PancakeSwap Platform Increases Trading Volume by 179% in a Year, Reaching $310 Billion
Date: 2024-12-25 Author: Henry Casey Categories: BUSINESS
Decentralized exchange PancakeSwap has summed up the year, reporting that its global trading volume has reached $310.6 billion, which is 179% more than last year. For comparison, in 2023, the trading volume was $111.3 billion.
This impressive growth was achieved thanks to the work on nine blockchains, among which the second-layer networks Arbitrum and Base stood out. The maximum daily trading volume in 2024 was recorded on December 16th and amounted to $3.47 billion.
PancakeSwap’s overall performance also shows significant development. The total value locked (TVL) has grown to $2.17 billion, and the number of unique traders has exceeded 14.3 million.
The platform's native token, CAKE, played a significant role in its success. Over the course of the year, 455.5 million CAKE tokens were burned, with a net burn volume of 5.3 million. This removed 1.37% of the total token supply, increasing their scarcity and strengthening the ecosystem.
“Through strategic burns and community support, the CAKE token continues to play a key role in ensuring the stability and long-term success of PancakeSwap,” the exchange noted.
In 2024, PancakeSwap also introduced a number of innovations. Among them are the ability to make swaps without gas fees, the launch of BNB memes, and the creation of a Telegram bot for swaps and forecasts. Another important innovation was the introduction of an AI platform for forecasting on the Arbitrum blockchain.
Despite significant gains, the price of CAKE failed to reach the peak values of late 2023 and has fallen by 11% over the year. However, the number of token holders has grown to 1.79 million.
PancakeSwap continues to develop, strengthening its position among the leaders of the decentralized exchange market.
