PancakeSwap leads Binance Smart Chain revival

PancakeSwap has strengthened its position as the top revenue generator on Binance Smart Chain.

PancakeSwap (CAKE) now accounts for over 64% of all protocol revenue on Binance Smart Chain, according to a July 8 analysis by CryptoQuant contributor CryptoOnchain. The 50-day moving average for revenue has reached a new high, showing steady growth in usage and network activity.

Daily revenue has been rising consistently. PancakeSwap continues to outpace other protocols on BSC in both fee generation and user activity. The latest data shows that the platform is handling more trades and collecting more fees than any other application on the chain.

In June 2025, PancakeSwap reached $152 billion in monthly trading volume, as per DefiLlama data. This is the highest in the platform’s five-year history. The second quarter ended with $281 billion in volume, more than the $211 billion from the first quarter.

This growth followed the April launch of PancakeSwap Infinity. The upgrade introduced lower gas fees, new liquidity pool types, and customizable features for developers. These changes were designed to make it easier to build and trade on the platform.

On July 1, PancakeSwap launched v3 liquidity pools on Solana (SOL). This allowed support for tokens like BONK, PYUSD, EURC, and others. Liquidity providers can now earn up to 84% of trading fees on selected pools. The move takes advantage of Solana’s fast speeds and low costs.

In addition, Coinbase listed CAKE as an ERC-20 token in June, boosting the token’s exposure to new markets and reinforcing the platform’s credibility among institutional and retail users. Analysts continue to be optimistic, pointing to future enhancements like deeper cross-chain features and improved NFT support.

As of press time, CAKE is trading at $2.27, down slightly in the past day. The weekly price range has been between $2.21 and $2.40. Trading volume is down about 7 percent over the last 24 hours, now at $36.5 million.

From a technical view, CAKE is trading just above its 20-day moving average. The narrowing of the Bollinger Bands indicates rising volatility, a trend that frequently precedes sharp price changes. The relative strength index is around 50, showing a balanced matket between buyers and sellers.

While a drop below $2.21 might lead to a move to $2.05, a push above $2.38 might pave the way toward $2.60. With rising protocol activity and solid fundamentals, the setup is balanced but leaning bullish.