As a seasoned analyst with years of experience navigating the dynamic landscape of cryptocurrency markets, I must admit that I was genuinely impressed by PancakeSwap’s (CAKE) stellar performance in 2024. The $310.6 billion trading volume, a staggering 179% year-over-year growth, is nothing short of remarkable.
In the year 2024, the decentralized trading platform known as PancakeSwap experienced significant growth, with its trading volume reaching an impressive $310 billion, largely due to the expansion of the decentralized finance sector.
In a report summarizing the DEX platform’s year-over-year performance, PancakeSwap (CAKE) said its global trading volume reached $310.6 billion.
The protocol achieved the milestone across nine blockchains, representing a growth of 179% by year.
Notably, PancakeSwap’s total trading volume in 2023 hit $111.3 billion.
As per PancakeSwap’s reports, a significant surge was observed in their 12-month trading volume, which coincided with remarkable growth spurts experienced by the layer-2 networks, Arbitrum and Base.
On December 16, 2024, PancakeSwap reached a new peak in daily trading volume with an impressive figure of $3.47 billion.
Additionally, significant events from this year also featured an increase in the total value secured to a staggering $2.17 billion, and a remarkable milestone of over 14.3 million distinct traders participating.
The core token CAKE, essential for the expansion and longevity of DEX protocols, achieved significant achievements as well.
During the year 2024, a total of 455.5 million PancakeSwap’s native token, CAKE, were incinerated. This annual burn amounted to 5.3 million tokens, representing a permanent removal of approximately 1.37% of the total CAKE supply. This action not only enhanced the scarcity of CAKE but also fortified the robustness of the PancakeSwap ecosystem.
CAKE maintains its essential function in securing the longevity and stability of PancakeSwap by employing thoughtful burn strategies and receiving robust backing from its community.
Significant advancements in our network throughout the year encompassed:
The launch of the AI predictions market on Arbitrum also stood out.
79 million individuals now hold PancakeSwap’s CAKE tokens in the market. Despite this, the price of CAKE has failed to reach the levels attained towards the end of 2023 and has experienced a decrease of 11% over the past twelve months.
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2024-12-24 21:54