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Decentralized exchange PancakeSwap has seen its two biggest supported blockchains BNB Chain and Ethereum print All-Time Highs (ATH) in trading volumes.
PancakeSwap announced the milestone on X, highlighting that the feat is one of the most remarkable ones since the launch of its V3 engine. PancakeSwap V3 embodies a more innovative decentralized exchange protocol when compared to the V2.
😎BNB Chain and Ethereum just hit ATH in monthly trading volumes since v3 dropped, expect more ATH in 2024.
👉https://t.co/hVD4mSBUDC pic.twitter.com/VBEvfPftfk
— PancakeSwap🥞Everyone's Favorite DEX (@PancakeSwap) December 29, 2023
Some of the important upgrades made to the PancakeSwap V3 engine are the speed and cost of transactions as well as maximizing fee returns for Liquidity Pool (LP) providers.
The BNB Chain and Ethereum trading volume milestones prove how well both LP providers and users in general make use of the trading platform.
The BNB Chain and Ethereum Performance Data
According to the PancakeSwap V3 info page, the TVL of the BNB Chain protocol comes in at $299.32 million, while the trading volume from December 1 to 29 is $7.67 billion.
Notably, Wrapped BNB (WBNB) has the biggest 24-hour trading volume, worth $436.26 million, with the top 3 slots also involving Tether (USDT) at a volume of $423.92 million, and PancakeSwap Token (CAKE) at $48.63 million.
The figures on record for the Ethereum protocol are relatively smaller but still quite impressive. The TVL comes in at $58.58 million while the monthly trading volume sits at $737.95 million.
Wrapped Ethereum (WETH) is the token with the biggest liquidity on the PancakeSwap-based ETH chain while Tether (USDT) and USD Coin (USDC) make up the top 3 most embraced tokens.
PancakeSwap Setting Stage for More Embrace
In an industry where competition blares hot, PancakeSwap has been making one crucial move to make its ecosystem as attractive as possible through its burn CAKE burn program.
As reported earlier by The Crypto Basic, PancakeSwap has unveiled its plans to reduce its native token’s supply from 750 million to 450 million, a move that could spark more massive growth for CAKE as demand might, in the long term, exceed supply.
This CAKE burn revelation complements the other related efforts that the decentralized trading platform has been implementing over time. Overall, the attractiveness of CAKE is a good catalyst that may draw more users into the PancakeSwap ecosystem.