PancakeSwap Drives DEX Growth Amid Centralized Exchanges’ Continued Spot Market Dominance

Key Points

1. DEX spot trading volume increased by 25% in Q2 2025, while CEX volumes declined by nearly 28%, indicating a shift in trader preferences.

2. PancakeSwap's trading volume surged 539% to $392.6 billion, making it the largest DEX globally and accounting for nearly 45% of all DEX trades.

3. Binance Smart Chain (BSC) became the most popular blockchain for DEX trading, overtaking Ethereum, Base, and Solana.

4. Decentralized perpetual futures (perp) trading reached a record $898 billion in Q2 2025, with Hyperliquid dominating 73% of the market.

5. Centralized exchanges saw a modest 3.6% decline in derivatives trading volume, highlighting growing interest in decentralized alternatives.