PancakeSwap Achieves Record Trading Volume
The decentralized exchange (DEX) PancakeSwap has capped 2024 on a high note, reporting record-breaking trading activity.
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The decentralized exchange (DEX) PancakeSwap has capped 2024 on a high note, reporting record-breaking trading activity.
The decentralized exchange recorded an unprecedented crypto trading volume of $310 billion, marking a 179% year-over-year increase from $111 billion in 2023.
Daily volumes now exceed $2.2 billion, according to data from DefiLlama, placing PancakeSwap as the second-largest decentralized exchange globally by trading activity.
PancakeSwap operates on the BNB Chain, enabling users to trade cryptocurrencies directly without intermediaries through its automated market maker (AMM) system. The platform also offers a wide range of features, including token swaps, staking, yield farming, lotteries, and its proprietary SpringBoard token launch tool.
PancakeSwap, known for its low transaction fees and fast processing speeds, continues to solidify its position as a leading DEX.
Trading Activity on PancakeSwap. Source: defillama
Key drivers of this success have been the Arbitrum and Base L2 networks. Arbitrum reported a staggering 3,656% year-over-year increase in trading volumes, hitting $13.2 billion, while Base achieved an equally remarkable 3,539% rise ($11.6 billion).
PancakeSwap’s growth extends beyond these networks. Trading volumes on Ethereum surged by 251%, and activity on the BNB Chain climbed 155%.
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