The year 2024 marked a significant milestone for PancakeSwap, a decentralized exchange (DEX), amid rising interest in decentralized finance (DeFi) and the expansion of layer-2 (L2) blockchain networks.
Record Trading Volume at PancakeSwap
The platform recorded a trading volume of $310 billion, representing a nearly 179% increase from $111 billion in 2023. This growth was primarily driven by the expansion of L2 networks, including Arbitrum and Base. According to a PancakeSwap report, Arbitrum saw a 3,656% increase to $13.2 billion in trading volume, while Base experienced a 3,539% rise to $11.6 billion.
Second Largest DEX by Volume
DefiLlama data shows PancakeSwap as the second-largest DEX, with a $2.23 billion daily trading volume, trailing only Uniswap, which recorded $3.11 billion in 24-hour volume. The platform’s 2024 growth extended across multiple chains, including a 251% increase on Ethereum and a 155% rise on the BNB Chain.
PancakeSwap's Growth and Expansion
PancakeSwap achieved its $310 billion trading volume milestone through cross-chain growth and user experience improvements. The DeFi ecosystem’s total value locked (TVL) surged by over 124%, climbing from $54 billion on Jan. 1 to $121 billion by Dec. 24. This underscores PancakeSwap’s role in the expanding decentralized trading sector.
The year 2024 was crucial for PancakeSwap and the broader DeFi landscape, highlighting ongoing growth and shifts in the financial ecosystem.
