According to Cointelegraph, PancakeSwap, a leading decentralized exchange (DEX), reported a remarkable year in 2024 with a total trading volume of $310 billion. This represents a significant 179% increase from the $111 billion recorded in 2023. The surge in trading volume is largely attributed to the expansion of layer-2 blockchain networks, particularly Arbitrum and Base. Arbitrum experienced a staggering 3,656% year-over-year (YoY) increase, reaching $13.2 billion, while Base saw a 3,539% YoY rise to $11.6 billion.
The growth in PancakeSwap's trading volume is also linked to heightened investor interest and increased activity in decentralized finance (DeFi) trading. The PancakeSwap team highlighted that the 179% YoY growth reflects positive market sentiment and the burgeoning activity within the DeFi and DEX sectors. Currently, PancakeSwap ranks as the second-largest DEX, with a daily trading volume of $2.23 billion, following Uniswap's $3.11 billion, as per DefiLlama data.
PancakeSwap's success in 2024 is further bolstered by its cross-chain growth and user experience enhancements. The platform witnessed significant YoY growth across various blockchain networks, including a 251% increase on Ethereum and a 155% rise on the BNB Chain. This achievement coincides with a broader increase in DeFi activity, where the total value locked in DeFi protocols surged by over 124% during the year, climbing from $54 billion at the start of the year to over $121 billion by December 24.
In addition to the growing interest in DeFi and DEX trading, PancakeSwap's focus on user-centric upgrades played a crucial role in reaching the $310 billion milestone. The platform introduced several enhancements, such as a revamped swap interface, PancakeSwapX, and tools like the Telegram Swap bot, which have improved the user experience and driven greater engagement. PancakeSwapX, launched on October 15, offers zero-fee trading and gasless asset swaps on Ethereum and Arbitrum networks, simplifying the crypto user experience.
These developments address the complex onboarding process that often deters new users from engaging with DeFi platforms. By offering a more streamlined experience, PancakeSwap aims to attract mainstream users who might otherwise gravitate towards centralized exchanges (CEXs). As of now, PancakeSwap stands as the third-largest DEX by monthly trading volume, with over $49 billion worth of crypto traded in the past 30 days, according to DeFiLlama data.
YouQuan
Joy
Aaron
Alex
Brian