PancakeSwap Hits Record $173 Billion in Monthly Volume, Partners With Trump’s World Liberty Financial

Decentralized exchange (DEX) PancakeSwap, which boasts a total value locked (TVL) of $1.9 billion, processed a record-high $173 billion in monthly trading volume in May 2025 – its highest since launching in 2020.

According to data from Dune, the platform previously recorded $205 billion in total volume for Q1 2025 and is on track to surpass that in Q2, with $203 billion already achieved in April and May combined.

PancakeSwap also processed $75 billion in trades over a single week in late May, a 131% week-over-week increase, according to data from SeaLaunch. During that time, PancakeSwap ranked fourth in protocol revenue, generating $14 million, data platform SeaLaunch revealed in a post on X on May 28. And among the top traded pairs, three were linked to the PolyhedraZK token, SeaLaunch added.

Overall, the DEX has now surpassed $1.5 trillion in cumulative trading volume across 10 supported blockchains, per Dune.

The surge in activity reflects PancakeSwap’s continued growth, driven in part by the recent launch of PancakeSwap Infinity – an upgrade that introduced new liquidity pool types (CLAMM and LBAMM), customizable smart contracts known as “hooks,” and improved gas efficiency.

Another growth driver is PancakeSwap’s expanding ecosystem. It ranks as a top DEX on BNB Chain, Base, Arbitrum, and Ethereum, with cumulative trading volumes of $1.14 trillion, $21.1 billion, $20.28 billion, and $20 billion, respectively, on each chain.

“This record-breaking volume is a testament to what’s possible when DeFi is made accessible, innovative, and user-friendly,” said Chef Kids, Head Chef of PancakeSwap, in a statement.

PancakeSwap’s native token CAKE currently trades at $2.43, up 24% over the past month, according to CoinGecko.

WLFI Partnership

PancakeSwap’s growth comes amid a new partnership with the Trump-backed World Liberty Financial (WLFI) crypto project, BNB Chain, and BUILDon. The partnership comprises a $1 million incentive campaign to promote the USD1 stablecoin. The four-week initiative, running from June 4 to July 4, aims to increase USD1 adoption on BNB Chain.

Most of USD1’s trading activity already occurs on PancakeSwap, which recorded $2.3 billion in USD1 volume over the past month, according to a press release viewed by The Defiant. The stablecoin is currently the second-largest on BNB Chain by supply, with 98% of USD1’s $2.1 billion supply residing on BNB Chain – just behind Tether (USDT), according to DeFiLlama.