PancakeSwap doubles quarterly volume to $530B as upgrades boost growth

PancakeSwap, a multichain decentralized exchange (DEX), reported a record-breaking $325 billion in trading volume for June, the highest monthly trading volume in the platform’s five-year history. 

The June total surpassed May’s $174 billion and pushed PancakeSwap’s second-quarter volume to $530 billion, more than doubling the $211 billion recorded in the first quarter, according to data from Dune Analytics.

The surge in activity follows a series of recent upgrades, including the April rollout of PancakeSwap Infinity, which introduced several features designed to improve user experience and trading efficiency.

The upgrade introduced lower gas fees, customizable liquidity pools using “Hooks,” and support for advanced liquidity providers through CLAMM and LBAMM pool types. 

Chef Kids, head of PancakeSwap, told Cointelegraph that PancakeSwap Infinity offers key advantages for both developers and liquidity providers. For developers, the platform allows new pool types and custom Hooks to be integrated without redeploying smart contracts or launching new versions, which “drastically lowers development overhead and accelerates innovation,” he said.

For liquidity providers, the features “enable more precise capital allocation,” helping to address challenges like capital inefficiency and impermanent loss, he added.

Crosschain trading features were also added on June 11, allowing users to trade assets across BNB Chain, Ethereum and Arbitrum without the need for bridges or app-switching.

“We’re also developing new tools aimed at simplifying onboarding and enhancing usability,” Chef Kids told Cointelegraph. He also cited the July 1 launch of a v3 liquidity pool on Solana as a major step in expanding the platform’s reach.

Dominating BNB Chain, PancakeSwap is closing in on Ethereum

PancakeSwap has seen rapid growth in trading volume recently. According to DefiLlama, its 30-day volume has surged to $153 billion, ranking first among all DEXs, while Uniswap’s volume during the same period was $83.4 billion.

However, this growth is still largely concentrated on a single chain. PancakeSwap currently supports only nine chains, far fewer than Uniswap’s 37. In Q2, a staggering 96.7% of PancakeSwap’s total trading volume came from BNB Chain, where volume reached $513 billion. Its market share on BNB Chain in June alone was 96.8%.

By contrast, PancakeSwap’s presence on Ethereum remains limited, with a market share of just 0.3% in June, particularly modest when compared to Uniswap’s 77.2%.

Still, Dune data shows PancakeSwap has recorded cumulative volumes of $29 billion on Base, $25 billion on Arbitrum, and $21 billion on Ethereum, signaling steady progress in its multichain expansion strategy.