PancakeSwap's total value locked increased 19% over the past week to $2.4 billion, with V3 liquidity pools more than doubling TVL from $336 million to $739 million between Oct. 14 and Oct. 21.
The surge coincides with a governance vote on "The Flip," a fee distribution overhaul that would raise liquidity providers' share of swap fees on V3 and Infinity pools to 88%, up from 66% to 68% on most pools. The proposal also includes a gradual reduction in daily CAKE emissions to 7,000 tokens from 22,500—a 69% cut. Voting runs through Oct. 24, with implementation expected in November if approved.
PancakeSwap processed $4.67 billion in trading volume over the past seven days, representing 71% of BNB Chain's total DEX volume. Of the protocol's $2.40 billion TVL, $2.33 billion resides on BNB Chain.
The DEX's growth reflects broader momentum on BNB Chain. The network's TVL rose 8.3% in a week to $5.84 billion, while DEX trading volume surged 40.2% to $6.54 billion. However, stablecoin market capitalization on BNB Chain declined 0.6% to $13.1 billion.
Beyond derivatives and spot DEX activity, PancakeSwap has expanded into tokenized equities. The protocol supports Binance's bStocks—tokenized U.S. stocks—since June. Binance reported on Oct. 15 that bStocks exceeded $1 billion in assets under management four months after launch, with over $40 billion in cumulative trading volume and 11.2% of assets deployed in DeFi as of early October.
