PancakeSwap, one of the leading decentralized exchanges, has shown significant growth in 2024 by increasing trading volumes and expanding its presence on new blockchains.
Growth in Trading Volume
According to DefiLlama, PancakeSwap's trading volume reached $310.6 billion, 179% higher than the previous year. This growth highlights the platform's strong position in the multi-chain decentralized finance (DeFi) space.
Expansion into New Blockchains
This success is mainly due to its expansion across nine blockchains, including BNB Chain, Base, Arbitrum, zkSync, Linea, Ethereum, Aptos, opBNB, and Polygon zkEVM. Particularly, Layer-2 solutions like Arbitrum, Base, and opBNB offer faster and cheaper transactions, attracting more users.
Key PancakeSwap Enhancements
PancakeSwap has implemented several key upgrades such as PancakeSwapX for fee-free swaps, along with launching tokens on the BNB Chain via SpringBoard. AI-driven prediction markets on Arbitrum and Telegram bots for easier swaps were also introduced. The platform's cross-chain capabilities with PancakeSwap Bridge and innovations such as Gauges Voting and veCAKE upgrades have added flexibility and functionality.
These strategies have enabled PancakeSwap to maintain its growth momentum and expand its influence within the DeFi landscape. The platform plans to continue its development and innovation to further strengthen its position in 2025.
