The year 2024 was significant for the decentralized exchange PancakeSwap as trading volume surpassed $310 billion amid DeFi sector growth.
Trading Volume Growth
PancakeSwap reached an impressive $310.6 billion in global trading volume, representing a 179% increase compared to the previous year. In 2023, the volume was $111.3 billion. Notable influences on growth included layer-2 networks Arbitrum and Base. The highest daily trading volume was recorded on December 16, 2024, amounting to $3.47 billion.
Key Achievements of PancakeSwap
Other highlights of 2024 included a rise in total value locked to $2.17 billion and reaching 14.3 million unique traders. PancakeSwap also implemented innovations like zero-fee transactions and gasless swaps, the launch of BNB meme coins, and a Telegram swap & prediction bot. The launch of the AI predictions market on Arbitrum stood out as well.
Network Development and CAKE Token
The CAKE token, a core element of the DEX protocols’ long-term growth, also marked significant milestones. In 2024, PancakeSwap burned 455.5 million CAKE tokens, with 1.37% permanently removed from the total supply, increasing scarcity. The total number of CAKE holders reached 1.79 million, although the price remains 11% below late 2023 levels.
PancakeSwap demonstrated significant growth in 2024 thanks to substantial trading volume increases, innovative developments, and strengthened market position.
