PancakeSwap Surpasses Tether with $24.6M Fees Amid Downturn

Key Notes

• PancakeSwap overtook leading stablecoin issuers in 24-hour fees.
• The rush was accompanied by a significant increase in the DEX’s trading volume.
• AB token leads the trading list on PancakeSwap.

PancakeSwap, a leading decentralized crypto exchange, saw a sudden rise in its trading activity and daily fees.

According to data from DefiLlama, PancakeSwap collected $24.6 million in fees over the past 24 hours, overtaking Tether and USDC’s $19.9 million and $6.4 million, respectively.

This is PancakeSwap’s second-largest daily fee after the $31.2 million on May 19, 2021.

Data shows that the BSC-based DEX made a revenue of $2.1 million over the past day and $51.6 million in the last 30 days.

PancakeSwap currently has a TVL of $1.75 billion, according to DefiLama data.

The Rush for AB

The recent bullish sentiment around the AB (AB) token acted as a key driver behind the rising trading volume on PancakeSwap. The Newton project rebranded to AB in February and has recorded a 116% rise over the past month.

According to data from CoinMarketCap, $3 billion of the $5 billion AB trading volume has been happening on PancakeSwap v3. The DEX is now leading the chart with a 24-hour volume of over $9 billion — PumpSwap and Uniswap v3 follow with $2.2 billion and $1.7 billion in trading volume.

Moreover, PancakeSwap announced one-click cross-chain swaps between BSC, Arbitrum, and Base on June 11.

This allows the users to swap tokens on different networks using the Across protocol’s cross-chain bridging capabilities.

Since the increased trading volume came due to the AB token trend, it’s unlikely that PancakeSwap would maintain its lead over Tether and Circle.

Its native token, PancakeSwap

CAKE $2.22

24h volatility: 2.1%

Market cap: $711.64 M

Vol. 24h: $74.28 M

, is down 1.75% to $2.22.

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