PancakeSwap's total value locked grew nearly 19 percent over the past week, adding approximately $380 million to reach $2.4 billion. The growth concentrated in V3 liquidity pools, which more than doubled from $336 million to $739 million.
TVL climbed from $2.02 billion on Oct. 14 to $2.4 billion on Oct. 21, according to on-chain data. The governance vote on a proposal titled "The Flip" opened Wednesday and runs through Oct. 24, with implementation projected for November if approved.
The proposal would increase the share of swap fees directed to liquidity providers in V3 and Infinity pools to 88 percent, up from the current 66 to 68 percent range on most pools. Simultaneously, daily CAKE token emissions would drop approximately 69 percent, declining from 22,500 to 7,000 tokens.
PancakeSwap processed approximately $4.67 billion in decentralized exchange volume over the past seven days, representing roughly 71 percent of BNB Chain's total DEX trading. The network's total DEX volume surged 40.2 percent to $6.54 billion during the same period.
BNB Chain hosts the majority of PancakeSwap's liquidity, with $2.33 billion of its $2.40 billion TVL on the network. The broader BNB Chain DeFi ecosystem grew 8.3 percent to $5.84 billion over the past week, though stablecoin market capitalization declined 0.6 percent to $13.1 billion.
PancakeSwap added support for Binance's bStocks in June, enabling on-chain trading of tokenized U.S. stocks. Binance announced on Oct. 15 that bStocks surpassed $1 billion in assets under management, with cumulative trading volume exceeding $40 billion. The company noted that 11.2 percent of bStocks value was deployed in DeFi in early October.
