Decentralized Exchange (DEX) Growth
PancakeSwap has closed a record year in terms of cryptocurrency trading volume. The growth can be attributed to the increasing interest in decentralized exchanges (DEXs) and the expansion of layer-2 blockchain networks.
Decentralized Exchange (DEX)
- Record-Breaking Trading Volume: PancakeSwap recorded $310 billion in total trading volume during 2024, marking a nearly 179% year-over-year (YoY) increase from $111 billion in 2023.
- L2 Networks Arbitrum and Base: The record year was mainly attributed to L2 networks Arbitrum and Base. According to a PancakeSwap report shared with Cointelegraph, the former saw a 3,656% YoY increase to $13.2 billion, while crypto trading volume on Base rose by 3,539% YoY to $11.6 billion in 2024.
Growing Investor Sentiment and DeFi Trading Activity
- PancakeSwap’s 179% YoY Growth: The PancakeSwap team told Cointelegraph that the growth reflects positive market sentiment and increased activity in the DeFi and DEX sectors.
- Market Dominance: PancakeSwap is currently the second-largest DEX with a $2.23 billion daily trading volume, second to Uniswap’s $3.11 billion 24-hour volume.
Crosschain Growth and UX Feature Upgrades
- Significant YoY Growth Across Multiple Chains: Beyond Arbitrum and Base, PancakeSwap saw significant YoY growth across multiple chains, including a 251% increase on Ethereum and a 155% increase on the BNB Chain.
- PancakeSwapX Launch: The PancakeSwap spokesperson told Cointelegraph that user-centric upgrades contributed to the $310 billion milestone. The revamped swap interface, PancakeSwapX, was launched in October 2024, offering zero-fee trading and gasless asset swaps on the Ethereum and Arbitrum networks.
DeFi Activity
- Total Value Locked (TVL) Growth: The total value locked in DeFi rose by over 124% during the year, from $54 billion on January 1 to over $121 billion as of December 24.
- PancakeSwap’s Role in DeFi Growth: The PancakeSwap spokesperson highlighted that user-centric upgrades and improved features have driven greater engagement.
Crosschain Expansion
- Arbitrum and Base Networks: The growth can be attributed to L2 networks Arbitrum and Base, which saw significant YoY increases.
- PancakeSwap’s Position in the Market: PancakeSwap is currently the second-largest DEX with a $2.23 billion daily trading volume.
User Experience (UX) Feature Upgrades
- PancakeSwapX Launch: The revamped swap interface, PancakeSwapX, was launched in October 2024, offering zero-fee trading and gasless asset swaps on the Ethereum and Arbitrum networks.
- Enhanced User Experience: PancakeSwap’s user-centric upgrades have improved the user experience and driven greater engagement.
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