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PancakeSwap, a leading multi-chain decentralized finance (DeFi) platform, achieved a record-breaking $205.3 billion in trading volume during Q1 2025. This marks its best quarterly performance since its inception in 2020.

PancakeSwap’s Rapid Growth in Key Metrics

According to data from Dune Analytics, PancakeSwap has experienced substantial growth since Q1 2023. Trading volume has surged by an impressive 921%, while the platform’s user base and transaction counts have grown by 81% and 159%, respectively. To date, PancakeSwap has onboarded over 123 million users and facilitated more than $1.33 trillion in cumulative trading volume.

“PancakeSwap just recorded its best quarter since inception with $205.3B in trading volume in Q1 2025! Non-stop growth across every key metric. DeFi isn’t slowing down.”

Dominance on the BNB Chain and Beyond

The majority of PancakeSwap’s activity is concentrated on the BNB Chain, which accounts for 48 million users and a cumulative trading volume of $1.14 trillion. Other active chains that contribute to the platform’s growth include Ethereum, Base, and Arbitrum. This multi-chain approach has played a pivotal role in PancakeSwap’s rise as a prominent DeFi platform.

Introduction of CAKE Tokenomics 3.0

PancakeSwap’s growth aligns with its recent implementation of CAKE Tokenomics 3.0, which officially launched on April 23, 2025. This update introduced significant changes to the token’s economic model. The platform has eliminated CAKE staking and veCAKE, replacing them with a buy-and-burn model and instituting a hard supply cap of 450 million tokens.

Daily emissions for CAKE will be reduced in two phases. Initially, emissions will decrease from 29,000 CAKE to 20,000, and later to 14,500. Under this new system, approximately 5.3 million CAKE tokens are expected to be burned annually to enhance scarcity and value.

CAKE Price Analysis

Despite the positive developments in PancakeSwap’s metrics and tokenomics, the price of CAKE has faced challenges. Over the past 30 days, the token has declined by 26%. As of now, CAKE is trading at $1.97, reflecting a 2% drop in the last 24 hours. The price is consolidating just below the $2.08 resistance level, with $1.87 and $1.78 acting as key support levels.

Technical indicators show mixed signals. The Relative Strength Index (RSI) is currently at 51, suggesting a neutral trend with no strong momentum. Similarly, the Bollinger Bands depict low volatility. For bullish momentum to emerge, CAKE needs a clear breakout above $2.08. However, if the price fails to hold its current support levels, further downside movement could occur.

What’s Next for PancakeSwap?

PancakeSwap’s continued expansion across multiple chains and its adoption of innovative tokenomics demonstrate the platform’s commitment to growth in the evolving DeFi space. While the CAKE token faces short-term price challenges, the platform’s robust metrics and strategic updates suggest a strong foundation for long-term success.

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