Memecoin mania is driving a record number of people to trade on decentralized exchanges, with more than half a million users transacting on Uniswap last month.

According to data from Dune Analytics, 523,606 unique wallets traded on Uniswap in May, beating out the previous record from January 2022 by nearly 50%.

Uniswap is the top decentralized exchange by 24-hour volume with $1.15B, beating out its closest rival, PancakeSwap, by 4.5x.