 billion in May 2025. This surge in volume represents a significant milestone for DEXs, signifying their growing prominence within the crypto landscape. The overall DEX market captured a historic 25% of global spot trading volume, totaling $410.2 billion, with PancakeSwap leading the charge. Notably, this achievement marks the first time decentralized exchanges have reached such high levels since 2020 and 2021’s volatile periods.