$BNB PancakeSwap has taken the top spot among decentralized exchanges with $1.493 billion in 24-hour trading volume, now beating out Uniswap ($1.437 billion) and Solana's Raydium ($427.67 million), according to recent data on DeFiLlama.
The BNB Chain-based exchange now controls over 90% of the DEX market share on its native blockchain, riding a wave of renewed user interest that coincides with the conclusion of the chain's second liquidity pool support campaign.
The exchange's competitive advantages include lower fees than Ethereum-based DEXs, with transactions costing mere pennies, and faster processing times.
The "$4.4M Permanent Liquidity Pool Support" initiative, which ran from March 13 to March 21, drove substantial growth across multiple metrics. Trading volume jumped by 659.4% from $352 million to $2.67 billion, while transactions more than tripled from 1.2 million to 5.1 million. This campaign marked the second round of the BNB Chain's strategy to elevate native assets by rewarding top-performing projects.
Active users grew by 56.76% to 426,000, and gas fee revenue tripled to $1.5 million. The campaign accounted for nearly half of all transactions and active users on BSC during this period.
According to official data, it represented 47.1% of all transactions, 48.3% of active users, 16.4% of trading volume, and 27% of all gas fees on BNB Chain.
Unlike the first round that focused solely on meme coins, this second campaign welcomed assets from all sectors on BSC, with no category restrictions. The competition was divided into daily and weekly segments, with daily competitions split between smaller projects in the "Burst Zone" (under $20 million market cap) and established ones in the "Mature Zone" (over $20 million).
Winners received permanent, non-withdrawable liquidity support ranging from $50,000 to $500,000, ensuring long-term stability for promising projects.
Meme tokens dominated the results, with Four Meme tokens generating $1.7 billion (64.09%) in volume and 2.9 million (56.21%) transactions.