Coinspeaker PancakeSwap Closes 2024 With $310B Trading Volume
PancakeSwap is closing 2024 with a $310 billion cryptocurrency trading volume. This figure is triggered by the growing interest in Decentralized Exchanges (DEXs) and the general expansion of Layer-2 networks. This value represents almost a 179% Year-Over-Year (YoY) increase from $111 billion, which the DEX recorded in 2023.
L2 Networks Drive Massive Growth for PancakeSwap
Top L2s Arbitrum and Base are majorly behind this record year for PancakeSwap. According to the performance report from the exchange, Arbitrum saw a 3,656% YoY increase to $13.2 billion. Also, crypto trading volume on Base went as high as 3,539% YoY to $11.6 billion this year. In the report shared with Cointelegraph, the DEX attested that “PancakeSwap’s 179% YoY growth in trading volume reflects the positive market sentiment and increased activity in the DeFi and DEX sectors.”
Amongt its counterparts, PancakeSwap ranks as the second-largest DEX with a $2.23 billion daily trading volume. It is second only to Uniswap, which has an average 24-hour trading volume of $3.11 billion, per DefiLlama data. On the other hand, it is the third-largest DEX by monthly trading volume, with over $49 billion worth of crypto traded during the past 30 days.
In the first week of December, the DEX introduced a new platform dubbed SpringBoard. This solution helps users launch new tokens seamlessly without the need for any coding experience.
PancakeSwap described the platform as a no-code token creation tool that provides ‘fair launch’ mechanism with zero launch fees. Ultimately, the launch aligns with exchange’s mission to expand Decentralized Finance (DeFi). The same day it made this announcement public, PancakeSwap recorded a historic single-day trading volume of $1.27 billion.
This marked the highest that the DEX had seen since last year. Popular tokens like Wrapped BNB (WBNB), Tether (USDT), and Ethereum (ETH) were responsible for the surge. WBNB accounted for $894.4 million, USDT for $824.86 million, and ETH contributed $175.99 million.
Multiple Chains Fuel PancakeSwap Growth
Apart from Arbitrum and Base, which have both contributed to PancakeSwap’s YoY growth in the present day, multiple chains have done their part.
A “2024 Total Trading Volume on PancakeSwap Dex” list shows a 251% increase in Ethereum to $12.8 billion and a 155% increase in the BNB Chain to $268 billion. Other top chains that fueled PancakeSwap’s increase are zkSync, Aptos, Linea, opBNB, and Polygon zkEVM.
One spokesperson for the DEX noted that its user-centric upgrade is another feature that is responsible for its present outlook.
“Additionally, our focus on enhancing key features — such as the revamped swap interface, PancakeSwapX, and tools like the Telegram Swap bot — has helped improve the user experience and drive greater engagement,” the spokesperson highlighted.
Across the broader DeFi sector, there has been a significant rise in activity. According to DeFiLlama data, the Total Value Locked (TVL) in DeFi registered more than a 124% increase this year. It went from $54 billion on Jan. 1 to over $121 billion as of Dec. 24.
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PancakeSwap Closes 2024 With $310B Trading Volume
