Decentralized Exchanges Record Over $161 Billion ATH Volume in May

Cryptocurrency trading volume across decentralized exchanges (DEXes) reached an all-time high above US$161 billion in the past month, according to market data shared by CryptoRank. Overall, trading volume in the crypto market grew significantly in May as centralized exchanges also saw a record high in monthly volume. 

DEXes Gain 16% in Monthly Volume

The massive jump in trading volume represents a 16 percent increase on the previous month (US$138.1 billion). The May figure also translates to a 157 percent rise since January 2021. 

To break down the volume, Uniswap was ranked the largest decentralized exchange with nearly US$58 billion in volume, while the Uniswap V3 closed at US$24 billion, according to data from TheBlock. Uniswap is followed by SushiSwap, 0x Protocol, and 13 other exchanges.

At the time of writing, PancakeSwap leads in reported 24-hour volume with US$371 million, followed by Uniswap, SushiSwap, 0x Protocol, Balancer, BakerySwap, and 1inch.  

The total value of digital assets locked in decentralized exchanges was US$21 billion as at June 2. 

Centralized Exchanges Exceed $2 Trillion in May Volume

The crypto market gained more trading volume last month regardless of the drops in major coins. This is evident as centralized exchanges also reported a 37 percent increase in trading volume to more than US$2.2 trillion last month, consecutively closing a trillion-dollar volume for the fourth time. Binance accounts for about 66 percent of the entire volume in May (+US$1.5 trillion).