As a researcher with a keen interest in blockchain and decentralized finance, I must say that the achievements of PancakeSwap in 2024 have left me truly impressed. Having closely followed the DeFi space for several years now, I can confidently say that this growth is not just significant, but a testament to the power of innovation and adaptability in the industry.
As a researcher, I’m thrilled to note that in the year 2024, I observed a significant milestone reached by PancakeSwap, one of the leading decentralized exchanges: an impressive surge in its trading volume.
According to DefiLlama’s statistics, the trading volume has soared to an impressive $310.6 billion, representing a robust 179% increase over the same period last year. This substantial growth underscores a powerful presence in the burgeoning multi-chain decentralized finance (DeFi) sector.
This triumph is mainly attributed to the fact that it has grown on no less than nine different blockchain networks, among them BNB Smart Chain, Base, Arbitrum, zkSync, Linea, Ethereum, Aptos, Optimistic BNB, and Polygon‘s zkEVM.
These blockchain networks, particularly Layer-2 alternatives such as Arbitrum, BASE, and opBNB, entice users to platforms like PancakeSwap due to their ability to facilitate quicker and less costly transactions.
The decentralized exchange PancakeSwap has experienced significant growth, with its Total Value Locked (TVL) climbing to a staggering $2.17 billion. Additionally, more than 14.38 million distinct traders have utilized the service, demonstrating that the platform is not only expanding in size but also gaining widespread popularity.
A number of updates significantly contributed to PancakeSwap’s prosperity this year. One noteworthy update is PancakeSwapX, enabling users to execute commission-free, gasless exchanges on networks like Arbitrum and Ethereum.
Another important addition is the SpringBoard token launchpad, which helps launch tokens on the BNB Chain without any fees. Additionally, PancakeSwap launched AI-driven prediction markets on Arbitrum and introduced Telegram bots to streamline token swaps and predictions directly in Telegram.
This platform has enhanced its ability to handle transactions across multiple blockchains by introducing the PancakeSwap Bridge feature. Additionally, advancements such as Gauges Voting and veCAKE updates have increased its adaptability and functionality.
In an effort to maintain longevity, PancakeSwap has destroyed approximately 455.5 million $CAKE tokens, leaving a global community of around 1.79 million $CAKE token holders. These actions are intended to sustain the platform’s growth trajectory as it ventures into 2025, with ambitions for ongoing advancement and expansion throughout the multi-chain DeFi sector, focusing on innovation and development.
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2024-12-24 21:24