PancakeSwap has claimed the top position in global decentralized exchange (DEX) rankings, achieving over $14 billion in weekly trading volume.
According to CoinMarketCap data, PancakeSwap (CAKE) has seen an impressive 58.04% increase in activity over the past week.
The BNB (BNB) Chain-based DEX now accounts for 29.18% of all decentralized exchange trading, with a weekly volume of $14.168 billion and a daily trading volume (TVL) of $1.67 billion.
This surge in activity has helped PancakeSwap to overtake Ethereum (ETH)-based Uniswap (UNI), which experienced a 50.56% decline in weekly trading activity. The trading volume has dropped to $8.611 billion despite maintaining a higher TVL of $3.93 billion.
Solana-based Raydium saw a 24.75% drop
While PancakeSwap gained trading volume, other major platforms experienced substantial declines. Raydium saw a 24.75% decrease in weekly activity, while Meteora and Fluid dropped by 33.03% and 52.76% respectively.
PancakeSwap’s success could be because of multiple factors, including BNB Chain’s lower transaction fees compared to Ethereum, faster confirmation times, and the platform’s user-friendly interface. The exchange has particularly benefited from surging interest in BNB Chain-based meme coins.
Among the top trending tokens on PancakeSwap:
- BNB Card led performance metrics with a 298% gain in 24 hours
- Mubarakah (197% increase).
- CUZ (110% increase)
- SIREN (15.67% increase)
However, not all assets fared well. BUBB dropped 24.99%, and Tell A Tale declined 19.56% over the same period.
The exchange’s native token, CAKE, has also shown strong performance, with recent price data indicating a 40.6% increase over the past week and 56.2% over the two weeks. However, the coin has experienced a minor pullback of 0.5% in the daily timeframe. The token also maintained a positive 3.1% gain over the 30 days.
The platform has expanded beyond simple token swaps to include perpetual trading, prediction markets, NFT marketplaces, and lottery systems. This expansion has created a large DeFi ecosystem that has helped to bring in both retail and institutional users.
