BNB Chain is back! PancakeSwap leads decentralized exchanges, with CAKE soaring 108% in a week. Could this be the start of a new DeFi boom?
BNB Chain Gains Momentum as PancakeSwap Dominates DEXs
After a period of low activity, BNB Chain is making a strong comeback. Former Binance CEO Changpeng Zhao highlighted that the blockchain is regaining traction thanks to bullish market conditions and key network upgrades.
At the heart of this resurgence is PancakeSwap, the leading decentralized exchange (DEX) on BNB Chain. The platform has outperformed competitors like Uniswap and Raydium, setting new trading volume records.
PancakeSwap Outperforms Uniswap and Raydium
Recent data from DeFiLlama confirms PancakeSwap’s growing dominance. Over the past 24 hours, the DEX recorded a massive $3.028 billion in trading volume, surpassing:
- Uniswap (Ethereum): $2.9 billion
- Raydium (Solana): $1.58 billion
Looking at the 7-day timeframe, PancakeSwap widened the gap even further, reaching $21.2 billion, compared to Uniswap’s $16.93 billion.
Cross-Chain Transfers Drive Growth
This surge in activity follows a significant shift in funds from other blockchains. According to DeBridge, assets have been moving from Solana, Ethereum, and Base to BNB Chain, boosting liquidity and trading activity.
Reacting to this growth, Changpeng Zhao emphasized that while there’s no direct competition between DEXs, BNB Chain is just getting started.
CAKE Price Explodes 108% in a Week
The renewed interest in BNB Chain has sent CAKE soaring. The native token of PancakeSwap has surged 108% in the past week, reaching levels last seen in December 2024.
In just 24 hours, CAKE jumped 54%, hitting an intraday high of $3.41 before stabilizing around $2.93.
Meanwhile, BNB itself has seen strong gains, reclaiming fourth place in market cap after surpassing $100 billion. At press time, BNB trades at $705, up 11.8% in a day and 22% over the past week.
