PancakeSwap's total value locked climbed nearly 19% over the past week to $2.4 billion, adding roughly $380 million since Oct. 14. The surge concentrated in V3 liquidity pools, where TVL more than doubled to $739 million from $336 million.
The protocol opened governance voting on "The Flip," a proposal to increase liquidity providers' fee share on V3 and Infinity pools to 88% from the current 66%-68%. The vote also calls for a 69% reduction in daily CAKE emissions, from 22,500 to 7,000 tokens per day. Voting runs through Oct. 24, with implementation expected in November if approved.
PancakeSwap commanded $4.67 billion in DEX trading volume on BNB Chain over the past seven days—71% of the network's total DEX activity. Of its $2.4 billion TVL, $2.33 billion sits on BNB Chain.
BNB Chain's broader DeFi metrics expanded over the same period. Total value locked climbed 8.3% to $5.84 billion, while DEX volume surged 40.2% to $6.54 billion. Stablecoin market cap declined slightly, dropping 0.6% to $13.1 billion.
PancakeSwap has also built presence in tokenized equities, supporting Binance's bStocks since June. Binance announced Oct. 15 that bStocks surpassed $1 billion in assets under management four months after launch, with more than $40 billion in cumulative trading volume. In early October, 11.2% of bStocks' value was deployed in DeFi.
