PancakeSwap's Trading Volume Surges 87% in June to $325 Billion

PancakeSwap, a leading multichain decentralized exchange (DEX), has reported a remarkable increase in its trading volume, achieving a record-high of $325 billion in June. This figure not only surpasses May’s $174 billion but also propels PancakeSwap’s second-quarter volume to $530 billion, more than doubling the $211 billion recorded in the first quarter. This surge in activity is largely attributed to a series of recent upgrades, particularly the April launch of PancakeSwap Infinity.

PancakeSwap Infinity introduced several features designed to enhance user experience and trading efficiency. These include lower gas fees, customizable liquidity pools through “Hooks,” and support for advanced liquidity providers via CLAMM and LBAMM pool types. These enhancements have made the platform more functional and appealing to both developers and liquidity providers.

Chef Kids, the head of PancakeSwap, emphasized the benefits of PancakeSwap Infinity. For developers, the platform allows for the integration of new pool types and custom Hooks without the need to redeploy smart contracts or launch new versions, significantly reducing development overhead and accelerating innovation. For liquidity providers, the features enable more precise capital allocation, addressing issues such as capital inefficiency and impermanent loss.

In addition to these upgrades, PancakeSwap introduced crosschain trading features on June 11, allowing users to trade assets across BNB Chain, Ethereum, and Arbitrum without the need for bridges or app-switching. This further simplifies the trading process and enhances user convenience. Chef Kids also mentioned the development of new tools aimed at simplifying onboarding and enhancing usability, as well as the July 1 launch of a v3 liquidity pool on Solana, which is a significant step in expanding the platform’s reach.

PancakeSwap’s rapid growth in trading volume has positioned it as a dominant player in the DEX market. According to DefiLlama, its 30-day volume has surged to $153 billion, ranking first among all DEXs, while Uniswap’s volume during the same period was $83.4 billion. However, this growth is largely concentrated on the BNB Chain, where 96.7% of PancakeSwap’s total trading volume in the second quarter came from, reaching $513 billion. Its market share on BNB Chain in June alone was 96.8%.

In contrast, PancakeSwap’s presence on Ethereum remains limited, with a market share of just 0.3% in June, compared to Uniswap’s 77.2%. Despite this, PancakeSwap has shown steady progress in its multichain expansion strategy, with cumulative volumes of $29 billion on Base, $25 billion on Arbitrum, and $21 billion on Ethereum. This indicates a growing presence beyond the BNB Chain, although it still has a long way to go to match Uniswap’s extensive multichain support.