Decentralized exchange platform PancakeSwap had a remarkable 2024 as growth across decentralized finance drove 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 achieved the milestone across nine blockchains, representing a growth of 179% by year.
Notably, PancakeSwap’s total trading volume in 2023 hit $111.3 billion.
According to PancakeSwap, the huge jump in its 12-month trading volume came amid staggering increases for layer-2 networks Arbitrum and Base.
Meanwhile, PancakeSwap recorded its single largest daily trading volume of $3.47 billion on December 16, 2024.
The other highlights of the year include a rise in total value locked to $2.17 billion, with total unique traders surpassing 14.3 million.
Native token CAKE, which is at the heart of the DEX protocols’ growth and long-term sustainability, also recorded notable milestones.
In total, PancakeSwap burned 455.5 million CAKE in 2024. The net burn for the year stood at 5.3 million, with the permanent removal of 1.37% of the total CAKE supply increasing scarcity and reinforcing ecosystem strength.
“Through strategic burns 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 over the year also include PancakeSwap’s zero-fee, gasless swaps, the launch of the BNB meme, and the unveiling of the Telegram swap & prediction bot.
The launch of the AI predictions market on Arbitrum also stood out.
In the market, PancakeSwap’s CAKE holders hit 1.79 million. CAKE price, however, struggled to hit highs reached in late 2023 and remains down 11% over the past year.
