Pancakeswap Flips Uniswap as the Top DEX by Seven-Day Trading Volume

Per data aggregated from coinmarketcap.com and defillama.com, the decentralized exchange (DEX) platform Pancakeswap has eclipsed Uniswap in seven-day trading volume this week.

Per data aggregated from coinmarketcap.com and defillama.com, the decentralized exchange (DEX) platform Pancakeswap has eclipsed Uniswap (CRYPTO: UNI) in seven-day trading volume this week.

DEX Volume Wars

Analytics unveiled via a Sunday post on X (formerly Twitter) by coinmarketcap.com’s social media account, which is seen below, reveal that the DEX Pancakeswap has secured the top position in this week’s trading volume figures. “With over $14 billion in weekly trading volume and a 58.04% increase, Pancakeswap has overtaken Uniswap as the leading decentralized exchange,” the account noted.

Top 5 Coins & Exchanges by Volume (Last 7 Days)

Coin (Volume, % Change)

1. BTC $10.3B, 26.76%

2. ETH $6.3B, 37.93%

3. USDT $5.2B, 14.26%

4. BNB $3.3B, 50.04%

5. USDC $2.7B, 20.54%

Exchange (Volume, % Change)

1. Pancakeswap $14.8B, 58.04%

2. Uniswap $8.3B, 43.93%

3. OKX $3.8B, 14.31%

4. Huobi $3.2B, 27.3%

5. Binance $2.7B, 12.96%

Follow for more crypto updates! #crypto #cryptocurrency #coins #exchanges #volume

— CoinMarketCap (@CoinMarketCap) March 25, 2023

Pancakeswap is a decentralized exchange protocol that originated on the Binance Smart Chain (BSC), launching in September 2020. The protocol has since expanded its ecosystem to include Ethereum, Polygon, ZKsync Era, Linea, Base, Arbitrum One, and Aptos. However, the BSC remains its primary network, boasting the majority of adoption among Pancakeswap’s user base.

Data from defillama.com on Sunday, March 25, at 07:38 (GMT+3) aligns with this observation.

According to defillama.com, Pancakeswap is currently the dominant DEX, registering a 60.72% growth in seven-day volume. In contrast, Uniswap faced a 43.93% decline in the same period. Over the past 24 hours, Pancakeswap achieved $1.41 billion in transaction volume, outperforming Uniswap’s $674.38 million.

Seven-day data from 03:44 on March 25 from defillama.com further highlights Pancakeswap’s $14.894 billion in volume, contrasting with Uniswap’s $8.291 billion.

The table above showcases the top cryptocurrencies by seven-day trading volume, with Bitcoin (CRYPTO: BTC) taking the lead with over $10.3 billion, followed by Ether (CRYPTO: ETH) at $6.3 billion. In the exchange category, Pancakeswap dominates with over $14.8 billion in seven-day trading volume, while Uniswap follows at $8.3 billion.

Earlier this year, crypto analytics firm Token Terminal highlighted that Uniswap generated more trading volume than Pancakeswap in 2022. Specifically, Uniswap processed $1.04 trillion in 2022, compared to Pancakeswap’s $656 billion. However, Pancakeswap exhibited faster revenue growth, with $266 million in reported revenue last year, whereas Uniswap realized $168 million.

In February, Pancakeswap outperformed Uniswap, generating $81.95 billion in volume, eclipsing Uniswap’s $78.37 billion. However, Uniswap edges out Pancakeswap in March, amassing $45.86 billion compared to Pancakeswap’s $35.91 billion, a significant portion of which is accounted for in the latest seven-day window highlighted by CoinMarketCap. As these latest shifting dynamics unfold, they illuminate the ever-changing landscape of decentralized finance (DeFi).