PancakeSwap cemented its lead as the largest decentralized exchange (DEX) by spot trading volume in July 2025, handling $188 billion in trades. The platform maintained its commanding position, processing nearly 43% of all DEX spot activity for the month.
PancakeSwap Outpaces Uniswap by a Wide Margin
In a competitive landscape, PancakeSwap more than doubled Uniswap’s trading volume, which recorded $94 billion over the same period. Other DEXs, including Raydium and Aerodrome, were unable to come close to these figures, further solidifying PancakeSwap’s top-tier status.
With $188B in spot trades, PancakeSwap retained a dominant 43% share of total DEX volume for July.
Key Drivers Behind PancakeSwap’s Volume Growth
Several factors fueled the exchange’s sharp growth:
- Integration with Binance Alpha, expanding liquidity and reach
- Launch of PancakeSwap Infinity, introducing lower gas fees and enhanced user experience
- Cross-chain support across major ecosystems: BNB Chain, Ethereum, Arbitrum, and Solana
These enhancements attracted both retail and institutional traders seeking cost-effective, multi-network trading solutions.
Fee Generation Hits $430 Million
In addition to its trading volume dominance, PancakeSwap generated over $430 million in fees, driven by:
- Automated Market Maker (AMM) services
- Yield farming programs incentivizing liquidity providers
This fee performance reinforces PancakeSwap’s status as a top revenue-generating protocol in DeFi.
DEX-to-CEX Ratio Slips but Momentum Continues
While June saw the DEX-to-CEX spot trading ratio peak at 27.9%, that figure declined slightly to 23.3% in July, suggesting a shift in volume toward centralized exchanges amid market volatility.
Still, PancakeSwap’s continued upgrades and market presence place it in a strong position to retain its lead as decentralized finance grows more competitive.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.