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

Decentralized exchange platform PancakeSwap had a remarkable 2024, as the growth of decentralized finance pushed trading volume to over $310 billion.

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

The protocol has reached this milestone on nine blockchains, representing a growth of 179% per year.

Notably, PancakeSwap’s total trading volume in 2023 reached $111.3 billion.

According to PancakeSwap, the huge increase in its 12-month trading volume occurred amid staggering increases for 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 an increase in total value locked to $2.17 billion, with total unique traders surpassing 14.3 million.

The native CAKE token, which is central to the long-term growth and sustainability of DEX protocols, has also seen notable milestones.

In total, PancakeSwap burned 455.5 million CAKE in 2024. Net consumption for the year was 5.3 million, with the permanent removal of 1.37% of the total CAKE supply increasing scarcity and strengthening the strength of the ecosystem.

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

Key network developments during the year also include PancakeSwap’s no-fee, no-gas swaps, the launch of the BNB meme, and the unveiling of the Telegram trading and prediction bot.

The launch of the AI prediction market on Arbitrum also stood out.

In the market, PancakeSwap’s CAKE holders reached 1.79 million. The CAKE price, however, has struggled to reach the highs reached in late 2023 and remains down 11% over the past year.