The Binance Coin (BNB) ecosystem gains momentum, spurring surging activities on the leading decentralized exchange PancakeSwap.
After a long time of suppression—according to former Binance CEO Changpeng Zhao—the BNB Chain is back. Bullish macroeconomic boosts and recent chain upgrades have renewed the ecosystem’s earlier dwindling traction.
Notably, PancakeSwap, the most prominent decentralized exchange in the BNB Chain ecosystem, has been at the forefront of this revitalization. The platform recently recorded the largest trading volume among other DEXs in both the daily and weekly timeframes.
The PancakeSwap Reincarnation
DeBridge, a cross-chain interoperability and bridging protocol, earlier highlighted a growing asset transfer from other chains to the BNB Chain. In a recent post, the protocol highlighted that funds moved extensively from chains like Solana, Base, and Ethereum to the BNB Chain.
Data from DeFiLlama confirmed this growing traction towards the network, especially on PancakeSwap. The DEX now tops the chart on trading volume in the past 24 hours and seven days, outperforming long rivals Uniswap and Raydium.
According to the data, PancakeSwap has a 24-hour trading volume of $3.028 billion, trouncing Ethereum’s Uniswap and Solana’s Raydium, which have volumes of $2.9 billion and $1.58 billion, respectively.
The gap gets wider in the 7-day timeframe, with PancakeSwap surpassing second-place Uniswap by a staggering $4.28 billion. The former has a trading volume of $21.2 billion, and the latter, $16.93 billion.
DEX Trading Volume
Meanwhile, Zhao stated that BNB Chain just got started. In reaction to an X post showing the stats, he noted that although there is no DEX competition, the network will see heightened traction in the near term.
Not a competition. But just the beginning. 🙏
— CZ 🔶 BNB (@cz_binance) February 12, 2025
CAKE Soars 108 in a Week%
Following the renaissance, CAKE, the native token of PancakeSwap, has surged extensively. The utility token is up a staggering 108% in the past seven days, reclaiming levels last seen in December 2024.
In the past 24 hours, CAKE has surged 54%, hitting an intraday high of $3.41 before retracing slightly to its current price of $2.93 at press time.
BNB Chain’s BNB has also seen substantial upticks in what has been an all-rounded ecosystem boost. The high-caliber asset reclaimed fourth place from Solana after hitting a $100 billion market cap.
At press time, BNB trades at $705, up 11.8% and 22% in the past day and week, respectively.
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