PancakeSwap Hits $310B in Trading Volume, Up 179% YoY

PancakeSwap, the decentralized exchange (DEX) platform, had a standout 2024, with its trading volume soaring to $310.6 billion, marking a 179% year-over-year increase. This milestone was achieved across nine blockchains, reflecting significant growth in decentralized finance (DeFi). For context, in 2023, PancakeSwap’s total trading volume was $111.3 billion.

The platform saw a surge in its trading volume driven by the rise of Layer-2 networks like Arbitrum and Base, contributing to its impressive 2024 performance. On December 16, 2024, PancakeSwap recorded its largest single-day trading volume at $3.47 billion.

Other key accomplishments for PancakeSwap included an increase in Total Value Locked (TVL), which reached $2.17 billion, and the number of unique traders surpassed 14.3 million. The native token, CAKE, also achieved notable milestones, with the platform burning 455.5 million CAKE tokens throughout the year. This contributed to a net burn of 5.3 million CAKE, removing 1.37% of the total supply, which helped increase scarcity and strengthen the ecosystem.

PancakeSwap also introduced several network enhancements during the year, including zero-fee, gasless swaps, the launch of the BNB meme token, and the Telegram swap & prediction bot. One of the standout features was the launch of the AI predictions market on Arbitrum.

Despite these milestones, the CAKE token price struggled to match its late 2023 highs, experiencing an 11% decline over the past year. However, the strong performance in trading volume and ongoing network developments demonstrate the platform’s resilience and future growth potential.