In a major shakeup in the decentralized finance (DeFi) world, PancakeSwap has officially surpassed Uniswap to become the leading decentralized exchange (DEX) by weekly trading volume. According to data from CoinMarketCap, PancakeSwap registered an impressive $14.168 billion in trading volume over the past week, accounting for 29.18% of all DEX activity globally.
This marks a significant 58.04% increase in weekly activity for the BNB Chain-based platform, propelling it past Ethereum-based Uniswap, which saw a sharp 50.56% decline in volume, dropping to $8.611 billion.
PancakeSwap’s Rise: Lower Fees, Meme Hype, and Simplicity
Several factors have contributed to PancakeSwap’s meteoric rise. Chief among them are BNB Chain’s lower gas fees, faster transaction speeds, and PancakeSwap’s intuitive user interface. The platform’s growing popularity has also been fueled by surging interest in meme coins built on the BNB Chain, which have attracted large retail trading volumes.
“PancakeSwap hit $213.6 million in daily volume compared to Uniswap’s $43.7 million,” crypto analytics platform Alva posted on X. “This leap underscores PancakeSwap’s knack for pulling in users and boosting engagement.”
Broader DEX Landscape Shows Decline Elsewhere
While PancakeSwap surged, other major decentralized platforms experienced significant drops:
- Raydium (Solana-based): Down 24.75%
- Meteora: Down 33.03%
- Fluid: Down 52.76%
Despite Uniswap maintaining a higher Total Value Locked (TVL) at $3.93 billion, compared to PancakeSwap’s $1.67 billion, its declining volume suggests waning user activity in the short term.
Trending Tokens on PancakeSwap
The surge in PancakeSwap’s volume has been partly driven by viral meme tokens and speculative interest in new listings. Top performers on the platform include:
- BNB Card (BNBC): Up 298% in 24 hours
- Mubarakah: Gained 197%
- CUZ: Increased by 110%
- SIREN: Rose by 15.67%
However, not all tokens followed the upward trend. BUBB and Tell A Tale dropped by 24.99% and 19.56%, respectively.
CAKE Token Performance and Platform Growth
PancakeSwap’s native token CAKE has also seen strong momentum:
- +40.6% gain over the past week
- +56.2% over two weeks
- +3.1% over the last 30 days
- Minor 0.5% pullback in the last 24 hours
The platform’s recent success is also credited to its expansion beyond basic token swaps. PancakeSwap now supports perpetual trading, NFT marketplaces, prediction markets, and lottery systems, creating a full-fledged DeFi ecosystem that attracts both retail and institutional investors.
A New Leader in DeFi?
With its latest performance, PancakeSwap has not only flipped Uniswap in trading volume but has also demonstrated the strength of BNB Chain’s growing DeFi ecosystem. As low-cost chains gain more users and developers, PancakeSwap’s momentum may signal a broader shift in DEX dominance within the industry.
Whether Uniswap can reclaim its top position remains to be seen, but one thing is clear: PancakeSwap has arrived as a dominant force in the DEX market.
