June 15 (Cointime) - According to data from The Block Research, BNB Chain's exchange volume on decentralized exchanges experienced a significant increase in April and May, rising from $11.79 billion to $19.52 billion, a 65.3% increase. This increase is attributed to Pancakeswap's upgrade to V3 in April, which allowed liquidity providers to set price ranges that are more in line with current market prices.

While it is unclear whether this represents a broader shift away from centralized exchanges, DEX volumes as a percentage of CEX volume reached an all-time high in May. However, after a lawsuit from the SEC, some BNB holders, including a crypto whale who sold off $2.3 million worth of BNB on June 12, appear to be selling their tokens.