PancakeSwap trading volume hits record high at 310B dollars
Decentralized exchange (DEX) built on multiple blockchains, PancakeSwap ended the year with a record volume of cryptocurrency trading due to the rapid growth of layer-2 blockchain networks and the increasing interest in decentralized exchanges.
1/6 🥞PancakeSwap 2024 Recap: Make DeFi Great Again
— PancakeSwap (@PancakeSwap) December 24, 2024
✨Key milestones:
📈 $310.6B in trading Volume (9 blockchains) — 179% YoY growth
🏋️♂️ $3.47B highest daily trading volume (Dec 16)
🔒 $2.17B TVL
📘: https://t.co/oDGaHUElAK pic.twitter.com/rdOqIXdJfv
The total trading volume of PancakeSwap in 2024 was $310 billion, which represents a nearly 179% year-over-year (YoY) increase from $111 billion in 2023.
According to DefiLlama data, PancakeSwap is currently the second-largest DEX with a daily trading volume of $2.23 billion, trailing only Uniswap, which has a 24-hour volume of $3.11 billion, and with over $49 billion in cryptocurrency traded over the last 30 days, PancakeSwap is the third-largest DEX by monthly trading volume.
PancakeSwap's trading volume driven by L2 networks
L2 networks Arbitrum and Base were primarily responsible for the record year; the former saw a 3,656% YoY increase to $13.2 billion, while the latter saw a 3,539% YoY increase in cryptocurrency trading volume to $11.6 billion in 2024.
The $310 billion milestone was influenced by rising investor sentiment and decentralized finance (DeFi) trading activity. According to DefiLlama, the total value locked in DeFi increased by more than 124% during the year, from $54 billion on January 1 to over $121 billion on December 24.
It was reported that Base and Arbitrum, PancakeSwap, experienced notable year-over-year growth on a number of chains, including a 155% increase on the BNB Chain and a 251% increase on Ethereum.
PancakeSwapX and Telegram Swap bot increase user engagement
With gasless asset swaps and zero-fee trading on the Ethereum and Arbitrum networks, PancakeSwapX was introduced on October 15 to enhance the cryptocurrency user experience.
CAKE's influence on PancakeSwap growth
The DEX protocols' native token, CAKE, which is essential to their expansion and long-term viability, also achieved some notable milestones. 455.5 million CAKE were burned by PancakeSwap in 2024. With the permanent removal of 1.37% of the entire CAKE supply, the net burn for the year was 5.3 million, strengthening the ecosystem and creating scarcity.
Disclaimer
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