Decentralized exchange PancakeSwap ends 2024 with a record trading volume of $310 billion, up nearly 179% from 2023's $111 billion.
According to the exchange itself, the record is primarily due to the introduction of second-level networks. Arbitum and Base. Thus, the trading volume in Arbitum grew by 3655% year-on-year to $13,2 billion, while Base grew by 3539% to $11,6 billion.
Another growth factor cited by PancakeSwap representatives was activity in the decentralized finance sector. According to DefiLlama, the exchange's total locked value ( T ) has grown more than 124% in a year, from $54 billion on January 1 to more than $121 billion today.
PancakeSwap's 179% YoY Volume Growth Reflects Positive Market Sentiment and Increased Activity Across Sectors DeFi and DEX.
Besides Arbitum and Base, PancakeSwap has seen significant growth in other blockchains as well, including Ethereum (by 251%) and in BNB Chain (on 155%).
According to data from DefiLlama, PancakeSwap is currently the second-largest decentralized exchange with a daily trading volume of $2,23 billion. It is second only to Uniswap with its $3,11 billion.
