A record-breaking $410.2 billion trading volume was achieved by decentralized exchanges (DEXs) in May 2025, with PancakeSwap leading the charge as a key driver of this growth. This surge in DEX activity represents a significant shift toward decentralized finance (DeFi), and highlights the growing interest in these open-source platforms. According to ChainCatcher data, PancakeSwap alone generated $171.6 billion in trading volume, accounting for 25% of the overall global spot trading volume. Other leading DEXs like Aerodrome and PumpSwap also saw impressive volume figures – nearing $15 billion each. This increase reflects a strong preference for decentralized trading mechanisms. Analysts believe that these platforms offer greater transparency and security compared to traditional centralized exchanges, which is drawing attention from both individual investors and institutional players.