As an analyst with years of experience in the ever-evolving world of cryptocurrencies, I must say that the growth trajectory of PancakeSwap in 2024 is nothing short of impressive. The $310 billion trading volume they have achieved is a testament to the growing interest in Decentralized Exchanges (DEXs) and Layer-2 networks.
2024 is shaping up to see a whopping $310 billion worth of cryptocurrency trades on PancakeSwap, fueled by increased curiosity surrounding Decentralized Exchanges (DEXs) and the ongoing development of Layer-2 networks. This figure marks an astounding 179% Year-Over-Year (YoY) increase compared to the $111 billion in trades recorded on the DEX in 2023.
L2 Networks Drive Massive Growth for PancakeSwap
This year, PancakeSwap’s record-breaking performance can largely be attributed to the significant growth of platforms like Arbitrum and Base. According to a recent report from the exchange, Arbitrum recorded an impressive Year-over-Year (YoY) increase of 3,656%, reaching a staggering $13.2 billion. Similarly, crypto trading volume on Base experienced a massive YoY surge of 3,539%, peaking at $11.6 billion this year. In the report presented to Cointelegraph, PancakeSwap acknowledged that its 179% YoY growth in trading volume is indicative of the favorable market sentiment and heightened activity within the DeFi and DEX sectors.
Compared to similar platforms, PancakeSwap holds the second position among Decentralized Exchanges (DEX), handling a daily trading volume of approximately $2.23 billion. However, Uniswap takes the lead with an average daily trading volume of around $3.11 billion, as shown by DefiLlama statistics. On the contrary, PancakeSwap ranks third in terms of monthly trading volume, with over $49 billion worth of cryptocurrency being traded within the last 30 days.
At the start of December, the DEX unveiled a novel platform known as SpringBoard. This tool enables users to effortlessly debut their own tokens, eliminating the requirement for prior programming knowledge.
As a researcher delving into the world of DeFi, I recently discovered PancakeSwap’s unique offering: a no-code token creation platform equipped with a ‘fair launch’ mechanism, devoid of any launch fees. This innovative tool is in line with PancakeSwap’s mission to expand the boundaries of Decentralized Finance (DeFi). Just hours after announcing this development, PancakeSwap astonished the crypto community by recording an unprecedented single-day trading volume of a staggering $1.27 billion.
The DEX reached its peak trading volume since the previous year, primarily due to the rise in popular tokens such as Wrapped BNB (WBNB), Tether (USDT), and Ethereum (ETH). WBNB accounted for approximately $894.4 million, USDT accounted for around $824.86 million, and ETH contributed about $175.99 million to this surge.
Multiple Chains Fuel PancakeSwap Growth
In addition to Arbitrum and Base, several other chains are currently playing a role in boosting PancakeSwap’s year-over-year expansion.
The list of “PancakeSwap Dex’s 2024 Total Trading Volume” reveals a substantial surge: Ethereum experienced a 251% jump to reach $12.8 billion, while the BNB Chain saw a notable rise of 155%, totaling $268 billion. Furthermore, other significant contributors to PancakeSwap’s growth include zkSync, Aptos, Linea, opBNB, and Polygon zkEVM.
One representative from DEX mentioned that their user-focused update contributes significantly to its current appearance or state.
Moreover, our efforts to optimize essential aspects, including the updated exchange platform, PancakeSwapX, and the Telegram trading bot, have significantly contributed to enhancing the user experience and boosting participation, the representative emphasized.
Over the expansive Decentralized Finance (DeFi) landscape, there has been a substantial surge in action. As per DeFiLlama’s statistics, the Total Value Locked (TVL) within DeFi has seen over a 124% growth this year. This figure climbed from approximately $54 billion on January 1st to exceed $121 billion by December 24th.
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2024-12-24 20:33