PancakeSwap initiated a governance vote on a proposal to restructure fee distribution and token emissions. The protocol's TVL reached $2.4 billion on Wednesday, up from $2.02 billion on Oct. 14—a 19 percent increase of approximately $380 million.
According to DefiLlama, the growth concentrated in V3 liquidity pools, which more than doubled from $336 million to $739 million over the same period.
Under the proposal, titled "The Flip," LPs in V3 and Infinity pools would receive 88 percent of swap fees, up from the current 66 to 68 percent on most pools. The proposal also targets a gradual reduction in daily CAKE emissions from 22,500 tokens to 7,000 tokens—a 69 percent cut. The governance vote opened Oct. 21 and concludes Oct. 24, with implementation projected for November if approved.
PancakeSwap processed approximately $4.67 billion in DEX volume over the past seven days, representing about 71 percent of BNB Chain's total DEX volume. The protocol hosts roughly $2.33 billion of its $2.40 billion TVL on BNB Chain.
BNB Chain's overall TVL climbed 8.3 percent over seven days to $5.84 billion, and DEX trading volume surged 40.2 percent to $6.54 billion. Stablecoin market capitalization on the network declined 0.6 percent to $13.1 billion.
PancakeSwap integrated 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, approximately four months after launch, with cumulative trading volume exceeding $40 billion and 11.2 percent of bStocks' total value deployed in DeFi.
