PancakeSwap's total value locked rose 19 percent over the past week, adding approximately $380 million to reach $2.4 billion as of Wednesday, Oct. 21, up from $2.02 billion on Oct. 14.
The surge was concentrated in V3 liquidity pools, which more than doubled to approximately $739 million from $336 million over the same period.
The TVL increase coincides with voting on "The Flip," a governance proposal to restructure fee distribution. The proposal would raise the LP share of swap fees in V3 and Infinity pools to 88 percent from the current 66 to 68 percent across most pools. It also targets a 69 percent reduction in daily CAKE emissions—from 22,500 tokens to 7,000 tokens. Voting opened Wednesday and runs through Oct. 24, with implementation expected in November if approved.
PancakeSwap commands roughly 71 percent of BNB Chain's DEX volume, with $4.67 billion in seven-day trading 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 over seven days to $5.84 billion in TVL. DEX volume on the network surged 40.2 percent to $6.54 billion. Stablecoin market cap on BNB Chain declined slightly, down 0.6 percent to $13.1 billion.
PancakeSwap has also expanded into tokenized equities through integration with Binance's bStocks in June. Binance announced Oct. 15 that bStocks exceeded $1 billion in assets under management roughly four months after launch, with over $40 billion in cumulative trading volume. Early October data showed 11.2 percent of bStocks' value deployed across DeFi protocols.
