PancakeSwap, a decentralized exchange on the multichain network, has achieved a significant milestone by reaching an all-time high of $205.3 billion in trading volume for the first quarter of 2025. This milestone marks the highest trading activity recorded on the platform since its inception.
In addition to the increase in trading volume, PancakeSwap has experienced a significant rise in user engagement, with the number of unique traders hitting its highest level since the fourth quarter of 2021.
The surge in trading volume for PancakeSwap was highlighted in a recent BeInCrypto report, which revealed that the platform's trading volume peaked at $81.7 billion in February, the highest monthly volume recorded since 2021. January also saw a notable trading volume of $78.4 billion.
While March showed a slight slowdown in growth, with a trading volume of $45.1 billion, the exceptional performance in the first quarter of 2025 has resulted in a total trading volume of $1.3 trillion.
According to insights from Dune Analytics, PancakeSwap has been witnessing a steady momentum in user engagement and ecosystem activity since 2023. The platform's quarterly trading volume has surged from $20.1 billion in the first quarter of 2023 to a record $205.3 billion in the first quarter of 2025, representing a remarkable 922% increase.
This increase in trading volume has been accompanied by significant growth in user engagement, as the number of unique traders on the platform has risen by 81%, reaching 5.8 million in the first quarter of 2025, the highest level since the fourth quarter of 2021.
Moreover, transaction activity on PancakeSwap has seen substantial growth, with transaction counts increasing from 44.1 million in the first quarter of 2023 to 114.4 million in the first quarter of 2025, marking a 159% increase.
The platform's recent achievements coincide with the implementation of CAKE Tokenomics 3.0, which commenced on April 23. This implementation includes various changes such as the discontinuation of CAKE staking, veCAKE, and related mechanisms. Furthermore, PancakeSwap will transition to a burn mechanism, aiming for an annual burn of around 5.3 million tokens. Daily CAKE emissions will also reduce from 29,000 to 20,000, with a long-term goal of lowering it to 14,500 tokens to enhance sustainability.