Despite a steep drop in the price of its native token, PancakeSwap is quietly dominating the decentralized exchange (DEX) landscape.The Binance-backed platform has leapfrogged rivals like Uniswap (UNI) and Raydium (RAY), processing over $116 billion in monthly volume and racking up millions in fees and revenue. But even as the DEX sees explosive growth in usage, CAKE — its governance and utility token — has slipped from a late-May high of $2.95 to around $2.30, raising questions about whether market sentiment is out of sync with protocol fundamentals.
This retreat brought its market valuation to about $745 million.
Still, DeFi Llama data shows that PancakeSwap is now the biggest player in the decentralized exchange or DEX industry.
The platform handled over $4.16 billion worth of volume in the last 24 hours, higher than Uniswap’s $1.6 billion and Raydium’s $529 million. It handled $116 billion in the last 30 days, while the two processed transactions worth $95 billion and $27 billion, respectively.While PancakeSwap has always been a big player in the DEX industry, its growth surged in May. As the chart below shows, its monthly volume jumped to over $98 billion in May from $31 billion a month earlier. Source: DeFi Llama