PancakeSwap set a new benchmark in the DeFi space, recording a single-day trading volume of $1.27 billion on December 4.
PancakeSwap, a leading decentralized exchange (DEX) on the BNB Chain, achieved a historic single-day trading volume of $1.27 billion on December 4, following the launch of its innovative Springboard platform. The figure marks a 23.61% increase from the previous day, highlighting the platform’s ability to attract activity with its no-code token creation tool designed to lower barriers to decentralized finance (DeFi).
The surge in trading volume was driven by popular tokens such as Wrapped BNB (WBNB), which accounted for $894.4 million, Tether USD USDT $1.00 24h volatility: 0.1% Market cap: $136.70 B Vol. 24h: $260.26 B with $824.86 million, and Ethereum ETH $3 899 24h volatility: 1.0% Market cap: $470.50 B Vol. 24h: $58.04 B , which contributed $175.99 million.
Despite this uptick in trading activities, PancakeSwap’s total value locked (TVL) remained around $384.71 million, fueling speculation that the Springboard launch directly influenced the record trading volume.
Springboard, the platform’s latest addition, is a no-code token launchpad, similar to Pump.fun. The platform allows users to develop and launch tokens directly on the BNB Chain.
According to an announcement, the new launchpad offers zero launch fees and features a “fair launch” mechanism that ensures equitable token distribution without pre-sales or seed funding.
It also features automatic liquidity pairing, which integrates tokens with PancakeSwap’s liquidity pools once they reach 100% on the bonding curve. This functionality simplifies the process for token creators by eliminating reliance on external decentralized exchanges.
“Springboard is more than just a launchpad – it’s a full ecosystem offering a simple and secure all-in-one platform for projects to launch tokens,” said Chef Kids, PancakeSwap’s Head Chef.
The introduction of Springboard aligns with PancakeSwap’s mission to advance DeFi by removing technical barriers and promoting inclusivity.
PancakeSwap’s recent milestone adds to its history of achievements and ongoing challenges. In September, the DEX reported $836 billion in cumulative trading volume since its inception. At that time, its TVL stood at $1.72 billion, which shows a significant drop from its peak of $7.16 billion in May 2021, according to DefiLlama.
Since then, the platform’s TVL has been on a downward trend, declining from $2.42 billion in March 2023 to current levels. In response, PancakeSwap has focused on refining its tokenomics and growth strategy.
The platform has taken notable steps, including a December 2023 community vote to reduce the total supply of its native token CAKE CAKE $4.01 24h volatility: 3.6% Market cap: $1.15 B Vol. 24h: $359.01 M to improve its performance. The community agreed to slash the token’s 750 million cap to 450 million, reducing it by 300 million.
Additionally, in March 2024, PancakeSwap announced the planned release of its version 4 (v4), which will be accompanied by several key features such as hooks, custom pool types, singleton, and flash accounting. These features are designed to make on-chain trading cost-effective and more efficient for users. The update was officially rolled out in Q3 2024.
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Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
