May 2021 was the most successful month for crypto exchanges (both centralized (CEX), and decentralized(DEX), with a total trading volume of at least USD 2.48trn, a new record.
This number could be even higher, but it does not include all volume from crypto-tocrypto exchanges which might have been exaggerating their trading volume numbers.
The total trading volume on decentralized exchanges reached an all-time record high of USD 172.2bn in May. This is more than twice the previous record of USD 800.2bn set in February, by Dune Analytics.
Uniswap was the top DEX in last month. It processed more than a quarter of all transactions, generating USD 76.9bn in trading volume. SushiSwap was the second most popular DEX, accounting for USD 23.4bn in total transactions. The third most popular DEX was 0x Native which accounted almost USD 12.8bn in total trading volume.
The overall growth in trading volume on decentralized exchanges continues at an exponential rate. The total trading volume on DEXs stood at USD 1.1bn in May 2020. This means that the annual YoY growth rate is 15,536%.
Central exchanges also experienced record volumes. It crossed the USD 2trn threshold for the first time, and it reached USD 2.31trn according to The Block’s Legitimate Volume Index. This index only includes exchanges that are reporting accurate volume numbers.
This achievement marks the fifth consecutive month in which crypto trading volumes have surpassed USD 1trn on both decentralized and centralized exchanges.
They reportedly handled more than USD 2.1trn of unfiltered crypto-to-crypto trading volume in May. Binance was the leader and accounted the majority of the trading volume. According to The Block data, it processed USD 1.5trn in transactions.
Central exchanges handled USD 798.4bn in crypto trades, according to fiat-tocrypto trading volume. Cryptobase was the most used platform by traders in May with USD 201bn trading volume. Kraken also had a record-breaking month, with USD 100.2bn in trading volume. South Korean cryptocurrency exchange Upbit handled almost USD 80 billion of crypto trades.
According to The Block’s Legitimate Volume Index, the total volume of trading on central exchanges increased by almost 2,059% year-on-year.