PancakeSwap Achieves $310.6 Billion in Global Trading Volume for 2024

Decentralized exchange platform PancakeSwap saw significant growth in 2024, with its global trading volume reaching $310.6 billion. This milestone represents a 179% increase from the previous year, with the protocol achieving this growth across nine blockchains.

In comparison, PancakeSwap’s total trading volume in 2023 was $111.3 billion. The huge jump in the 12-month trading volume can be attributed to the growth of layer-2 networks, such as Arbitrum and Base.

Notable Milestones and Achievements

PancakeSwap recorded its single largest daily trading volume of $3.47 billion on December 16, 2024. Additionally, the platform saw a rise in total value locked to $2.17 billion, with total unique traders surpassing 14.3 million.

The native token CAKE, which plays a critical role in the DEX protocol’s growth and long-term sustainability, also recorded notable milestones. A total of 455.5 million CAKE were burned in 2024, resulting in a net burn of 5.3 million. This permanent removal of 1.37% of the total CAKE supply increased scarcity and reinforced ecosystem strength.

“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.”

Key Network Developments

Some of the key network developments over the year include:

  • Zero-fee, gasless swaps
  • The launch of the BNB meme
  • The unveiling of the Telegram swap & prediction bot
  • The launch of the AI predictions market on Arbitrum

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

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