PancakesWap, the leading distributed exchange (DEX), operated by nine blockchain networks, set new records of trading activities in January and February 2025. We have achieved our highest monthly trading volume since 2021.
This record was driven by the recovery of the BNB chain and the movement of memes on the chain. However, the market in March shows signs that could challenge Dex’s ability to maintain this volume.
Pancakeswap’s total cumulative amount exceeds $1.1 trillion
Dune’s data shows that Pancakeswap’s trading volume began to rise sharply in December last year. By January, DEX had reached a trading volume of $78.4 billion, exceeding $81 billion in February. This marks the highest monthly trading volume since 2021.
This record helped push the total cumulative amount of Pancakeswap to a cumulative amount of over $1.1 trillion.
Pancakeswap Dex Monthly Volume and Trader. Source: Dune
The surge in trading volume was primarily due to the revival of the BNB chain ecosystem.
“As a key player in the BNB chain ecosystem, Pancakeswap continues to benefit from the rise in the BNB chain’s revival,” read an excerpt from a press release shared with Beincrypto.
Furthermore, Dune’s data shows that Pancakeswap holds more than 90% of the DEX market share of the BNB chain. This highlights the close relationship between the BNB chain and Pancakeswap.
Dex Marketshare on BNB Chain. Source: Dune
Since early February, CZ, former CEO of Binance, has promoted four notes by launching a test (TST) token. Four.meme acts as a “gateway” for introducing new tokens into Pancakeswap. 4. The surge in activity in meme may have contributed to an increase in Pancakeswap trading volume as new tokens attracted users and traders.
Despite PancakesWap’s strong trading volume in early 2025, monthly active users remained at around 2 million. This represents a 63% decline from the peak in 2021 and a 30% decline from the highest level in 2024. This exchange has yet to attract a considerable number of new traders.
Dex volume of BNC chain. Source: Defilama
Furthermore, Defillama data shows that the BNB chain’s daily DEX volume has been gradually decreasing since mid-February, falling from over $6 billion per day to just $1.5 billion per day.
Furthermore, the market capitalization of memecoin in March fell nearly 60% from its December peak, down from $137 billion to $55 billion. Meme Coin Trading Frenzy on Dexs is also weakened. This could potentially challenge Pancakeswap in the coming months.
Performance at Pancakeswap (cake) price. Source: Beincrypto
According to Beincrypto data, Pancakeswap (Cake) is trading at around $1.74 at the time of writing, down 60% from its recent peak of $4.5 in December.
