PancakeSwap Records $138 Billion in Monthly Volume, Surpasses Uniswap

PancakeSwap, the leading decentralized exchange (DEX) on BNB Chain, is now leading the sector, flipping Uniswap in 30-day volume.

PancakeSwap has processed $138 billion in volume over the last 30 days, with $11.9 billion, or 8.5%, in the last 24 hours alone. Meanwhile, Ethereum-focused Uniswap has recorded $85 billion in the same timeframe.

The spike marks PancakeSwap’s third-highest weekly volume period ever, only trailing two consecutive weeks in January 2025, when it processed $173 billion and $171 billion.

While there is no distinct catalyst for the surge in activity, one potential contributing factor may be World Liberty Financial's increased activity on the chain. The Trump family-backed DeFi platform recently purchased $3 million worth of EOS via PancakeSwap, which caused EOS to rally 11%.

PancakeSwap also launched its Infinity upgrade at the end of April, previously known as PancakeSwap v4. Infinity introduced capital-efficient pools, as well as hooks and custom fees to the DEX for a customizable approach to liquidity provision on BNB Chain.

The most traded token over the last 24 hours is MERL, the Merlin Chain token, which was launched on Binance Alpha on May 20, with the centralized exchange also launching MERL perpetual contracts on May 28. MERL has been responsible for more than $409 million in volume over the last 24 hours, as onchain traders may be positioning ahead of a potential spot listing on Binance.

The DEX’s native token, CAKE, has performed well alongside increased activity, rising 26% over the last month. It currently has a market capitalization of $830 million.