DeFi platform PancakeSwap has had notable success in 2024, with growth across DeFi pushing trading volume to over $310 billion.

In a a report Summing up the performance of DEX platform year-on-year, PancakeSwap (cakeIt said its global trading volume reached $310.6 billion.

The protocol achieved this feat across nine blockchains, representing 179% growth annually.

Notably, PancakeSwap's total trading volume in 2023 reached $111.3 billion.

According to PancakeSwap, the massive 12-month jump in trading volume came amidst impressive increases for Layer 2 networks Arbitrum and Base.

Meanwhile, PancakeSwap recorded its largest single daily trading volume of $3.47 billion on December 16, 2024.

Other highlights of the year include total value rising to $2.17 billion, with total unique traders surpassing 14.3 million.

The native token CAKE, which is at the heart of DEX protocols' long-term growth and sustainability, also marked milestones.

In total, PancakeSwap burned 455.5 million cakes in 2024. Net burn for the year was 5.3 million, with the permanent removal of 1.37% of the total cake supply increasing scarcity and strengthening the strength of the ecosystem.

“Through strategic optimization and strong community support, CAKE continues to play a critical role in ensuring the long-term success and stability of the PancakeSwap platform.”

Key network developments throughout the year also include zero-fee PancakeSwap services, zero-gas swaps, BNB meme launch, And the detection of a Telegram swap and prediction bot.

release Artificial Intelligence Forecast Market on Arbitrum I also stood up.

In the market, the number of PancakeSwap holders has reached 1.79 million. However, the price of cakes struggled to reach the highs reached in late 2023 and remained down 11% over the past year.