Defi platform PancakeSwap has recorded its highest trading volume ever for June, reaching $325 billion, a monthly milestone unmatched in the platform’s five-year history.

Data from analytics provider Dune Analytics confirms this record-breaking performance, eclipsing the $174 billion volume reported in May.

PancakeSwap’s overall second-quarter volume reached $530 billion, more than doubling the platform’s first-quarter total of $211 billion.

The surge in trading volume follows the April launch of PancakeSwap Infinity.

This major platform upgrade introduced innovative features, including lower gas fees, “Hooks” for customizable liquidity pools, and advanced pool types CLAMM and LBAMM tailored for professional liquidity providers.

PancakeSwap Chief Marketing Officer, Chef Kids, highlighted the platform’s advantages, noting that the upgrade allows developers to easily integrate new features without complex smart contract redeployments. For liquidity providers, she emphasized that features “enable more precise capital allocation,” addressing common DeFi challenges.

Furthermore, cross-chain trading capabilities were rolled out on June 11, enabling seamless asset transfers between BNB Chain, Ethereum and Arbitrum. Chef Kids indicated the team is also developing tools to simplify user onboarding, hinting at the upcoming July 1 launch of a v3 liquidity pool on Solana.

Dominating BNB Chain, PancakeSwap Closes In On Ethereum Dominance

PancakeSwap has undergone rapid adoption, currently placing first among all decentralized exchanges (DEXs) for 30-day volume according to DefiLlama, with a staggering return of $153 billion compared to Uniswap’s $83.4 billion.

However, the bulk of its growth remains concentrated on the BNB Chain. Dune Analytics data reveals a remarkable 96.7% of PancakeSwap’s trading volume in Q2 occurred on BNB Chain.

In June alone, PancakeSwap commanded a commanding 96.8% share of the BNB Chain’s DEX trading volume, showcasing its near-monopoly.

Its presence on Ethereum remains comparatively limited, with only a 0.3% market share for the month, dwarfed by Uniswap’s significant 77.2% share.

Despite this, Dune Analytics shows progress in its multichain expansion strategy with notable activity across Base ($29 billion volume), Arbitrum ($25 billion) and a nascent but growing presence ($21 billion) on Ethereum.