PancakeSwap has concluded 2025 on a high note, achieving a remarkable trading turnover of $2.36 trillion and attracting more than 35 million unique traders. This performance marks a pivotal moment for the decentralized exchange (DEX), reinforcing its dominance in the decentralized finance (DeFi) sector.
The substantial trading activity during the year was a key driver of PancakeSwap”s success. The platform recorded a staggering 619% increase in trading volume compared to 2024. Notably, on October 10, PancakeSwap reached its peak daily trading volume of $26 billion, contributing to an all-time monthly total of $492 billion in October alone. This surge propelled the cumulative lifetime trading volume to $3.33 trillion, showcasing PancakeSwap”s growing footprint in the DeFi markets.
Throughout 2025, trading volumes exhibited consistent growth, with each quarter surpassing the previous one. Starting with $205 billion in Q1, the volume increased to $529 billion in Q2, further rising to $772 billion in Q3, and culminating in $856 billion in Q4. This steady increase is attributed to enhanced user confidence and sustained engagement with the platform.
PancakeSwap”s ascent in the DEX landscape is underscored by its achievement of a 37.84% market share by the end of 2025, making it the largest decentralized exchange by both trading volume and market share. This upward trajectory became evident in May 2025, when the platform began consistently ranking first in the DEX space.
The platform”s user base also saw remarkable growth, with 35.37 million unique traders recorded in 2025, more than double the previous year”s figures. By year-end, PancakeSwap”s total value locked (TVL) reached $2.45 billion, solidifying its status as a leading liquidity hub within DeFi.
In terms of tokenomics, PancakeSwap introduced CAKE Tokenomics 3.0, a new framework aimed at enhancing supply dynamics. Throughout 2025, the CAKE token experienced a deflation of 8.19%, with net burns totaling 31.6 million CAKE tokens, contributing to a cumulative burn of over 37.6 million tokens since September 2023. By the end of the year, the number of CAKE holders grew to 2.2 million, ensuring a robust ecosystem.
PancakeSwap also expanded its role in on-chain fundraising through a partnership with Binance Wallet. This collaboration facilitated 43 token generation events on the BNB Chain in 2025. The platform”s integration with PancakeSwap v3 allowed users to easily provide liquidity and earn rewards tied to early-stage projects, thus simplifying access to new launches.
In addition, the liquidity program with BNB Chain and other partners provided up to $1 million to support trading pairs, while the Meme2Million campaign highlighted projects achieving a $1 million market capitalization after migrating to PancakeSwap, resulting in over $615,000 in trading fees being burned.
PancakeSwap”s introduction of CAKE.PAD as an early access platform further streamlined token sales, allowing users to participate without staking requirements. In 2025, CAKE.PAD successfully hosted three oversubscribed token sales, demonstrating strong demand for simplified access to new projects.
Another significant milestone was the launch of PancakeSwap Infinity, a major protocol upgrade that introduced a modular architecture, customizable fees, and improved gas efficiency. This upgrade aimed to enhance user experience and security, supported by an open-source model and a bug bounty program.
Looking ahead to 2026, PancakeSwap is focusing on diversifying its offerings beyond traditional trading services. The platform is incubating Probable, a prediction market based on the BNB Chain, which launched in December 2025, reflecting its strategy to expand its DeFi footprint and explore new product verticals.
