Total decentralized exchange volume surged to $178.0 billion in May, with Solana capturing the largest share at $43.9 billion.
Decentralized exchange volume reached $178.0 billion in May, marking a significant concentration of liquidity among top chains. Solana led with $43.9 billion in volume, outpacing Ethereum’s $36.4 billion and Base’s $29.2 billion.
The top four chains accounted for 74.4% of total DEX volume, while the top ten chains captured 90.8%. This concentration highlights the dominance of a few networks in on-chain trading activity, a key indicator of user and liquidity trends.
DEX volume is considered a critical metric for assessing real on-chain activity, reflecting where users and capital are actively moving beyond funding and narrative-driven speculation.