PancakeSwap closes sage $310B year, up 179% driven by L2, DeFi order

PancakeSwap closed a sage year by technique of cryptocurrency trading volume, owing to rising hobby in decentralized exchanges and the growth of layer-2 blockchain networks.

Decentralized commerce (DEX) PancakeSwap recorded $310 billion in total trading volume all over 2024, marking a nearly 179% year-over-year (YoY) lengthen from $111 billion in 2023.

The sage year became mainly attributed to L2 networks Arbitrum and Depraved, because the passe observed a 3,656% YoY lengthen to $13.2 billion, whereas crypto trading volume on Depraved rose by 3,539% YoY to $11.6 billion in 2024, in line with a PancakeSwap sage shared with Cointelegraph.

Rising investor sentiment and decentralized finance (DeFi) trading job moreover contributed to the $310 billion milestone, the PancakeSwap group knowledgeable Cointelegraph:

“PancakeSwap’s 179% YoY order in trading volume reflects the certain market sentiment and elevated job within the DeFi and DEX sectors.”

PancakeSwap is for the time being the 2d-largest DEX with a $2.23 billion day to day trading volume, 2d to Uniswap’s $3.11 billion 24-hour volume, DefiLlama records presentations.

Connected: Bitcoin social sentiment drops to yearly low, signaling BTC breakout

Crosschain order and UX characteristic upgrades pushed PancakeSwap past the $310B milestone

Previous Arbitrum and Depraved, PancakeSwap observed major YoY order all over just a few chains, in conjunction with a 251% lengthen on Ethereum and a 155% lengthen on the BNB Chain.

PancakeSwap’s yearly milestone comes amid rising DeFi job, which observed the total price locked in DeFi rise by over 124% all over the year, from $54 billion on Jan. 1 to over $121 billion as of Dec. 24, in line with DefiLlama.

Previous the rising hobby in DeFi protocols and DEX trading, PancakeSwap’s particular person-centric upgrade moreover contributed to the $310 billion milestone, a PancakeSwap spokesperson knowledgeable Cointelegraph:

“Additionally, our tackle enhancing key aspects — such because the revamped swap interface, PancakeSwapX, and tools just like the Telegram Swap bot — has helped improve the actual person experience and power bigger engagement.”

PancakeSwapX became launched on Oct. 15, with zero-price trading and gasless asset swaps on the Ethereum and Arbitrum networks to improve the crypto particular person experience.

With out merchandise like PancakeSwapX, new DeFi customers first prefer to space up a native Ethereum handle and buy Ether (ETH) to pay transaction charges sooner than being ready to transact on the blockchain. 

Connected: Crypto hacks wipe out $2.3B in 2024, marking 40% YoY surge

This form of posh onboarding course of would possibly perchance also merely moreover be intimidating for mainstream customers, driving most new crypto merchants to centralized exchanges (CEXs).

PancakeSwap is the third-largest decentralized commerce (DEX) by month-to-month trading volume, with over $49 billion rate of crypto traded all over the past 30 days, DeFiLlama records presentations.

Magazine: 13 Christmas gifts that Bitcoin and crypto degens will fancy