LedePancakeSwap shattered records in Q3 2025, logging $749 billion in trading volume, which is a 42% surge from Q2, signaling an intensifying wave in DeFi usage.
Key Takeaways:
- The multi-chain DEX hit $749 billion in Q3 trading volume, marking its third straight quarterly record and up 42% from Q2.
- Top trading pairs included BR-USDT (~$80.72B), USDT-WLFI (~$72.20B) and KOGE-USDT (~$66.52B) in Q3.
- PancakeSwap’s cumulative volumes across its supported chains now exceed $2.49 trillion.
Decentralized exchange (DEX) PancakeSwap has delivered an impressive growth trajectory in 2025, with Q3 hitting $749 billion in total trading volume. That’s up ~42% from Q2’s $529 billion and nearly quadruple Q1’s $205.3 billion figure. According to a The Defiant report citing Dune analytics, this marks the first time since PancakeSwap’s 2020 debut that it’s registered three consecutive quarters of record volume.
PancakeSwap’s Quarterly Volume and Traders (BSC chain). Source: Dune
Meanwhile, Dune blockchain analytics also reports that top pairs by volume in Q3 were BR-USDT (~$80.7B), USDT-WLFI (~$72.2B), and KOGE-USDT (~$66.5B). In addition, the DEX reached a new high of 11.8 million users active in the quarter. Across its 10 supported chains, PancakeSwap now touts cumulative trade volumes beyond $2.49 trillion.
PancakeSwap Top Pairs in Q3 2025. Source: Dune
Analysts Highlight Strong User Growth
While The Defiant’s article did not include a quoted analyst, the PancakeSwap team itself highlighted those volume and user milestones via Dune data and internal metrics.
In public analytics forums (e.g. DefiLlama), PancakeSwap’s key protocol stats also underscore healthy revenue and token metrics. According to DefiLlama, $CAKE’s price is listed at ~$2.63 and the protocol’s cumulative DEX volume (all time) is ~$1.734 trillion. Fees revenue, TVL, and liquidity metrics on the same dashboards help place the Q3 surge in broader protocol context.
$CAKE Struggles to Catch Up
PancakeSwap’s native token CAKE finds it hard to catch up amid DEX milestone and broader crypto market's upside move. As of this writing (9:15AM UTC), TradingView’s real-time market data shows the token is trading at approximately $2.64, up 1.9% over the past 24 hours, which is fairly not a bad price action. On the other hand, Coingecko shows CAKE’s intraday highs were seen near $2.64 while its intraday lows were logged around $2.57.
However, technical readings point to a mixed picture. On some platforms, the Relative Strength Index (RSI) is hovering near 66, indicating mildly overbought conditions, while other trackers place RSI closer to 38, reflecting ongoing selling pressure. Momentum indicators such as the MACD suggest a potential buy setup, though the Average Directional Index (ADX) indicates weakening trend strength. Taken together, the signals highlight indecision in the market, with traders waiting for a clear catalyst before committing to a directional move. Despite surging volumes and user growth on the DEX, CAKE’s muted response underscores a decoupling between on-chain activity and token market performance.
Outlook: Can CAKE Break Out of Its Range?
PancakeSwap’s Q3 performance cements its position as one of the largest DeFi protocols globally. However, the challenge lies in turning protocol adoption into consistent price appreciation for CAKE.
In the short term, much depends on tokenomics adjustments, ecosystem integrations, and overall crypto market sentiment. Should CAKE push past the $2.80–$3.00 resistance level, a stronger rally could align price with PancakeSwap’s operational growth. For now, the DEX’s record quarter highlights strength in usage, even if the native token remains in consolidation.
Summary
PancakeSwap posted $749B Q3 volume (+42% QoQ), its third straight record quarter, with top pairs BR-USDT, USDT-WLFI, KOGE-USDT and cumulative multi-chain volume > $2.49T. Despite platform strength and 11.8M quarterly users, CAKE price action remains muted and range-bound.
