PancakeSwap captured 33% of the DEX market volume

Over the past seven days, decentralized exchange (DEX) trading volume has reached an impressive $45.34 billion. PancakeSwap led the way with nearly 33% of the total market share, with $14.9 billion in trading volume. In second place was the well-known Uniswap platform, which recorded $8.29 billion in volume, or 18.3% of the total volume. Together, these two platforms account for more than 50% of all DEX activity.

PancakeSwap Trading on the BNB Chain

What’s particularly noteworthy is that 94% of all PancakeSwap trading was on the BNB Chain, equivalent to $14.2 billion in a week. This high concentration confirms the growing popularity of BNB Chain among PancakeSwap users. The remaining 6% is spread across other networks, further demonstrating the diversity of the technologies used.

Raydium Takes Third Place

Raydium is in third place in terms of transaction volume with $2.51 billion, which is only 5.6% of the market. It is followed by Orca with $2.08 billion and Meteora with $1.79 billion, their shares are 4.6% and 4%, respectively. All three platforms operate on the Solana blockchain. The rest of the platforms in the top 10 showed volumes of less than 4% each.

Fluid and Curve Finance showed comparable results with volumes of $1.67 billion and $1.48 billion, respectively. Aerodrome with $1.2 billion and SunPump with $918 million also entered the top ten. Lifinity closes the list with a volume of $653 million and a market share of less than 1.5%.

In conclusion

Interestingly, the share of protocols that did not make it into the top 10 was 21.6%. This indicates the growing diversity of platforms in the decentralized finance (DeFi) sector. However, major players such as PancakeSwap and Uniswap continue to maintain their positions in the market. Surprisingly, PancakeSwap has suddenly become the leader of the sector, although just a few weeks ago it was barely in the top 5 in terms of trading volume among popular DEXs. The rise of interest in meme cryptocurrencies based on the BNB Chain network certainly played a key role in this success.