A Year of Unprecedented Growth for Decentralized Exchanges
In a year marked by significant growth in the cryptocurrency market, PancakeSwap has emerged as a leader in decentralized exchanges (DEX), achieving a record-breaking $310 billion in total trading volume. This remarkable milestone is a testament to the increasing interest in DEXs and the expansion of layer-2 blockchain networks.
Decentralized Exchange (DEX) – A Growing Trend
The rise of DEXs has been a significant trend in the cryptocurrency market, with PancakeSwap being one of the pioneers in this space. The platform’s success can be attributed to its user-friendly interface, low fees, and innovative features that cater to the needs of crypto traders.
PancakeSwap’s Record-Breaking Year
According to a report shared with Cointelegraph, PancakeSwap recorded $310 billion in total trading volume during 2024, marking a nearly 179% year-over-year (YoY) increase from $111 billion in 2023. This remarkable growth is a testament to the platform’s ability to adapt to the changing needs of crypto traders.
Layer-2 Blockchain Networks Drive Growth
The expansion of layer-2 blockchain networks has been a significant factor in PancakeSwap’s success. The report highlights the role of Arbitrum and Base, which saw a 3,656% YoY increase to $13.2 billion and a 3,539% YoY rise to $11.6 billion respectively in crypto trading volume on these networks.
Arbitrum and Base – A Driving Force Behind PancakeSwap’s Growth
The growth of Arbitrum and Base has been instrumental in driving the adoption of DEXs and layer-2 blockchain networks. These networks have enabled faster and cheaper transactions, making it easier for users to trade cryptocurrencies on PancakeSwap.
Growing Investor Sentiment and DeFi Trading Activity
Beyond the growth of layer-2 blockchain networks, growing investor sentiment and decentralized finance (DeFi) trading activity also contributed to PancakeSwap’s record-breaking year. The platform’s team notes that:
"PancakeSwap’s 179% YoY growth in trading volume reflects the positive market sentiment and increased activity in the DeFi and DEX sectors."
PancakeSwap – A Leader in Decentralized Exchanges
With a $2.23 billion daily trading volume, PancakeSwap is currently the second-largest DEX, behind Uniswap’s $3.11 billion 24-hour volume, according to DefiLlama data.
Crosschain Growth and UX Feature Upgrades
Beyond Arbitrum and Base, PancakeSwap saw significant YoY growth across multiple chains, including a 251% increase on Ethereum and a 155% increase on the BNB Chain. The platform’s focus on crosschain growth and user experience (UX) feature upgrades has been instrumental in driving its success.
Total Trading Volume on PancakeSwap Across Top Chains
| Chain | Total Trading Volume (2024) |
| — | — |
| Ethereum | $83.1 billion (251% YoY increase) |
| BNB Chain | $51.9 billion (155% YoY increase) |
| Arbitrum | $13.2 billion (3,656% YoY increase) |
| Base | $11.6 billion (3,539% YoY increase) |
DeFi Activity on the Rise
The growth of DeFi protocols and DEX trading has been a significant trend in 2024, with the total value locked (TVL) in DeFi rising by over 124% during the year.
Total Value Locked (TVL) in DeFi
| Date | Total Value Locked |
| — | — |
| Jan. 1, 2024 | $54 billion |
| Dec. 24, 2024 | $121 billion |
PancakeSwap’s User-Centric Upgrade
The platform’s focus on user experience has been instrumental in driving its success. The PancakeSwap team notes that:
"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."
PancakeSwapX – A Game-Changer for Crypto Traders
Launched on Oct. 15, PancakeSwapX offers zero-fee trading and gasless asset swaps on the Ethereum and Arbitrum networks, making it easier for users to trade cryptocurrencies.
A Bright Future Ahead
With a record-breaking year behind it, PancakeSwap is poised for even greater success in 2025. The platform’s focus on user experience, innovative features, and adaptability will continue to drive its growth and adoption in the cryptocurrency market.
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