PancakeSwap, a decentralized exchange (DEX), achieved significant success in 2024. Total trading volume increased by 179% from $111 billion in 2023 to $310 billion.

This increase was attributed to the growth of layer-2 (L2) networks such as Arbitrum and Base. Arbitrum increased by 3,656% and Base by 3,539% YoY.

PancakeSwap grew by 251% on Ethereum and 155% on BNB Chain. The platform became the second largest DEX after Uniswap.