PancakeSwap closes record $310B year, up 179% driven by L2, DeFi growth
PancakeSwap achieved a record $310 billion in total trading volume in 2024, a 179% increase from $111 billion in 2023. This growth was driven by the rise of layer-2 networks, particularly Arbitrum and Base, which saw increases of 3,656% and 3,539% YoY, respectively. PancakeSwap is the second-largest decentralized exchange (DEX) with a daily trading volume of $2.23 billion, following Uniswap's $3.11 billion. Significant YoY growth also occurred on Ethereum (251%) and BNB Chain (155%). The total value locked in DeFi rose over 124% during the year. User experience enhancements, including the launch of PancakeSwapX with zero-fee trading and gasless swaps, contributed to increased engagement. PancakeSwap remains the third-largest DEX by monthly trading volume, with over $49 billion traded in the past 30 days.
