PanCakeSwap, the leading multi-chain decentralized exchange (DEX), has just wrapped up its strongest quarter since inception – setting a new benchmark with an all-time high of $205.3 billion in trading volume in Q1 2025. This marks a defining moment in PancakeSwap’s journey as it continues to dominate and redefine the decentralized finance (DeFi) landscape.
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Main Takeaways:
PancakeSwap recorded its highest-ever quarterly trading volume since inception with a record-breaking $205.3 billion in trading volumes for Q1 2025.
From Q1 2023 until Q1 2025, PancakeSwap has seen explosive growth across trading volume (+921%), unique users (+81.25%), and transaction count (+159.41%), showcasing a continuous increase across all key metrics.
PanCakeSwap DEX is Adding 2 Million+ Active Wallets Per Month, According to the Latest Report: https://t.co/TqyCF9Irxk @PancakeSwap @cz_binance #BSC $CAKE
— BitKE (@BitcoinKE) July 9, 2021
Since its inception in 2020, PancakeSwap has grown from an AMM on BNB Chain into a full-fledged DeFi powerhouse, operating across multiple chains. Now, with 2025 already off to an explosive start, the protocol is seeing record momentum in both user engagement and ecosystem activity.
According to data from Dune Analytics, Q1 2025 has shown:
$205.3 billion in total trading volume – highest quarter since inception
5.83 million unique traders – highest quarter since Q4 2021
These figures represent not only PancakeSwap’s best quarter to date, but also highlight a significant leap in adoption and usage across the board.
Remarkable Growth Since 2023 Across Metrics
PancakeSwap’s current success has been building steadily since 2023. The platform has seen a growth in its quarterly trading volume from $20.1 billion in Q1 2023 to $205.3 billion in Q1 2025, representing a staggering 922% growth.
The number of unique traders has also surged during this period, growing from 3.2 million in Q1 2023 to 5.8 million in Q1 2025, an increase of 81%.
Transaction count followed a similar trajectory, jumping from 44.1 million in Q1 2023 to 114.4 million in Q1 2025, representing 159% growth.
These numbers underscore PancakeSwap’s rising dominance, expanding appeal across multiple chains, and growing market share in the DeFi space.
Multi-Chain DEX and Continued Innovation
PancakeSwap’s continued innovations and multi-chain expansion have been a driving force behind its growth.
In Q1 2025 alone:
PancakeSwap solidified its position as a top DEX on BNB Chain, Base, and Arbitrum, Ethereum, with $1.14 trillion, $21.10 billion, and $20.28 billion, and $20 billion cumulative trading volumes on these chains respectively.
The platform launched key upgrades in PancakeSwap v3, with PancakeSwap Infinity soon to be released. The PancakeSwap Telegram Bot and PancakeSwapX (gasless swaps) continued to gain traction among users.
With momentum on its side, PancakeSwap is poised to continue scaling new heights in Q2 2025 and beyond – driven by a loyal community, a relentless focus on usability, and DeFi innovation.
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