PancakeSwap has wrapped up 2024 with a monumental achievement, posting a record $310 billion in trading volume, a nearly 179% jump from the previous year. According to Cointelegraph, this surge is primarily fueled by the explosive growth of decentralized finance (DeFi), increased adoption of layer-2 (L2) networks, and major user-focused upgrades.
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L2 Networks Lead the Charge
Key to PancakeSwap’s success were L2 networks like Arbitrum (ARB-USD) and Base. Trading volume on Arbitrum skyrocketed by an eye-popping 3,656% year-over-year to $13.2 billion, while Base wasn’t far behind with a 3,539% rise, reaching $11.6 billion. This growth reflects the rising interest in decentralized exchanges (DEX), where PancakeSwap is now the second-largest, trailing only Uniswap (UNI-USD) in 24-hour trading volume, which stands at $3.11 billion, according to DeFiLlama.
PancakeSwap Demonstrates Crosschain Success
The surge didn’t stop with Arbitrum and Base. PancakeSwap saw impressive growth across multiple chains, including a 251% boost on Ethereum and a 155% increase on the BNB Chain (BNB-USD). The exchange’s success is also attributed to upgrades like PancakeSwapX, which launched in October. This feature offers zero-fee trading and gasless swaps, which significantly improved the user experience, and thus drove further engagement.
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