pancakeswap记录自成立以来有史以来最高的季度，但蛋糕价格下跌

Pancakeswap刚刚结束了他们历史上最好的季度。但是，他们本月的本地令牌蛋糕下跌了24％，现在交易约1.94美元。

PancakeSwap just closed its best quarter ever, but its native token CAKE has dipped 24% this month to trade around $1.94.

Pancakeswap刚刚结束了有史以来最好的季度，但本月其原住民令牌蛋糕在1.94美元左右下跌了24％。

PancakeSwap achieved its highest-ever trading volume yet with $205.3 billion in Q1 2025. This is a huge milestone for the exchange since its launch.

pancakeswap在2025年第1季度获得了有史以来最高的交易量，售价为2053亿美元。这是自推出以来的巨大里程碑。

The platform has grown massively since early 2023, with trading volume up 921%, user numbers up 81%, and transaction count up 159%.

自2023年初以来，该平台已经大幅增长，交易量增长了921％，用户数量增加了81％，交易量增长了159％。

The decentralized exchange started on BNB Chain in 2020. Since then, it has expanded to multiple blockchains and transformed into a complete DeFi platform.

分散的交换始于2020年的BNB链上。从那时起，它已扩展为多个区块链，并转变为一个完整的DEFI平台。

According to data from Dune Analytics, Q1 2025 brought 5.83 million unique traders to PancakeSwap, the highest number since late 2021.

根据Dune Analytics的数据，第1季度2025年将583万独特的商人带到了pancakeswap，这是2021年底以来的最高数量。

The growth since 2023 highlights PancakeSwap’s rising popularity. Quarterly trading volume soared from $20.1 billion in Q1 2023 to $205.3 billion in Q1 2025.

自2023年以来的增长突出了Pancakeswap的日益普及。季度交易量从2023年第1季度的201亿美元飙升至2025年第一季度的2053亿美元。

Over this period, the number of unique traders more than doubled, increasing from 3.2 million to 5.8 million. Transaction count also saw substantial growth, rising from 44.1 million to 114.4 million.

在此期间，独特的交易者人数增加了一倍以上，从320万增加到580万。交易数量也大幅增长，从4410万增加到1.144亿。

Multi-Chain Success and Innovation

多链成功与创新

PancakeSwap has solidified its position as a leading exchange across several blockchains. It has processed an impressive $1.14 trillion in trades on BNB Chain alone.

Pancakeswap巩固了其在几个区块链中的领导交流地位。仅在BNB链上，它就处理了令人印象深刻的11.4万亿美元交易。

Other chains also show strong adoption, with $21.10 billion on Base, $20.28 billion on Arbitrum, and $20 billion on Ethereum.

其他连锁店也表现出强大的收养，基地的211亿美元，仲裁额为2002.8亿美元，以太坊的$ 200亿美元。

The platform continues to innovate with recent upgrades to version 3, and PancakeSwap Infinity is coming soon. Users are increasingly adopting the PancakeSwap Telegram Bot for convenient trading.

该平台继续通过最近升级到版本3进行创新，pancakeswap Infinity即将推出。用户越来越多地采用pancakeswap电报机器人来方便交易。

Another popular feature is PancakeSwapX, which allows users to make trades without paying gas fees.

另一个流行的功能是PancakesWapx，它允许用户在不支付汽油费的情况下进行交易。

These numbers and developments highlight PancakeSwap’s growing dominance in the DeFi space. The platform has consistently expanded its reach and improved its services, attracting more users across different blockchain networks.

这些数字和发展突出了煎饼瓦普在Defi空间中的统治地位。该平台一直扩大其影响力并改善了服务，吸引了不同区块链网络中的更多用户。

Why CAKE Price Is Falling Despite Strong Performance

为什么蛋糕价格表现强劲

Despite these impressive numbers, the CAKE token price has dropped 24% this month to reach $1.94. This disconnect occurs for several reasons.

尽管有这些令人印象深刻的数字，但蛋糕代币的价格本月下跌了24％，达到1.94美元。这种断开连接的原因是多种原因。

The overall crypto market has been volatile lately, pulling down many tokens regardless of their project’s success.

最近，加密货币市场一直在波动，不管他们的项目的成功如何，都会降低许多令牌。

Even though PancakeSwap’s trading volume is at an all-time high, this doesn’t necessarily increase demand for CAKE tokens.

尽管Pancakeswap的交易量一直处于历史最高水平，但这并不一定会增加对蛋糕代币的需求。

Token economics may also play a role. Even with efforts to make CAKE more useful and less inflationary, investors still have concerns about its long-term value.

令牌经济学也可能发挥作用。即使努力使蛋糕更有用，而且通货膨胀率更少，投资者仍然对其长期价值感到担忧。

Competition from other decentralized exchanges is also increasing, which spreads investment across more platforms.

来自其他分散交流的竞争也正在增加，这将投资在更多平台上传播。

There’s often a delay between a platform’s success and its token price. PancakeSwap’s record performance might eventually lift CAKE’s price, but for now, they’re moving in opposite directions.

平台的成功与代币价格之间通常会延迟。 Pancakeswap的创纪录性能最终可能会提高蛋糕的价格，但就目前而言，它们的方向相反。

With Q1 2025 showing such strong results, PancakeSwap is positioned to continue its growth throughout the year. However, whether the CAKE token will eventually reflect this success remains to be seen.

随着第1季度2025年的效果如此强劲，PancakesWap的定位将在全年中继续增长。但是，蛋糕令牌是否最终会反映出这一成功还有待观察。

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