PancakeSwap is taking over, not just sitting pretty. It demonstrated its strength in July by processing an incredible $188 billion in spot trading volume, making it the largest decentralized exchange (DEX). With a substantial 43% of the overall DEX volume, PancakeSwap maintains its lead and doubles Uniswap's $94 billion. Dominance, huh?
With $151 billion in spot trading volume in June, PancakeSwap had already set the record and claimed a strong 43% of all DEX trades. July, however, was even more remarkable. What is causing this surge, then? Let's begin with the integration of Binance Alpha, the introduction of PancakeSwap Infinity (good news!), and the capability to trade across networks such as Ethereum, Arbitrum, Solana, and BNB Chain. It is obvious that PancakeSwap has gained a significant amount of market share thanks to these features.
As PancakeSwap Advances, Uniswap Finds It Hard to Keep Up
That's not all, though. Although it did fall to 23.3% in July, PancakeSwap also reached a new high of 27.9% in June in the DEX-to-CEX spot trading ratio. Despite being a well-known brand in the industry, Uniswap, its main rival, was unable to keep up. In the meantime, PancakeSwap's numbers were far superior to those of other DEXs, such as Raydium and Aerodrome.
Additionally, PancakeSwap is more than just volume. The platform's yield farming features and automated market-making services brought in over $438 million in fees. It's more than just spare change. PancakeSwap could emerge as the unchallenged heavyweight of the DEX world if it continues on this trajectory.
Tanya Petrusenko
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