🥞 PancakeSwap – Dominant DEX on BNB Chain: $529 billion TV & Revenue Q2/2025

(Data updated until 07/2025 and is just basic information about the project to help easily assess fundamentals – Not investment advice)

1/ 🌍 Overview & Position

@PancakeSwap is the number 1 DEX on BNB Chain, while integrating on Base, Arbitrum, Ethereum & Solana.

Q2/2025: 7.4 million users, DEX volume in June reached $325 billion, double that of May ($173 billion) – total quarterly $529 billion cross-chain volume, TVL ~$1.78 billion.

2/ 📈 Milestone 06/2024 – 07/2025

- Q1/2025: Best quarter ever – volume $205.3 billion, adding 5.83 million traders (+81%), 114.4 million tx (+159%) compared to Q1/2023.

- Q2/2025: Maintaining growth – June up to $325 billion, Q2 reached $529 billion (record for BSC).

- Launched PancakeSwap Infinity (v3-inspired) – hooks, LBAMM/CLAMM pools, cross-chain swaps between BNB, Ethereum, Arbitrum.

3/ 💰 Quarterly Revenue

- Q1/2025: ABN has not disclosed specific revenues. But according to DeFiLlama: 30d Revenue $67.4 million ⇒ $200 million/quarter.

- May 2025: Pancake contributed significantly to BNB Chain revenue ($70.8 million network-wide in Q1), accounting for ~92% of DEX share.

4/ 🔎 Tokenomics & improvements for CAKE

- CAKE Tokenomics 3.0 (23/4/2025): removing staking/veCAKE, switching to burn + hard cap (450 million), reducing emissions from 29k → 20k → 14.5k CAKE/day.

- Expecting deflation, maintaining price ~$2 but $CAKE is still fluctuating below this mark.

5/ 🛠️ Dev & ecosystem

- Productive dev activity: average 291 commits/month, 13 active devs.

- DEX supports AMM, StableSwap, v3 Infinity, cross-chain swaps, and Perps ($642 million/30d).

6/ 🛣️ Roadmap & Direction

- Completing Infinite hooks, V4 support.

- Expanding cross-chain swaps to more chains.

- Implementing margin/perps, NFT marketplace.

- Push revenue-sharing and burn model to support CAKE price long-term.

7/ ✅ & ⚠️ Opportunities – Challenges

✅ Volume & engagement explode – cross-chain TV $529 billion/Q2.

✅ Very high DEX revenue – ~$200 million/quarter.

✅ Deflationary tokenomics – strong burn flow.

⚠️ CAKE is still hovering around $2, far from ATH.

⚠️ TVL & fees concentrated on BNB Chain, vulnerable if BNB dips.

⚠️ Strong competition from Uniswap, dYdX, other Perps.

8/ 🚀 Conclusion

PancakeSwap continues to make its mark with record volume and high revenue, solidifying its leading position in multi-chain DEX. Infinity + cross-chain swaps are a sustainable foundation for the future. The new tokenomics reinforces the deflationary token model. The current major challenge is to keep the CAKE price stable and expand TVL to chains beyond BNB.

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