Growth in Pancakeswap Trading Volume and TVL
Pancakeswap, a popular decentralized exchange on Binance Smart Chain (BSC), has announced a record-breaking weekly trading volume of $22 million. The platform also reported a significant increase in its Total Value Locked (TVL), which now stands at $1.902 billion.
In December 2024, Pancakeswap reached an impressive monthly trading volume of $462 billion, marking a 23.5% increase from November's $374 billion. This milestone set a new all-time high for the platform.
Pancakeswap Among Top DEX Players
Uniswap retained its position as the leading DEX in December with a trading volume of $106.4 billion, representing 23% of the total market. Pancakeswap secured the second spot with $96.4 billion (20.9%), while Raydium on the Solana blockchain followed with $58 billion (12.6%).
Other notable players, including Aerodrome ($31 billion) and Orca ($22 billion), contributed significantly to the total volume. Alongside platforms like Hyperliquid, Curve Finance, and Lifinity, DEXs processed over 1.26 billion transactions in December, up from 980 million in November.
Pancakeswap’s Success Tied to BSC Growth
Pancakeswap’s growth mirrors the success of decentralized applications on Binance Smart Chain. BSC has attracted a large user base thanks to its low transaction fees and fast processing speeds.
As a more cost-effective alternative to Ethereum, BSC’s interoperability with Ethereum Virtual Machine (EVM) allows developers to seamlessly port their applications to the network. This has fueled rapid ecosystem expansion, making BSC a hub for numerous projects and developers.
The ability of BSC to bridge with other blockchains enables users to transfer assets across networks, further enhancing its appeal.
Support from Binance
BSC also benefits from its close association with Binance, one of the largest cryptocurrency exchanges. Binance provides BSC with substantial liquidity and access to its vast user base, significantly contributing to the network’s growth and adoption.
Conclusion
With record-breaking trading volumes and the ongoing expansion of Binance Smart Chain, Pancakeswap remains a leader in the decentralized exchange market. These achievements underscore its pivotal role in the BSC ecosystem and the broader DeFi space.
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