PancakeSwap surpasses Uniswap as top DEX, recording $14b weekly trading volume

PancakeSwap has taken the lead in global decentralized exchange (DEX) rankings, surpassing $14 billion in weekly trading volume.

Based on data from CoinMarketCap, PancakeSwap (CAKE) has witnessed a remarkable 58.04% rise in activity over the past week.

The BNB (BNB) Chain-based DEX now holds 29.18% of all decentralized exchange trading, boasting a weekly volume of $14.168 billion and a daily trading volume (TVL) of $1.67 billion.

PancakeSwap has dethroned Uniswap as the top DEX, driven by lower fees, an intuitive interface, and the popularity of memecoins on BSC. Recent statistics show PancakeSwap recorded a daily volume of $213.6M compared to Uniswap's $43.7M. This significant leap highlights PancakeSwap's ability to attract users and drive engagement.

This increase in activity has enabled PancakeSwap to surpass Ethereum (ETH)-based Uniswap (UNI), which reported a 50.56% decrease in weekly trading activity, with the trading volume dropping to $8.611 billion despite retaining a higher TVL of $3.93 billion.

While PancakeSwap's trading volume soared, other major platforms suffered significant declines. Raydium witnessed a 24.75% reduction in weekly activity, while Meteora and Fluid experienced drops of 33.03% and 52.76% respectively.

PancakeSwap's triumph may be attributed to various factors, such as BNB Chain's lower transaction fees compared to Ethereum, quicker confirmation times, and the platform's user-friendly interface. The exchange has particularly profited from the growing interest in BNB Chain-based meme coins.

Among the top trending tokens on PancakeSwap are:

However, not all assets performed well. BUBB dropped 24.99%, and Tell A Tale fell 19.56% during the same period.

The exchange's native token, CAKE, has also demonstrated robust performance, with recent price data revealing a 40.6% rise over the past week and 56.2% over the previous two weeks. Nevertheless, the coin experienced a minor setback of 0.5% in the daily timeframe but maintained a positive 3.1% gain over the 30 days.

The platform has broadened its offerings beyond simple token swaps to include perpetual trading, prediction markets, NFT marketplaces, and lottery systems. This growth has established a substantial DeFi ecosystem, attracting both retail and institutional users to the platform.