In May 2025, decentralized exchanges (DEX) achieved a record 25% share of the spot trading volume, marking a significant milestone as they approach the market share of centralized exchanges (CEX). The total DEX trading volume reached $410.2 billion, with PancakeSwap leading at $171.6 billion. Aerodrome and PumpSwap followed, each nearing $15 billion in monthly trading volume. Hashed CEO Simon Kim highlighted this shift as indicative of a broader market transition from centralization to decentralization. He predicts DEX will surpass CEX by 2028 and dominate by 2030, driven by factors such as the meme coin craze, easier wallet access, and declining trust in CEX. Kim views DEX as the true embodiment of blockchain's spirit.