Key Notes
- PancakeSwap recorded $188 billion in spot trading volume for July.
- The platform earned over $430 million in fees from trading and yield farming.
- Cross-chain support and Binance Alpha integration boosted user activity on PancakeSwap.
PancakeSwap
CAKE
$2.63
24h volatility:
7.8%
Market cap:
$907.13 M
Vol. 24h:
$156.68 M
trading volume climbed higher in July, hitting $188 billion and securing its position as the top decentralized exchange by spot trading volume. This performance accounted for almost 43% of all DEX spot trades.
Pancakeswap trading volume doubled uniswap’s
PancakeSwap recorded $151 billion in volume in June. According to The Block data platform, PancakeSwap’s volume rose to $188 billion in July, keeping it well ahead of other platforms. As reported, Uniswap came in second with $94 billion, just half of what PancakeSwap handled during the same month. No other decentralized exchange came close.
According to the update, several changes helped PancakeSwap rise to the top. Its integration with Binance Alpha drew in more users. The launch of PancakeSwap Infinity also made a difference.
The update offered lower gas fees and a faster trading experience. In addition, users now enjoy cross-chain access across BNB Chain, Ethereum, Arbitrum, and Solana. Notably, these features gave PancakeSwap an advantage that many traders found hard to ignore.
A growing interest also helped the DEX in non-custodial trading. As more people moved away from centralized platforms, PancakeSwap offered tools and options that met their needs. The increase in volume reflected that shift.
Despite its efforts, Uniswap could not close the gap. Raydium, Aerodrome, and other exchanges remained far behind. While they are still active in the market, none of them recorded numbers close to PancakeSwap in July.
Meanwhile, Coinspeaker noted that at a point in July, PancakeSwap (CAKE) price rose by 15% following BNB’s surge to a new all-time high above $850. This marked BNB’s highest level in months. Market participants believe this price rally also played a key role in boosting the overall performance of PancakeSwap.
Pancakeswap also led in fee earnings
It is important to note that trading volume was not the only highlight. PancakeSwap also pulled in more fees than any other DEX in July. The platform earned over $430 million from activities like automated market-making and yield farming.
In an earlier update, Coinspeaker reported that PancakeSwap outpaced Tether in fee earnings during a sharp market correction, collecting $24.6 million. Interestingly, the spike came as users rushed to join the AB token rally. It pushed up trading volume even as the broader market slowed down.
The perception in the DEX market is that these recent July earnings added another layer to its strong performance. Traders were not only using the platform but also generating real income for its ecosystem. This kept PancakeSwap ahead of rivals who could not match its fee levels.
Even though the DEX-to-CEX spot trading ratio dropped from 27.9% in June to 23.3% in July, PancakeSwap’s share of the market stayed firm. Its tools and services attracted consistent users. This helped it hold its ground in the growing space.
Some market participants believe that the success of PancakeSwap, per its trading volume in July, showed the impact of good products, strong partnerships, and timely upgrades. In addition, with continued support across networks and consistent user interest, the platform is likely to remain a major player in the DEX space.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
