📝 Editor’s Note:
Today OurNetwork is checking on decentralized exchanges (DEXs), crypto's bread and butter sector which allows traders and investors to allocate their resources across liquid tokens.
Trading volume, driven partly by increases crypto prices, has picked up in recent weeks. The top fives DEXs, three of which OurNetwork analysts cover below, generated over $64B in the week ending on May 18. That's over 250% higher than 90 days ago, the week ending on Feb. 23.
Below, you'll read coverage of PancakeSwap, Uniswap, Raydium, establshed leaders on their respective home blockchains of BNB Chain, Ethereum, and Solana. Clujso also looked into PumpSwap, pump.fun's new DEX which launched in March and is already generating billions in volume per week.
– ON Editorial Team
DEXs 🔀
PancakeSwap | Uniswap | Raydium | PumpSwap
👥 Token Terminal | Dashboard
📈 Trading Activity Still Trails January Highs as Increased Asset Prices Send Volumes Up in May
The DEX market is extremely volatile. The combined daily trading volume for the top 5 chains is down ~75% from the January 2025 peak. Since the start of the year, the combined daily trading volumes have peaked at ~$45.1B and bottomed at ~$3.4B.
Token prices follow trading volumes. The token prices for the top DEXs are all down compared to the start of the year. DEXs with the biggest price drops are CoW Protocol & Uniswap, both down ~60%, while PancakeSwap & Fluid are down only ~15%.
