PancakeSwap, the leading decentralized exchange (DEX) on BNB Chain, is now dominating the sector, flipping Uniswap in 30-day volume.
Over the past month, PancakeSwap has processed $138 billion in volume, including $11.9 billion – 8.5% – in the last 24 hours alone. In comparison, Ethereum-focused Uniswap handled $85 billion in the same period.
This spike marks PancakeSwap’s third-highest weekly volume in history, trailing only two consecutive weeks in January 2025, when it registered $173 billion and $171 billion respectively.
MILESTONE | @PancakeSwap, Records Highest-Ever Quarter in Trading Volume Since Inception
Non-stop growth across every key metric since Q1 2023:
🔹Volume up 921%
🔹Users up 81%
🔹Transactions up 159%https://t.co/LmqT9Wuiz5 $CAKE $BNB @BNBCHAIN @BSCNews @bsc_daily pic.twitter.com/8jdGgiAgic— BitKE (@BitcoinKE) April 24, 2025
While there’s no single catalyst for the latest surge, World Liberty Financial’s increased presence on BNB Chain may be a contributor. The Trump family-backed DeFi platform recently acquired $3 million worth of EOS through PancakeSwap, prompting an 11% rally in EOS.
PancakeSwap also rolled out its Infinity upgrade – formerly known as Version 4 – at the end of April 2025. This major overhaul introduced capital-efficient liquidity pools, customizable hooks, and flexible fee structures, enhancing the protocol’s competitiveness and user control.
According to recent BitKE reporting, PancakeSwap’s rapid innovation began with the launch of V3 in April 2023, which brought multiple fee tiers (0.01%, 0.05%, 0.25%, 1%) and a VIP rewards program for active traders. The update was celebrated with a campaign that distributed $135,000 in $CAKE tokens and exclusive NFTs.
Leading DEX on Binance Smart Chain, @PancakeSwap , Launching V3 in April 2023 – $135K in $CAKE Giveaway Announced
The campaign will run from March 5 2023 until April 3 2023.
More details here:https://t.co/gVuZtdGXvf @BNBCHAIN pic.twitter.com/oiDOESzNWG
— BitKE (@BitcoinKE) March 4, 2023
Continuing its innovation streak, PancakeSwap introduced the Position Manager in October 2024. This tool allows users to automate liquidity provision using vaults, supporting major tokens like BNB, ETH, and USDT. Increased CAKE incentives were added to drive adoption of the feature.
In terms of tokenomics, PancakeSwap executed a strategic burn of over 9 million CAKE tokens in September 2024 – worth around $15 million at the time – to reduce supply and bolster long-term value.
The most traded token over the last 24 hours is MERL, the Merlin Chain token, which debuted on Binance Alpha on May 20 2025. Binance also launched MERL perpetual contracts on May 28 2025. MERL alone has driven over $409 million in 24-hour volume, as traders speculate on a possible spot listing.
$CAKE, PancakeSwap’s native token, has rallied in parallel with the DEX’s growth. It’s up ~20% in the last month, reaching a market cap of $830 million. Earlier this year, $CAKE even spiked by 57% in 24 hours, touching $3.04 as daily volume surged past $3 billion – momentarily outpacing Uniswap.
With cumulative trading volume surpassing $836 billion and $CAKE currently trading at around $2.45, PancakeSwap continues to reinforce its role as a DeFi powerhouse – and it’s far from done.
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