PancakeSwap, a number one decentralized alternate (DEX) working on 9 blockchain networks, set a brand new document for buying and selling exercise in January and February 2025. It has achieved the best month-to-month buying and selling quantity since 2021.
This document was pushed by the restoration of the BNB Chain and the meme motion on the chain. Nonetheless, the March market is exhibiting indicators that would problem the DEX’s skill to keep up this quantity.
Complete Cumulative Quantity on PancakeSwap Exceeds $1.1 Trillion
Knowledge from Dune signifies that PancakeSwap’s buying and selling quantity began to rise sharply in December final yr. By January, the DEX reached $78.4 billion in buying and selling quantity, and in February, it surpassed $81 billion. This marks the best month-to-month buying and selling quantity since 2021.
This document helped push PancakeSwap’s complete cumulative quantity past $1.1 trillion.
PancakeSwap DEX Month-to-month Quantity and Dealer. Supply: Dune
The surge in buying and selling quantity was primarily as a result of revival of the BNB Chain ecosystem.
“As a key participant within the BNB Chain ecosystem, PancakeSwap continues to profit from BNB Chain’s growing resurgence,” learn an excerpt in a press launch shared with BeInCrypto.
Moreover, Dune information reveals that PancakeSwap holds over 90% of the DEX market share on the BNB Chain. This highlights the shut relationship between BNB Chain and PancakeSwap.
DEX Marketshare on BNB Chain. Supply: Dune
Since early February, CZ—the previous CEO of Binance—has promoted 4.meme by launching the Take a look at (TST) token. 4.meme acts as a “gateway” for introducing new tokens to PancakeSwap. The surge in exercise on 4.meme could have contributed to PancakeSwap’s elevated buying and selling quantity, as new tokens attracted customers and merchants.
Regardless of PancakeSwap’s robust buying and selling quantity in early 2025, its month-to-month energetic customers remained round 2 million. This represents a 63% drop from the height in 2021 and a 30% decline from the best stage in 2024. The alternate has but to draw a big variety of new merchants.
DEX Quantity on BNC Chain. Supply: DefiLlama
Moreover, information from DefiLlama reveals that every day DEX buying and selling quantity on BNB Chain has been step by step declining since mid-February, dropping from over $6 billion per day to simply $1.5 billion per day.
Furthermore, the market capitalization of meme cash in March dropped practically 60% from the December peak, falling from $137 billion to $55 billion. The meme coin buying and selling frenzy on DEXs can be weakening. This might pose a problem for PancakeSwap within the coming months.
PancakeSwap (CAKE) Value Efficiency. Supply: BeInCrypto
Based on BeInCrypto information, PancakeSwap (CAKE) is buying and selling round $1.74 on the time of writing, down 60% from its current excessive of $4.5 in December final yr.
