PancakeSwap Reports $310 Billion Trading Volume for 2024
PancakeSwap is concluding 2024 with a cryptocurrency trading volume of $310 billion, marking a 179% Year-Over-Year (YoY) increase from $111 billion in 2023. This surge is attributed to rising interest in Decentralized Exchanges (DEXs) and the expansion of Layer-2 networks.
L2 Networks Drive Massive Growth for PancakeSwap
Key Layer-2 networks, Arbitrum and Base, significantly contributed to this record year. Arbitrum experienced a 3,656% YoY increase to $13.2 billion, while Base saw a 3,539% YoY rise to $11.6 billion. A report shared with Cointelegraph indicated that PancakeSwap's growth reflects positive market sentiment and increased activity in the DeFi and DEX sectors.
PancakeSwap ranks as the second-largest DEX, achieving a daily trading volume of $2.23 billion, trailing only Uniswap at $3.11 billion, according to DefiLlama data. It also holds the position of the third-largest DEX by monthly trading volume, with over $49 billion traded in the last 30 days.
In early December, PancakeSwap launched SpringBoard, a platform enabling users to create new tokens without coding experience. This no-code token creation tool facilitates a 'fair launch' mechanism with zero launch fees, aligning with the exchange’s mission to promote Decentralized Finance. The same day, PancakeSwap recorded a historic single-day trading volume of $1.27 billion, its highest since the previous year, driven by popular tokens like Wrapped BNB (WBNB), Tether (USDT), and Ethereum (ETH).
Multiple Chains Fuel PancakeSwap Growth
Beyond Arbitrum and Base, several other chains have supported PancakeSwap's YoY growth. A report indicates a 251% increase in Ethereum trading volume to $12.8 billion and a 155% rise in the BNB Chain to $268 billion. Additional chains contributing to this growth include zkSync, Aptos, Linea, opBNB, and Polygon zkEVM.
A spokesperson for PancakeSwap noted that user-centric upgrades, such as the revamped swap interface and tools like the Telegram Swap bot, have enhanced user experience and engagement.
Overall, the DeFi sector has seen significant activity growth, with Total Value Locked (TVL) increasing by over 124% this year, from $54 billion on January 1 to over $121 billion by December 24.