The multi-chain decentralized exchange (DEX) PancakeSwap reported a record trading volume of $325 billion in June, the highest monthly trading volume in the platform's five-year history.
According to Dune Analytics, the total trading volume in June surpassed May's $174 billion, pushing PancakeSwap's second-quarter trading volume to $530 billion, more than doubling the $211 billion recorded in the first quarter.
The surge in activity came after a series of recent upgrades, including the launch of PancakeSwap Infinity in April, which introduced several features aimed at improving user experience and trading efficiency.
This upgrade brought lower gas fees, customizable liquidity pools using "Hooks," and support for advanced liquidity providers through CLAMM and LBAMM pool types.
PancakeSwap head Chef Kids told Cointelegraph that PancakeSwap Infinity provides key advantages for both developers and liquidity providers. For developers, the platform allows the integration of new pool types and custom Hooks without redeploying smart contracts or launching new versions, which she said "significantly reduces development overhead and accelerates innovation."
For liquidity providers, these features "enable more precise capital allocation," helping to address challenges such as capital inefficiency and impermanent loss, she added.
Cross-chain trading functionality was also added on June 11, allowing users to trade assets between BNB Chain, Ethereum, and Arbitrum without the need for bridging or switching applications.
Chef Kids told Cointelegraph, "We are also developing new tools aimed at simplifying the onboarding process and enhancing usability." She also mentioned that the launch of v3 liquidity pools on Solana on July 1 is an important step in expanding the platform's influence.
PancakeSwap's recent trading volume has surged rapidly. According to DefiLlama, its 30-day trading volume has skyrocketed to $153 billion, ranking first among all DEXs, while Uniswap's trading volume during the same period was $83 billion.
However, this growth is still primarily concentrated on a single chain. PancakeSwap currently supports only nine chains, far fewer than Uniswap's 37. In the second quarter, an astonishing 96.7% of PancakeSwap's total trading volume came from BNB Chain, which saw a trading volume of $513 billion. In June alone, its market share on BNB Chain reached 96.8%.
In contrast, PancakeSwap's presence on Ethereum remains limited, with a market share of only 0.3% in June, which pales in comparison to Uniswap's 77.2%.
Nevertheless, Dune data shows that PancakeSwap has accumulated a trading volume of $29 billion on Base, $25 billion on Arbitrum, and $21 billion on Ethereum, indicating that its multi-chain expansion strategy is steadily progressing.
Related: Cryptocurrency exchange Bitcoin (BTC) reserves account for less than 15%, indicating "supply issues."
Original: “PancakeSwap's Recent Upgrades Drive Growth, Quarterly Trading Volume Doubles to $530 Billion”
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