PancakeSwap, a decentralized exchange (DEX), achieved a milestone year in 2024, driven by growing interest in decentralized finance (DeFi) and the rise of layer-2 (L2) blockchain networks.
The platform recorded $310 billion in total trading volume, representing a nearly 179% year-over-year (YoY) increase from $111 billion in 2023.
The surge was primarily attributed to significant growth on L2 networks, including Arbitrum and Base.
According to a PancakeSwap report shared with Cointelegraph, Arbitrum saw a staggering 3,656% YoY increase to $13.2 billion in trading volume, while Base experienced a 3,539% YoY rise to $11.6 billion.
The PancakeSwap team highlighted the role of increasing DeFi activity and investor sentiment in reaching this milestone.
“PancakeSwap’s 179% YoY growth in trading volume reflects the positive market sentiment and increased activity in the DeFi and DEX sectors,” they told Cointelegraph.
PancakeSwap: Second-Largest DEX by Volume
DefiLlama data shows PancakeSwap as the second-largest DEX, with a $2.23 billion daily trading volume, trailing only Uniswap, which recorded $3.11 billion in 24-hour volume.
The platform’s 2024 growth extended across multiple chains, including a 251% increase on Ethereum and a 155% rise on the BNB Chain.
Cross-Chain Expansion and Milestones
Beyond its L2 success, PancakeSwap’s cross-chain growth and user experience upgrades contributed to its record-breaking $310 billion trading volume.
According to PancakeSwap, the DeFi ecosystem’s total value locked (TVL) surged by over 124% in 2024, climbing from $54 billion on Jan. 1 to $121 billion by Dec. 24, per DefiLlama data.
This achievement underscores PancakeSwap’s role in the expanding DeFi landscape, marking a pivotal year for the platform and the broader decentralized trading sector.
