PancakeSwap Hits Record $325 Billion in Monthly Volume

Decentralized exchange (DEX) PancakeSwap has broken its own monthly trading volume record, reporting $325 billion in volume for June 2025. Pancakeswap is now the largest DEX by 30-day trade volume and boasts a total value locked (TVL) of nearly $1.8 billion, according to DeFiLlama.

June’s monthly volume is nearly double May’s $173 billion and the highest monthly figure in Panakeswap’s five-year history, according to data from Dune analytics. Quarterly volume also surged to a record $529 billion in Q2, up 158% from Q1’s $205.3 billion.

The DEX has now processed over $1.8 trillion in lifetime trading volume across all supported chains and recorded 7.4 million unique users in Q2 alone.

“Achieving record all-time highs in our monthly and quarterly trading volumes is a reflection of the incredible support from our community and the confidence of millions of users around the world,” said Chef Kids, Head Chef of PancakeSwap, in a statement shared with The Defiant.

Growth Drivers

The surge follows the rollout of several major infrastructure upgrades, including Pancakeswap’s April launch of PancakeSwap Infinity, which introduced lower gas fees, customizable ‘hooks,’ and new liquidity pool types (LBAMM and CLAMM).

And then in June, the DEX debuted “crosschain swaps,” allowing users to trade across BNB Chain, Ethereum, and Arbitrum in a single click without bridges or app-switching.

The platform also recorded strong momentum across the Ethereum ecosystem in Q2, with $30 billion in volume on Base, $25 billion on Arbitrum, and $21 billion on the Ethereum mainnet, according to a release shared with the Defiant.

However, BNB Chain retains its top spot, with the DEX handling $356 billion in volume on the network last quarter. As of June 20, BNB Chain had recorded $159 billion in DEX activity over 30 days – more than Ethereum and Solana combined, which stood at around $72 billion, according to DeFiLlama.

Most recently, PancakeSwap launched v3 liquidity pools on Solana, offering cheaper trades and higher yields. The upgrade builds on PancakeSwap’s v3 architecture, first introduced in April 2023.

CAKE Price

PancakeSwap’s CAKE token is up 5.5% in the past 24 hours and 10% in the last week, trading at a market capitalization of $760 million.