PancakeSwap, one of the top decentralized exchanges, has made a remarkable achievement in 2024 as its trading volume has increased.
PancakeSwap, a top decentralized exchange, has seen a massive surge in its trading volume on multiple blockchains.
According to data from DefiLlama, PancakeSwap's trading volume reached an impressive $310.6 billion in 2024, marking a significant increase of 179% from the previous year. This remarkable growth showcases the platform's strong presence and performance in the multi-chain decentralized finance (DeFi) space.
This achievement can be largely attributed to PancakeSwap's strategic expansion across nine blockchains, which include BNB Chain, Base, Arbitrum, zkSync, Linea, Ethereum, Aptos, opBNB, and Polygon zkEVM. These blockchain networks, particularly Layer-2 solutions like Arbitrum, Base, and opBNB, offer faster and more cost-efficient transactions, ultimately attracting a broader user base to PancakeSwap.
Furthermore, PancakeSwap has also witnessed a substantial increase in its Total Value Locked (TVL), reaching $2.17 billion, while also boasting over 14.38 million unique traders on the platform. These statistics highlight the platform's continuous growth in both scale and popularity.
Several key upgrades and initiatives contributed significantly to PancakeSwap's success this year. One notable upgrade is PancakeSwapX, which enables users to perform fee-free, gasless swaps on both Arbitrum and Ethereum.
Another crucial addition is the SpringBoard token launchpad, which facilitates launching tokens on the BNB Chain without incurring any fees. Notably, PancakeSwap also launched AI-driven prediction markets on Arbitrum and introduced Telegram bots to seamlessly integrate token swaps and predictions directly within Telegram.
Moreover, the platform enhanced its cross-chain capabilities with PancakeSwap Bridge, facilitating transactions across eight different blockchains. Additional improvements, such as the Gauges Voting and veCAKE upgrades, further enhanced PancakeSwap's flexibility and functionality.
In a move to ensure long-term stability, PancakeSwap burned 455.5 million $CAKE tokens during this period, and now boasts 1.79 million $CAKE holders worldwide. These efforts are geared towards sustaining the platform's growth momentum as it advances into 2025, with plans to continue driving innovation and expanding across the multi-chain DeFi landscape.
