Decentralized exchange platform PancakeSwap had a remarkable 2024 as growth in decentralized finance pushed trading volume to over $310 billion.
In a report summarizing the DEX platform’s year-over-year performance, PancakeSwap (CAKE) said its global trading volume reached $310.6 billion.
The protocol reached the milestone on nine blockchains, representing growth of 179% per year.
Notably, PancakeSwap’s total trading volume reached $111.3 billion in 2023.
According to PancakeSwap, the huge increase in 12-month trading volume came amid staggering gains on Layer 2 networks Arbitrum and Base.
Meanwhile, PancakeSwap recorded its largest daily trading volume of $3.47 billion on December 16, 2024.
Other highlights of the year include an increase in the total value of locked transactions to $2.17 billion, with the total number of unique traders exceeding 14.3 million.
The native token CAKE, which is at the heart of the growth and long-term sustainability of DEX protocols, also recorded notable milestones.
In total, PancakeSwap burned 455.5 million CAKE in 2024. Net consumption for the year was 5.3 million, with the permanent removal of 1.37% of total CAKE supply increasing scarcity and strengthening the strength of the ecosystem.
“Through strategic actions and strong community support, CAKE continues to play a critical role in ensuring the long-term success and stability of the PancakeSwap platform.”
Key network developments during the year also include PancakeSwap’s zero-fee, gasless swaps, the launch of the BNB meme, and the unveiling of the Telegram swap and prediction bot.
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