PancakeSwap Generates $24.6 Million in Fees, Surpassing Tether and USDC
PancakeSwap experienced a surge in trading activity and daily fees, collecting $24.6 million in the past 24 hours, surpassing Tether's $19.9 million and USDC's $6.4 million. This marks PancakeSwap’s second-highest daily fee, following the $31.2 million recorded on May 19, 2021.
Key statistics include:
- Revenue of $2.1 million in the last day
- $51.6 million in the past 30 days
- Total Value Locked (TVL) of $1.75 billion
The recent interest in the AB token has driven this increase in trading volume. The Newton project rebranded to AB in February and saw a 116% rise over the past month. Approximately $3 billion of the $5 billion AB trading volume occurred on PancakeSwap v3, which led the market with a 24-hour volume exceeding $9 billion.
PancakeSwap also introduced one-click cross-chain swaps between BSC, Arbitrum, and Base using the Across protocol, enhancing user experience. However, the sustainability of PancakeSwap's lead over Tether and Circle remains uncertain due to reliance on the AB token trend.
The native token, PancakeSwap #CAKE, is currently down 1.75% at $2.22.