PancakeSwap’s Q2 trading volume hits $530B, doubling Q1 totals as upgrades like Infinity and cross-chain swaps drive major user and liquidity growth.
Cross-chain swaps and the addition of Solana helped the platform grow and become the leader on the BNB Chain.
A multichain decentralized exchange (DEX) called PancakeSwap reported having the most trading volume ever in June, with $325 billion worth of transactions. This was the most significant monthly trading volume in the platform’s five-year history.
Dune Analytics data shows that PancakeSwap’s second-quarter volume reached $530 billion, more than twice the $211 billion recorded in the first quarter. The June total was higher than May’s $174 billion.
The increase in activity comes after a string of recent updates, such as the launch of PancakeSwap Infinity in April, which added several features to make trading easier and more enjoyable for users.
The update added lower gas fees, flexible liquidity pools with “Hooks,” and support for advanced liquidity providers through CLAMM and LBAMM pool types.
Chef Kids, the founder and CEO of PancakeSwap, told Cointelegraph that PancakeSwap Infinity has significant benefits for developers and liquidity providers.
The platform lets developers add new pool types and custom Hooks without re-deploying smart contracts or releasing new versions. This “dramatically lowers development overhead and speeds up innovation,” she said.
She said the features “enable more precise capital allocation” for liquidity providers, which helps them deal with problems like capital inefficiency and temporary loss.
Crosschain trading was also added on June 11, so users can swap assets between the BNB Chain, Ethereum, and Arbitrum networks without using bridges or switching between apps.
Chef Kids told Cointelegraph, “We’re also making new tools that will make onboarding easier and the system easier to use.” She also said that starting a v3 liquidity pool on Solana on July 1 was a big step toward making the platform more popular.
PancakeSwap is fast catching up to Ethereum and already controls BNB Chain.
Recently, the number of trades on PancakeSwap has skyrocketed.
DefiLlama says its 30-day volume has risen to $153 billion, making it the biggest DEX. Uniswap’s volume, on the other hand, was $83.4 billion during the same period.
But most of this growth is still happening on just one chain. PancakeSwap only supports nine chains right now, while Uniswap allows 37.
In the second quarter, 96.7% of all trades on PancakeSwap happened on BNB Chain, which had $513 billion in trades. In June, it had 96.8% of the BNB Chain market.
On the other hand, PancakeSwap’s position on Ethereum is still limited. In June, it had only 0.3% of the market, which is very small compared to Uniswap’s 77.2%.
Dune data shows that PancakeSwap has recorded total amounts of $29 billion on Base, $25 billion on Arbitrum, and $21 billion on Ethereum. This indicates that the company is steadily expanding across multiple chains.
