tl;dr
Multichain decentralized exchange PancakeSwap (CAKE) reached a record quarterly trading volume of $205.3 billion in Q1 2025, the highest since its inception. Unique traders increased to 5.8 million, the highest since Q4 2021, with transaction counts rising to 114.4 million. Monthly trading volumes w...
PancakeSwap hit a groundbreaking milestone in Q1 2025 with a record quarterly trading volume of $205.3 billion, marking a staggering 922% increase compared to Q1 2023. This surge reflects massive growth and adoption for the multichain decentralized exchange (DEX).
Unique traders using PancakeSwap climbed by 81%, reaching 5.8 million in Q1 2025 — the highest since Q4 2021. Transaction counts also skyrocketed by 159%, from 44.1 million in Q1 2023 to 114.4 million in Q1 2025, underscoring the platform’s expanding user engagement and activity.
Monthly trading volumes demonstrate consistent strength with $78.4 billion in January, $81.7 billion in February (the highest monthly volume since 2021), and $45.1 billion in March. Overall, the Q1 2025 total trading volume amassed an impressive $1.3 trillion.
In April 2025, PancakeSwap implemented CAKE Tokenomics 3.0, introducing key sustainability measures. This upgrade discontinued CAKE staking and veCAKE, shifted to a token burn mechanism targeting 5.3 million annual burns, and reduced daily CAKE emissions from 29,000 tokens to an eventual target of 14,500, aiming to enhance long-term tokenomics sustainability.
These developments highlight PancakeSwap’s remarkable trajectory in becoming a major player in the DeFi space, with record-breaking volume and participation proving robust market confidence and innovation within its ecosystem.