PancakeSwap claimed the top spot in decentralized exchange rankings with over $14 billion in weekly trading volume.
PancakeSwap's Rise
According to CoinMarketCap data, PancakeSwap saw an impressive 58.04% increase in activity over the past week. The BNB Chain-based DEX now accounts for 29.18% of all decentralized exchange trading volume. This growth helped it overtake Ethereum-based Uniswap, which saw a decline in trading volume.
Competitors' Decline
While PancakeSwap gained volume, other major platforms experienced declines. Raydium saw a 24.75% decrease in weekly activity, while Meteora and Fluid fell by 33.03% and 52.76%, respectively.
PancakeSwap's Expansion
PancakeSwap's success can be attributed to several factors, including lower transaction fees on BNB Chain, faster confirmation times, and its user-friendly interface. The exchange's expansion into perpetual trading, prediction markets, NFTs, and lotteries has attracted both retail and institutional users.
PancakeSwap continues to strengthen its position in the DEX market with fair fees and user-friendliness, leading to significant trading volume growth.
