2025 was PancakeSwap’s biggest year yet.

This year, PancakeSwap delivered record-breaking volumes, shipped category-defining products, expanded across new chains, and cemented its position as the #1 DEX by trading volume and market share.

From foundational protocol breakthroughs like Infinity to continued multichain expansion, 2025 marked a defining chapter for PancakeSwap, unlocking a new era of growth with a long-term vision and a relentless focus on building what matters.

Here’s a look back at what the Kitchen proudly achieved in 2025, together with our community.

Key Achievements in 2025: By the Numbers

In 2025, the numbers spoke loudly. Here’s a look at the major milestones and record-breaking new metrics we reached:

• 2025 Total Trading Volume: $2.36T (+619% YoY growth from $328.6B in 2024)
  • 2025 Highest Daily Trading Volume: $26B on October 10, 2025
  • 2025 Highest Monthly Trading Volume: $492B in October 2025
• Cumulative Trading Volume: $3.33 trillion
• Total Value Locked: $2.45B
• 2025 Total Unique Traders: 35.37m (+147% YoY growth from 14.3M in 2024)
• 2025 Total Unique Users: 36.16m

Four Quarters, Four New All-Time Highs

Every single quarter of 2025 set a new all-time highs in trading volumes:

• Q1: $205B
• Q2: $529B
• Q3: $772B
• Q4: $856B

These four consecutive record-breaking quarters in 2025 underscore more than favorable market conditions but also demonstrate a platform trusted by millions of users worldwide.

The #1 DEX: Secured & Sustained the Top DEX Spot in 2025

In 2025, PancakeSwap overtook every other decentralized exchange to become the #1 DEX by trading volumes and market share.

Beginning in May, PancakeSwap took the #1 rank among all DEXs by trading volume on a 30-day basis consistently, outpacing every other DEX. PancakeSwap maintained this leading position through the remainder of the year, ending 2025 with a leading 37.84% market share by total DEX trading volume. This was the year PancakeSwap didn't just grow but secured the #1 DEX spot and sustained it.

CAKE Tokenomics 3.0: A New Era of Sustainability

In 2025, PancakeSwap introduced CAKE Tokenomics 3.0 and streamlined the PancakeSwap ecosystem by optimizing CAKE efficiency, implementing a more efficient emissions model, and supporting sustainable growth. The new design positions CAKE as a utility-first asset with built-in scarcity, targeting:

• ~4% annual deflation, steadily reducing supply over time
• ~20% supply reduction by 2030, reinforcing long-term scarcity

To date, PancakeSwap has delivered 28 consecutive months of net CAKE supply reduction, with a total of 37,606,341 CAKE permanently burned since September 2023, reinforcing our commitment to sustainable tokenomics and responsible emissions. The consistent deflation this year highlights the long-term vision and strength of our ecosystem.

2025 CAKE Highlights:

• 8.19% YTD Deflation in 2025, compared to 1.37% in 2024
• 31.6M CAKE Net Burn in 2025, decreasing CAKE supply
• 2.2M CAKE Holders, +25.09% YoY from 1.79M in 2024

Binance Wallet TGEs: Powering Onchain Launches

This year, PancakeSwap partnered with Binance Wallet to support exclusive Token Generation Events (TGEs) on BNB Chain, with 43 TGEs to date. Through PancakeSwap v3’s integration within Binance Wallet’s Alpha Earn Hub, users can provide v3 liquidity directly through Binance Wallet to earn Alpha tokens and Alpha Points for eligibility to TGEs, Alpha airdrops, and new on-chain opportunities.

Memecoin Momentum: Driving Memecoin Liquidity

PancakeSwap also teamed up with BNB Chain, BUILDon, and World Liberty Financial to launch the USD1 x BNB Chain Liquidity Drive, deploying up to $1M in incentives to accelerate USD1 liquidity and provide exclusive support for top trading pools and meme projects. New meme projects with top trading volumes were highlighted and received CAKE emission rewards, which occurred alongside a surge in USD1-paired meme trading in May and June 2025.

The Meme2Million: Burn to Rise campaign was launched with Four.Meme and spotlighted memecoins that surpassed $1M+ market cap after migrating to PancakeSwap. In total, 39 projects qualified, with $615K+ in trading fees were burned, showcasing how PancakeSwap turns memecoin hype into real liquidity, usage, and deflationary impact.

CAKE.PAD: PancakeSwap’s New Era of Early Token Access

This year also marked the debut of CAKE.PAD, PancakeSwap’s revamped early token access platform built to simplify participation and boost CAKE utility. With no staking or lock-ups required, users can simply commit CAKE and access new tokens before they list, while directly contributing to CAKE’s deflationary model.

Since launch, CAKE.PAD has hosted three token sales, Sigma.Money, WhiteBridge Network, and LeverUp, all oversubscribed:

• Sigma.Money: 15M $SIGMA sold, 51,262 CAKE burned, 992x oversubscribed
• WhiteBridge Network: 20M $WBAI sold, 67,027 CAKE burned, 1425x oversubscribed
• LeverUp: 10M $LV sold, 39,683 CAKE burned, 678x oversubscribed

Key Products in 2025

In 2025, PancakeSwap doubled down on what matters most: products that make DeFi more accessible and the best user experience. From bringing real-world assets fully onchain to redefining how users trade, earn, and onboard, this year’s product launches made DeFi infrastructure more powerful, more intuitive, and more accessible than ever before.

• Tokenized RWAs Onchain (Oct): over 100+ tokenized stocks, ETFs, and bonds, directly tradable on PancakeSwap BNB Chain, powered by Ondo Finance
• Fee-Earning Limit Orders (Sept): introduced the first ever DEX limit orders where users earn 0.1% trading fees when filled, via PancakeSwap Infinity’s Limit Order hook
• BTC and ETH added to Predictions (Sept): PancakeSwap Predictions added Bitcoin and Ethereum price predictions with 5-minute rounds on BNB Chain
• Stock Perpetuals (Aug): perpetual contracts for Apple (AAPL), Amazon (AMZN), and Tesla (TSLA) available on PancakeSwap Perpetuals
• Social Login (Jul): fully non-custodial wallet and signless transactions through social login via X (Twitter), Google, Telegram, or Discord account
• Pancake Gifts (Jul): send crypto gifts onchain seamlessly via shareable links or QR codes, with no wallet funding, bridging, or upfront fees
• Liquidity Page Upgrade (Jul): liquidity page upgrades, including one-click pool discovery with clearer APRs and visible active pool features, and more
• One-Click Cross-Chain Swaps (Jun): enabling swaps across seven blockchains (BNB Chain, Ethereum, Arbitrum, Base, zkSync, Linea, and Solana) in a single transaction
• PancakeSwap Infinity (Apr): FKA v4, Infinity launched as the new, customisable foundation for DeFi traders, LPs, and developers to unlock infinite opportunities
• MEV Guard (Mar): one-click MEV protection for users with support across major wallets (Binance Wallet, Trust Wallet, Rabby Wallet), 1M+ transactions protected to date

PancakeSwap Infinity Goes Live

This year marked a major milestone with the launch of PancakeSwap Infinity (formerly known as v4), PancakeSwap’s most significant protocol upgrade to date. Infinity represents a fundamental evolution of the protocol, designed with flexibility at its core and built to support the next generation of on-chain innovation.

Infinity introduces customizable, modular architecture powered by Hooks, enabling developers to embed tailored logic directly to liquidity pools, combined with gas efficiency improvements and smarter routing. Infinity lays the foundation for PancakeSwap to evolve beyond a traditional DEX into a full-featured DeFi infrastructure layer.

Key features include:

• Dual pool types supporting different liquidity strategies
• Customizable, dynamic fees enabled by smart contract Hooks
• Gas-saving architecture to keep costs low for users
• Open-source codebase, empowering builders to innovate with infinite possibilities

Currently available on BNB Chain and Base, PancakeSwap Infinity marks the beginning of a new era of DEX infrastructure and is a pivotal step forward in PancakeSwap’s long-term evolution. Currently, PancakeSwap has partnered with Cantina on a bug bounty program that invites the global security community to pressure test the Infinity architecture in production.

Multichain: PancakeSwap is Everywhere Users Trade, Across 10 Chains

In 2025, PancakeSwap cemented its position as one of DeFi’s most widely deployed and most trusted decentralized exchanges. Available across 10 blockchains (BNB Chain, Base, Arbitrum, Solana, Monad, Ethereum, Linea, ZKSync, opBNB, Aptos) PancakeSwap didn’t just expand its footprint, it scaled with intention in meeting users where liquidity flows and DeFi innovation accelerates.

This year marked strategic expansion into two new high-performance ecosystems: Solana and Monad, while sustaining strong momentum across leading L2s such as Base and Arbitrum.

Key Highlights:

BNB Chain

• 2025 Trading Volume: $2.25T (+692% YoY growth from $284B in 2024)
• #1 DEX by Market Share (82.91%)

Base

• 2025 Trading Volume: $69.52B (+458% YoY growth from $12.44B in 2024)
• #2 DEX by Market Share (30.16%)

Arbitrum

• 2025 Trading Volume: $19.58B (+40% YoY growth from $13.91B in 2024)
• #2 DEX by Market Share (28.6%)

Breakout Growth on Base - Sustaining Strong Momentum

This year, PancakeSwap achieved $69.52B in total trading volumes on Base (+458% YoY increase from $12.44B in 2024), 30% market share, and established itself as the second largest DEX in the ecosystem. PancakeSwap’s v3 liquidity pools consistently rank as the top volume pools on Base, providing LPs with higher returns and capital efficiency while providing traders with the most reliable execution.

Expansion to Solana - Powering High-Performance DeFi

PancakeSwap made a major leap into the Solana ecosystem in April 2025, launching support for Solana-based Swaps, along with v3 Liquidity Pools and Farming. This expansion to one of crypto’s fastest and highest-performance networks unlocks new trading activity, liquidity, and extends PancakeSwap’s trusted DEX experience to one of the most in-demand ecosystems.

A Global Community that Continues to Grow

At its heart, PancakeSwap is driven by its community. This year the platform now has:

• Over 2.1+ million followers across X, Instagram & YouTube
• Over 250,000+ active members across Telegram & Discord

PancakeSwap's community continued to expand globally in 2025, fostering deeper connections and engagement across regions:

• 2025 Global Community Meetups: 15 Community meetups across Hong Kong, India, Indonesia, Japan, Nigeria, Philippines, South Korea, Turkey, and Vietnam
• 2.3M Social Media followers across platforms
• 20 Community Ambassadors driving engagement worldwide
• Event Highlights: 6 major industry events including Blockchain Life, Web3Festival HK, WebX Japan, Taiwan Blockchain Week, Binance Blockchain Week, Solana Breakpoint

The PancakeSwap global community continues to grow stronger, creating meaningful connections across regions and solidifying PancakeSwap’s place as everyone’s favorite DEX.

Looking Ahead to 2026: Incubating the Future of Prediction Markets

As we enter 2026, PancakeSwap is carrying its momentum forward with the incubation of Probable, a new prediction platform on BNB Chain. Launched in December 2025, Probable brings a powerful new category on-chain: prediction markets that let users trade on real-world outcomes with ease.

We’re incredibly proud of everything PancakeSwap accomplished in 2025 and deeply grateful to share these achievements with the PancakeSwap community who made it possible. Every milestone this year was shaped by the kitchen’s dedication to the community and your trust and participation.

2025 was PancakeSwap’s biggest year yet and we can’t wait to see what we’ll accomplish together in 2026.

With gratitude,

The Chefs 🥞

The data presented in all the visuals and all the blog information have been verified up to December 24th, 2025