PancakeSwap's total value locked surged nearly 19 percent over the past week, climbing to $2.4 billion from $2.02 billion on Oct. 14—an addition of roughly $380 million in capital. V3 liquidity pools captured most of the inflow, with TVL more than doubling from $336 million to $739 million.
The growth coincided with the launch of "The Flip," a governance proposal to increase the LP fee share in V3 and Infinity pools to 88 percent from the current 66 to 68 percent on most pools. The proposal also includes a 69 percent cut to CAKE daily emissions, reducing issuance from 22,500 tokens to 7,000 tokens through gradual phase-down.
Voting began Oct. 21 and concludes Oct. 24. If passed, implementation is expected to begin in November.
PancakeSwap processed $4.67 billion in trading volume over the past week, representing 71 percent of BNB Chain's total DEX volume. The protocol holds $2.33 billion of its $2.40 billion TVL on BNB Chain.
BNB Chain's broader DeFi ecosystem expanded 8.3 percent to $5.84 billion in TVL over the same period, though DEX volume surged 40.2 percent to $6.54 billion. Stablecoin market cap on the chain declined 0.6 percent to $13.1 billion.
PancakeSwap added support for Binance's bStocks tokenized equities in June. Binance's bStocks product has now exceeded $1 billion in assets under management as of Oct. 15, roughly four months after launch, with cumulative trading volume surpassing $40 billion. As of early October, 11.2 percent of bStocks' total value was deployed in DeFi protocols.
