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Published January 19, 20252 min read

PancakeSwap Sets Record with $310 Billion in Trading Volume in 2024

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Thanks to the rapid development of the Web3 industry, decentralized projects have appeared on the market that fundamentally differ from traditional centralized companies. These new business models do not always require compliance with the same standards and regulations typical of centralized organizations. At first glance, it may seem that such projects mostly attract small businesses, but the situation in the crypto industry is quite different. In this article, the Coinmooner team will tell you about a decentralized exchange that achieved impressive success in 2024 and set trading volume records.

The decentralized exchange PancakeSwap is ending 2024 with a fantastic result — a record trading volume of $310 billion. This is 179% higher than in 2023, when the volume was only $111 billion. Such impressive growth was made possible by implementing new technologies and expanding the platform's functionality. The significant increase in trading volumes was driven by the introduction of layer-2 networks, such as Arbitrum and Base, which attracted more users and liquidity. For example, the trading volume on the Arbitrum network grew by 3655% year-on-year, reaching $13.2 billion; on the Base network, it grew by 3539%, totaling $11.6 billion.

A key factor in PancakeSwap's growth was its decentralized finance (DeFi) sector activity. According to data from the DefiLlama platform, the exchange's total value locked (TVL) increased by more than 124% over the year, rising from $54 billion on January 1st to over $121 billion today. This growth clearly reflects the growing user interest in DeFiproducts and PancakeSwap’s strengthened position in the global market.

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PancakeSwap’s Record-Breaking Year: A Deep Dive into 2024’s DeFi Success

The 179% increase in trading volume compared to the previous year also signals an improvement in the market situation and increased activity in the DeFi and decentralized exchange (DEX) sectors. In addition to introducing Arbitrum and Base, PancakeSwap has shown significant success on other blockchains, such as Ethereum (up 251%) and BNB Chain (up 155%). This confirms the platform's high adaptability and appeal to many users, undoubtedly impacting its further development.

Based on DefiLlama data, PancakeSwap currently ranks second among decentralized exchanges in daily trading volume of $2.23 billion. It is only behind Uniswap, which has a daily trading volume of $3.11 billion. This indicates that PancakeSwap firmly holds its market position and continues to grow actively.

Coinmooner believes 2024 is just the beginning for PancakeSwap, and even higher growth rates can be expected in 2025. However, it is essential to remember that in the Web3 industry, following the most up-to-date security methods to protect your funds and avoid fraudulent schemes is essential. With rapid growth and innovation, being vigilant about security and personal protection in the cryptocurrency world is crucial.

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