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PancakeSwap is once again at the forefront of decentralized finance (DeFi) as the market enters a renewed growth cycle in 2025. Built on BNB Chain, the protocol has evolved far beyond its roots as a yield-farming hotspot during DeFi Summer. Today, PancakeSwap is positioning itself as a multichain DeFi powerhouse—offering liquidity solutions, AI-powered trading features, and even integration with real-world assets (RWAs).With Total Value Locked (TVL) nearing $2 billion and daily trading volume consistently above $2.5 billion, PancakeSwap is capitalizing on rising regulatory clarity, growing institutional interest, and next-gen infrastructure like zkSync and AI-enhanced liquidity routing.PancakeSwap 2025 RoadMap: Growth, Metrics & Market PositionPancakeSwap’s transformation is reflected in its 2025 metrics:TVL: As of January 2025, PancakeSwap boasts $1.98 billion in total value locked, reflecting strong liquidity health and market confidence.Trading Volume: The platform recorded $78.45 billion in monthly trading volume and an average daily volume of $2.53 billion.Active Users: January also saw 2.35 million unique traders and 2.1 million onsite users—strong indicators of sticky engagement.Meanwhile, CAKE, the platform’s native token, posted a notable rebound. On March 21, 2025, it surged to $2.83 before settling at $2.71—marking a 67.45% weekly gain and outperforming other DEX tokens.Key DeFi Trends PancakeSwap Is Embracing in 20251. Yield Farming 3.0: Reinventing Liquidity IncentivesPancakeSwap’s Boosted Farms program has drawn renewed attention by offering triple-layered incentives—CAKE, trading fees, and native ecosystem tokens like ZK on zkSync. This signals a creative approach to reignite retail DeFi participation, especially among users seeking better capital efficiency.2. Tokenized Real-World Assets (RWAs): DeFi Meets TradFiPancakeSwap is gradually aligning with the broader DeFi trend of tokenized real-world assets, bridging DeFi users with asset-backed yield opportunities. This strategic move not only enhances user utility but also positions the protocol to onboard traditional finance participants seeking on-chain exposure.3. AI-Enhanced Liquidity Routing and Smart TradingThe integration of AI into predictive liquidity routing and smart order execution reflects PancakeSwap’s ambition to evolve into a full-featured DeFi OS. These tools aim to automate and optimize rewards for liquidity providers while giving traders more efficient execution.The “Ultrasound CAKE” Narrative:  Will Deflationary Tokenomics Work?In February 2025, PancakeSwap introduced a supply reduction strategy aimed at long-term token sustainability. Dubbed the “Ultrasound CAKE” initiative, the move echoes Ethereum’s deflationary turn and reflects a growing maturity in tokenomics design across DeFi.Regulatory Advantage and BNB Chain’s InfrastructureAs regulatory clarity emerges in major jurisdictions, platforms on BNB Chain like PancakeSwap may gain an edge—leveraging Binance’s compliance infrastructure, efficient gas fees, and global reach. Institutional players exploring DeFi are now seeking permissionless platforms with operational scalability and security—two areas where PancakeSwap is doubling down.What’s Next for PancakeSwap: Roadmap, Risk, and ResilienceDespite rising competition from newer DEXs and cross-chain liquidity protocols, PancakeSwap’s strength lies in its brand, simplicity, and evolving product suite. Its multichain presence, community loyalty, and strategic roadmap could determine whether it leads or follows in DeFi’s next bull phase.

According to PANews, PancakeSwap has announced the implementation of CAKE Token Economics 3.0, set to begin on April 23, 2025, at 00:00 UTC. The veCAKE and Gauges Voting systems will be officially retired.Starting from April 23, 2025, at 08:00 UTC+8, all CAKE and veCAKE stakes will be unlocked. Users who have staked CAKE directly through the PancakeSwap interface will be able to convert veCAKE to CAKE at a 1:1 ratio. These users will have a six-month period to redeem their staked CAKE and veCAKE, with the deadline set for October 23, 2025, at 08:00 UTC.

According to PANews, a recent article by OKG Research published in Hong Kong's Ta Kung Pao highlights the current challenges faced by the Real World Asset (RWA) ecosystem, particularly the bottleneck of mainstream asset tokenization leading to stagnation. While standardized assets like U.S. Treasury bonds provide a certain starting point for RWAs, their on-chain transformation is largely a technical encapsulation that fails to unlock structural value.The future of RWAs lies in activating 'silent assets'—those long excluded from traditional financial systems, difficult to value, and lacking liquidity. By tokenizing these assets, their value can be expressed and freely circulated, creating new market dynamics. This transformation could make RWAs an attractive investment opportunity, drawing diverse funding on-chain and achieving a dual transformation from 'asset end' to 'funding end.'OKG Research also suggests that Hong Kong, as a globally RWA-friendly policy hub, should actively pilot projects in non-standard and data assets. This would position Hong Kong as a global testing ground for 'multi-asset structured RWAs,' rather than merely serving as an issuance center and channel relay in the RWA value chain.

According to PANews, data from CryptoRank reveals that the total number of active USDT addresses across all blockchain networks reached 31.1 million over the past 30 days. Leading the count is the BNB Chain with nearly 12 million active addresses, followed by TRON with 11.2 million and Polygon with 2.6 million. Ethereum recorded 1.8 million active addresses, while Solana had 907,000 and Arbitrum had 925,000 active addresses.

According to BlockBeats, KiloEx has reported progress in the investigation of the hacking incident that occurred on April 15. The company has filed a report with the Hong Kong police, who have opened a case and are collaborating with the criminal and cybersecurity departments. Some information related to the hackers has been obtained. KiloEx is also working with the security firm SlowMist to compile a detailed incident report, which will be released when appropriate.The security vulnerability has been addressed, and there is currently no risk of position liquidation. All positions will be settled at the snapshot prices before the incident. KiloEx is developing a compensation plan and raising funds, with the Vault function set to gradually resume once the plan is implemented, ensuring the safety of user funds.The stolen funds have not been moved by the hackers. KiloEx has repeatedly communicated on-chain, requesting the return of 90% of the funds, but has yet to receive a response. The relevant addresses have been blocked in collaboration with multiple DeFi protocols and centralised exchanges (CEX).In response to rumours of internal involvement, KiloEx has clarified that the police and SlowMist have fully engaged in the investigation and have accessed all internal data. If there were any internal issues, the case would not have been filed.

According to PANews, the Malta Financial Services Authority (MFSA) has issued a public warning about scammers who are forging documents from the Maltese financial regulator to demand money from traders under the guise of fictitious market manipulation fines.This scam primarily targets Bitcoin and Ethereum traders. The MFSA reported that fraudsters are sending fake documents to individuals involved in BTC and ETH trading, falsely claiming they are fined for alleged market manipulation and threatening regulatory action if they do not comply. The MFSA has confirmed that these threats are entirely fabricated and that the documents hold no legal validity. The counterfeit letters are meticulously crafted to mimic the MFSA's logo in an attempt to deceive recipients into making payments.

According to PANews, a new scam targeting DeFi users has emerged, where fraudsters take over the websites of abandoned projects to deceive former users into signing malicious 'fund-draining' transactions. Unlike traditional scams that actively target victims, this passive approach specifically aims at users who may still have bookmarks of old projects.DeFiLlama's anonymous founder, 0xngmi, has issued a warning, stating that expired domains have been removed from their platform and browser extensions. However, users are advised to remain vigilant. As these project teams have disbanded, there is no one to promptly identify security vulnerabilities or replace malicious interfaces, leaving users with the responsibility to thoroughly verify each transaction they intend to sign.A member of the Maker/Sky community highlighted that the official domain of the now-defunct Maker subDAO Sakura is currently available for sale at a nominal price. This situation underscores the importance of caution among DeFi users to prevent falling victim to such scams.

According to Odaily, Alex Gluchowski, founder and CEO of Matter Labs, reiterated on social media that there has been no leak of code, contracts, or operator keys in the ZKsync protocol. He emphasized that ZKsync's ultimate security architecture, known as Endgame, has proven resilient under scrutiny. The team is currently investigating the security incident and will release a detailed report once the investigation and recovery efforts are complete.Gluchowski initiated the investigation immediately after receiving community feedback. Despite recent pressure on token prices across most Layer 2 projects, ZKsync has maintained relative stability. The team remains committed to its legally binding obligations to investors, partners, and members.

According to BlockBeats, Chromia's Head of Data and AI, superoo7, has highlighted potential vulnerabilities in most Crypto-MCPs. These weaknesses could allow hackers to redirect user transactions to their own wallets via the Cursor and Anthropic's Claude platform. The issue stems from 'poisoned' MCPs, which users may be unaware of. Superoo7 advises using trusted MCP servers, minimizing funds in wallets, and employing the MCP-Scan tool for protection.

According to Odaily, Securitize has announced the acquisition of MG Stover's fund management business, positioning its subsidiary, Securitize Fund Services (SFS), as the world's largest digital asset fund management platform. Following this acquisition, SFS now manages assets totaling $38 billion across 715 funds, including the $2.45 billion U.S. Treasury tokenized fund BUIDL, launched in collaboration with BlackRock. Securitize now offers integrated services encompassing fund management, token issuance, brokerage services, transfer agency, and alternative trading systems (ATS). CEO Carlos Domingo stated that the acquisition "solidifies Securitize's position as an institutional-grade platform for real-world asset (RWA) tokenization and fund management." As traditional finance accelerates its adoption of blockchain technology, asset tokenization is emerging as one of the fastest-growing sectors in digital assets. BCG and Ripple forecast that the global tokenized asset market could reach $18 trillion by 2033.

According to Odaily, Movement co-founder Rushi Manche has temporarily stepped down from his position. Reports from Blockworks suggested that Manche's personal account was removed from the company's Slack group, leading to speculation about his departure. In response, Manche took to X to refute these claims, sharing screenshots as evidence that he remains in the company's Slack group. He explained his absence from internal meetings was due to his participation in events in Asia. Manche also criticized Blockworks for what he described as unethical reporting.

According to BlockBeats, a report by Galaxy Research highlights that the crypto lending market is showing signs of recovery, particularly in the decentralized sector, despite remaining below pre-2022 levels. As of the end of 2024, the total market size reached $36.5 billion, including loans backed by crypto-collateralized stablecoins. This marks a significant decline from the $64.4 billion peak during the 2021 bull market, driven by speculative fervor. The downturn in the market is attributed to the collapse of major lending institutions such as Celsius, BlockFi, and Genesis, leading to a few large players dominating the centralized finance (CeFi) lending space. The report notes that Tether holds the largest market share, followed by Galaxy and Ledn, with these three entities accounting for nearly 90% of the $11.2 billion in outstanding CeFi loans. CeFi loans have decreased by 68% from their peak of $34.8 billion in early 2022. In contrast, significant growth is occurring on-chain. Decentralized lending protocols, which allow users to borrow crypto assets by locking collateral, operate continuously without reliance on centralized entities and are expanding rapidly. Galaxy Research indicates that since the market bottomed out at the end of 2022, decentralized finance (DeFi) outstanding loans have surged by 959%, rising from $1.8 billion to $19.1 billion, spanning 20 applications and 12 blockchains.

According to Cointelegraph, the crypto lending market has experienced a notable shift, with decentralized finance (DeFi) borrowing showing a remarkable recovery despite the overall market downturn. The market, which allows borrowers to use their crypto assets as collateral for loans, has seen its size decrease significantly from its peak of $64.4 billion in 2021 to $36.5 billion by the end of 2024, marking a decline of over 43%. This downturn is largely attributed to the collapse of several centralized finance (CeFi) lenders, including Genesis, Celsius Network, BlockFi, and Voyager, which filed for bankruptcy as crypto valuations plummeted. The downfall of these CeFi lenders led to a dramatic 78% reduction in the lending market size, with CeFi lending experiencing an 82% drop in open borrows. Despite this, DeFi lending has shown a robust recovery, with open borrows increasing nearly tenfold from the bear market low of $1.8 billion in the fourth quarter of 2022 to $19.1 billion by the end of 2024. This 959% increase over eight quarters highlights the resilience of DeFi platforms, which have benefited from their permissionless nature and ability to withstand the market chaos that affected major CeFi lenders. Galaxy Digital's research associate, Zack Pokorny, noted that DeFi borrowing has outpaced CeFi lending recovery due to the continued operation of blockchain-based applications, which were not forced to close like their CeFi counterparts. As of now, outstanding CeFi borrows stand at $11.2 billion, a 68% decrease from the peak of $34.8 billion in 2022. The three largest CeFi lenders—Tether, Galaxy, and Ledn—dominate the market, accounting for 88.6% of the total CeFi lending market and 27% of the overall crypto lending market. This shift underscores the growing importance of DeFi in the crypto lending landscape, as it continues to recover and expand despite the challenges faced by traditional CeFi lenders.

According to Foresight News, Chaofan Shou, co-founder of Web3 security analysis firm Fuzzland, has identified a vulnerability in the front-end of the Morpho lending protocol, specifically in Bundler3. Users are advised to be cautious of potential risks associated with this issue.

According to Cointelegraph, U.S. President Donald Trump signed a joint Congressional resolution on April 10, effectively overturning a rule from the previous administration that mandated decentralized finance (DeFi) protocols to report to the Internal Revenue Service (IRS). This Biden-era regulation required DeFi platforms, including decentralized exchanges, to disclose their gross proceeds from cryptocurrency sales and provide details about the parties involved in these transactions.The decision to reverse the rule was anticipated, as David Sacks, the White House AI and crypto czar, indicated in March that President Trump would support the measure's repeal. The move reflects the administration's stance on cryptocurrency regulation, aiming to reduce the reporting burdens on DeFi platforms and potentially foster innovation within the sector. As the situation develops, more information is expected to emerge, shedding light on the implications of this legislative change for the DeFi industry and its participants.

According to BlockBeats, Mark Blackborough, the Chief Financial Officer of cryptocurrency market maker Portofino Technologies, has recently resigned from his position, as reported by CoinDesk.

According to PANews, Westpac CEO Anthony Miller has issued an apology following the bank's decision to freeze a customer's account after a $30,000 transfer to the cryptocurrency exchange CoinSpot. The customer, identified as Tim, reported missing out on $6,500 in Bitcoin gains due to the week-long account freeze. This incident occurs as Australia is working to address the issue of 'debanking' and implement new cryptocurrency licensing regulations.

According to Odaily, ZKFair has issued a statement addressing concerns about its cross-chain bridge, announcing an upgrade from the original ZK bridge to a multi-signature bridge. This change ensures complete security of funds, allowing withdrawals at any time. Previously, the withdrawal process was slow due to limited Prover capabilities, resulting in unsatisfactory user experiences. To enhance efficiency and security, all funds are now managed through a multi-signature setup.Earlier reports indicated that SlowMist founder Yu Jian had monitored suspicious activity involving over $6 million from the ZKFair L1 Bridge being deposited into Aave for staking, raising questions about the project's actions.

According to Foresight News, the dYdX Foundation has introduced a temporary update proposal for its treasury. This proposal includes changes to the subDAO's charter and board members. Additionally, the plan aims to expand buyback locations to include off-market buybacks. Through off-market buybacks, the dYdX treasury can assist in improving the cash flow management of the dYdX DAO and help reduce transaction costs. The proposal is set to conclude on April 14.