Decentralized exchange PancakeSwap maintained its position as the largest DEX by spot trading volume in July, achieving a record $186 billion to $188 billion in transactions. This represents more than double Uniswap's $94 billion volume and accounts for approximately 43% of the total DEX market share.
The surge is attributed to PancakeSwap Infinity's low gas fees, integration with Binance Alpha, and cross-chain capabilities across BNB Chain, Ethereum, Arbitrum, and Solana. These features helped the platform generate over $430 million in trading fees during the period.
While Uniswap showed steady 5.48% growth, PancakeSwap's volume increased 50.8% month-over-month. The platform's dominance highlights a market shift toward BNB Chain ecosystems, impacting associated tokens like CAKE and BNB. Uniswap CEO Hayden Adams acknowledged DeFi's "unstoppable momentum" despite the volume gap.
