PancakeSwap, the multichain decentralized exchange (DEX), has reported an all-time high in trading activity, reaching $325 billion in volume during June alone. This milestone marks the highest monthly volume in the platform’s five-year history and follows significant upgrades that have accelerated adoption across chains.
The strong June numbers pushed PancakeSwap’s total Q2 trading volume to $530 billion, more than double the $211 billion recorded in the first quarter, according to data from Dune Analytics. The sharp increase in activity is closely tied to the April launch of PancakeSwap Infinity, a major upgrade aimed at improving trading efficiency and usability.

PancakeSwap Infinity: features driving growth

The upgrade introduced several key features, including lower gas fees, customizable liquidity pools via « Hooks, » and support for advanced liquidity strategies through CLAMM and LBAMM pools.
According to Chef Kids, head of PancakeSwap, these improvements offer strong benefits for developers and liquidity providers alike. Developers can now deploy new pool types and integrate custom Hooks without having to relaunch contracts or issue new versions, reducing technical overhead and speeding up innovation. Liquidity providers, meanwhile, benefit from more precise capital allocation tools that help mitigate issues such as impermanent loss and capital inefficiency.

In addition to the Infinity upgrade, PancakeSwap rolled out a crosschain trading feature on June 11, enabling users to trade seamlessly between BNB Chain, Ethereum, and Arbitrum—without needing bridges or switching between dApps. Chef Kids also highlighted the July 1 launch of a v3 liquidity pool on Solana as a strategic move to expand the platform’s reach and enhance user onboarding.

Dominating BNB Chain, aiming for more
PancakeSwap’s dominance on BNB Chain is undeniable. With a 30-day trading volume of $153 billion, it currently ranks first among all DEXs, surpassing Uniswap’s $83.4 billion in the same period, according to DefiLlama.
However, PancakeSwap’s growth remains heavily concentrated on BNB Chain. In Q2, 96.7% of its trading volume—equivalent to $513 billion—came from that single network, and its market share on BNB Chain hit 96.8% in June.

Ethereum remains a challenge
While its presence on Ethereum remains limited, with only 0.3% market share in June compared to Uniswap’s 77.2%, PancakeSwap is making steady inroads across other chains. Cumulative trading volumes have reached $29 billion on Base, $25 billion on Arbitrum, and $21 billion on Ethereum, reflecting progress in its broader multichain expansion strategy.