PancakeSwap hit $310b in trading volume, up 179% YoY

Decentralized exchange platform PancakeSwap has had a remarkable 2024, with growth in decentralized finance pushing its trading volume to over $310 billion.

Global trading volume reached $310.6 billion, PancakeSwap (CAKE) said in a report summarizing the year-over-year performance of its DEX platform.

The protocol reached this milestone across nine blockchains, representing annual growth of 179%.

It is noteworthy that PancakeSwap’s total transaction volume in 2023 will reach 111.3 billion dollars.

According to PancakeSwap, the huge increase in 12-month trading volume comes amid staggering increases in layer 2 networks Arbitrum and Base.

Meanwhile, PancakeSwap recorded its largest daily trading volume of $3.47 billion on December 16, 2024.

Other highlights of the year include the total value being pegged at $2.17 billion and the total number of unique investors exceeding 14.3 million.

CAKE, the native token at the heart of the growth and long-term sustainability of DEX protocols, has also recorded important milestones.

PancakeSwap burned a total of 455.5 million CAKE in 2024. Net burns for the year amounted to 5.3 million, with 1.37% of the total CAKE supply permanently eliminated. It increased scarcity and strengthened the strength of the ecosystem.

“Through strategic burns and strong community support, CAKE continues to play a critical role in ensuring the long-term success and stability of the PancakeSwap platform.”

Notable network developments during the year also include PancakeSwap’s zero-fee, gas-free swaps, the launch of the BNB meme, and the introduction of the Telegram swap and prediction bot.

The launch of the artificial intelligence prediction market at Arbitrum also attracted attention.

PancakeSwap’s CAKE holders in the market reached 1.79 million. However, the CAKE price struggled to reach the highs reached in late 2023 and continued its 11% decline last year.