PancakeSwap Breaks Records with $310 Billion in Trading Volume for 2024

The rapid expansion of the Web3 space has led to the rise of decentralized projects that significantly differ from traditional, centralized businesses. These innovative models don’t always need to comply with the same regulations and standards that are typical for centralized companies. While it might seem that such projects mainly attract smaller businesses, the reality in the crypto world is quite different. In this article, the Gemhunt team will explore the remarkable success of a decentralized exchange that achieved record-breaking trading volumes in 2024.

PancakeSwap, the decentralized exchange, is closing 2024 with an incredible milestone—a record trading volume of $310 billion. This represents a 179% increase compared to 2023, when the trading volume was only $111 billion. This impressive growth is largely due to the introduction of new technologies and an expansion in the platform's features. The increase in trading volume can be attributed mainly to the integration of layer-2 networks, such as Arbitrum and Base, which brought in more liquidity and users. For example, the Arbitrum network saw a massive 3655% year-over-year growth in trading volume, reaching $13.2 billion, while the Base network grew by 3539%, totaling $11.6 billion.

A crucial factor in PancakeSwap’s success has been its focus on the decentralized finance (DeFi) sector. According to data from DefiLlama, the platform's total value locked (TVL) grew by over 124% during the year, jumping from $54 billion at the start of 2024 to more than $121 billion. This sharp rise reflects the growing interest in DeFi products and solidifies PancakeSwap's strengthened position in the global market.

PancakeSwap’s Groundbreaking Year: A Detailed Look at 2024's DeFi Success

The 179% increase in trading volume year-on-year is a clear indication of a stronger market and higher activity within the DeFi and decentralized exchange (DEX) sectors. Beyond its integration with Arbitrum and Base, PancakeSwap also achieved notable success on other blockchain networks, such as Ethereum (up 251%) and BNB Chain (up 155%). This demonstrates the platform's versatility and broad appeal, which will likely contribute to its continued growth.

According to DefiLlama, PancakeSwap now ranks second among decentralized exchanges in terms of daily trading volume, which stands at $2.23 billion, only behind Uniswap, which holds the top spot with $3.11 billion in daily trading volume. This reinforces PancakeSwap’s robust market position and its ongoing expansion.

Gemhunt believes that 2024 is only the beginning for PancakeSwap, and even higher growth is expected in 2025. However, it is essential to stay vigilant in the rapidly evolving Web3 space. Protecting your funds and avoiding scams should always be a top priority. As the industry continues to innovate, maintaining up-to-date security measures is crucial to safeguarding your assets in the crypto world.