PancakeSwap, the leading decentralized exchange platform, achieved significant milestones in 2024, with trading volumes soaring past $310 billion amid a booming decentralized finance landscape.
PancakeSwap reported a remarkable global trading volume of $310.6 billion, reflecting a staggering growth of 179% year-over-year across nine blockchains.
This surge marks a dramatic increase from the $111.3 billion recorded in total trading volume in 2023.
The platform attributed this impressive growth to the rapid expansion of layer-2 networks like Arbitrum and Base.
Notably, PancakeSwap recorded its highest single-day trading volume of $3.47 billion on December 16, 2024.
Additional highlights during the year included a rise in total value locked to $2.17 billion, alongside unique traders surpassing 14.3 million.
The native token, CAKE, played a pivotal role in the exchange’s growth, achieving significant milestones throughout the year.
PancakeSwap successfully burned 455.5 million CAKE, leading to a net reduction of 5.3 million tokens. This process permanently removed 1.37% of the total CAKE supply, enhancing its scarcity and solidifying the ecosystem’s strength.
“Through strategic burns and robust community engagement, CAKE continues to ensure the long-term success and stability of the PancakeSwap platform.”
The platform also introduced key innovations, such as zero-fee, gasless swaps, and the launch of a Telegram swap & prediction bot, along with an AI predictions market on Arbitrum.
Currently, PancakeSwap boasts 1.79 million CAKE holders; however, the CAKE price has faced challenges, experiencing an 11% decline over the past year compared to peaks seen in late 2023.
