PANews reported on May 31 that Dune data showed that the number of users using Uniswap front-end transactions in May was about 454,480, a new high since the launch of Uniswap v3 in May 2021. There were 778,149 independent DeFi users in the entire network in May, a new high since December 2021.

At the same time, monthly cryptocurrency trading volumes on centralized exchanges (CEXs) plummeted to their lowest monthly levels since October 2020. According to data from The Block, spot trading volumes on mainstream crypto exchanges in May were slightly below $424 billion, a far cry from the monthly volumes of $1.4 trillion and $4.25 trillion in May 2022 and May 2021, respectively.

As reported earlier this month, the DEX to CEX spot trading volume ratio exceeded 20% for the first time.