PancakeSwap's total value locked reached $2.4 billion on Wednesday, up approximately $380 million over the past week, driven by a surge in V3 liquidity pools as the protocol prepares to vote on a restructured fee model.
V3 TVL more than doubled to $739 million from $336 million on Oct. 14. Overall TVL stood at $2.02 billion on that date.
The governance proposal, dubbed "The Flip," increases the share of swap fees allocated to liquidity providers in V3 and Infinity pools to 88 percent from the current 66 to 68 percent range. The vote, which began Oct. 21, concludes Oct. 24. If approved, changes would go live in November.
The proposal also cuts daily CAKE emissions by approximately 69 percent, from 22,500 tokens to 7,000 tokens daily.
PancakeSwap processes about 71 percent of BNB Chain's DEX volume, with $4.67 billion traded over the past seven days. Of its $2.40 billion TVL, $2.33 billion sits on BNB Chain.
BNB Chain's broader DeFi ecosystem grew 8.3 percent over seven days to $5.84 billion TVL, while 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 has supported Binance's bStocks tokenized equities since June. Binance reported on Oct. 15 that bStocks surpassed $1 billion in assets under management four months after launch, with over $40 billion in cumulative trading volume. As of early October, 11.2 percent of bStocks' value was deployed in DeFi.
