PancakeSwap has gotten to the top position among decentralized exchanges with $1.64 billion in 24-hour trading volume. The BNB Chain-based DEX now surpasses Uniswap ($1.04 billion) and Solana’s Raydium ($334.98 million), according to DeFiLlama data shared by BSCNews on X.
The exchange had demonstrated consistent performance in early 2025. PancakeSwap reached $78.4 billion in monthly trading volume in January and increased to $81 billion in February. These numbers represent the highest monthly trading activity for the platform since 2021.
PancakeSwap now controls over 90% of the DEX market share on BNB Chain. The dominance reflects the broader revival of the BNB Chain ecosystem, which has seen renewed user interest in recent months.
Competitive Advantages in the DEX Landscape
PancakeSwap offers several advantages over its competitors. The exchange charges lower fees than Ethereum-based DEXs, with transactions costing mere pennies. It also processed trades faster, with completions typically taking only seconds. These features allow PancakeSwap to compete easily against Uniswap. While Uniswap benefits from higher liquidity, its users faces Ethereum’s higher gas fees.
Four.meme, a meme coin creation platform backed by former Binance CEO Changpeng Zhao, has contributed to increased trading activity on PancakeSwap. The platform serves as an entry point for new tokens entering the PancakeSwap ecosystem.
In addition, PancakeSwap is integrating multiple networks. Some of the networks includes zkSync, Aptos, Linea, opBNB, and Polygon zkEVM
The exchange’s native CAKE token makes up 27% of its trading volume. CAKE recently traded at $2.66, showing recovery from previous price levels.
BNB Smart Chain offers 90% lower gas fees compared to Ethereum. This cost advantage positions the network for potential user growth. The chain currently carries $5.4 billion I’m locked liquidity, doubling its value since the lows in 2023.
Market Implications
PancakeSwap’s current trading volume leadership highlights the evolving dynamics in decentralized finance. As competition between major blockchain ecosystems continues, the exchange’s performance provides insight into broader trends in the DEX market.
The success of PancakeSwap is a reflection of strong performance by the main Binance exchange. Recent Binance’s $2 billion investment in Abu Dhabi MGX also contributed to the growth of PancakeSwap. Binance currently accounts for up to 53% of crypto trading activity. This connection between centralized and decentralized platforms within the Binance ecosystem demonstrates the interconnected nature of today’s crypto trading landscape.
READ MORE: South Korea’s Central Bank Declines Proposal for Bitcoin Reserve
