PancakeSwap is creating a stir in the DeFi sphere, and its token, CAKE, has risen by 15% after the exchange exceeded Uniswap in everyday trading volume. On March 17, PancakeSwap posted a staggering $1.64 billion in 24-hour trading volume, dwarfing Uniswap’s $1.021 billion and Raydium’s $334.98 million, according to DefiLlama. Canary Capital Files for Spot SUI ETF
This increase in activity seems to be fueled by a renewed interest in memecoins, sparked by Binance founder Changpeng Zhao (CZ). CZ indirectly promoted MUBARAK, a BNB Chain-based memecoin, which led to a crypto address linked to him spending 1 BNB on it. While the precise impact of CZ’s backing is unclear, MUBARAK has soared by over 270% in the past week.
Following CZ’s mention, MUBARAK became the third most traded asset on PancakeSwap, only behind Wrapped BNB and Tether (USDT). Earlier this year, PancakeSwap’s total trading volume increased by over 60% to $28.23 billion, marking its best performance since November 2021. The exchange has also exceeded $1 trillion in historical trading volume, a notable achievement.
This increased DEX volume has resulted in higher fees for PancakeSwap, with total fees for the year reaching $64 million. This brings the 365-day total to $274 million, making PancakeSwap one of the most lucrative players in the decentralized finance sector.
