PancakeSwap β Statistical Analysis
With $1.64B TVL and ~99.4% concentrated on BSC, PancakeSwap shows strong scale but mixed capital efficiency (2.3%β44.2% 24h turnover depending on volume lens) and modest protocol monetization (~0.69% annualized revenue/TVL).
Updated: Β· Data Window: 24h / 7d / 30d (varies by metric availability)
1. Market Overview
TVL stands at $1.64B (24h -0.41%), indicating a stable liquidity base at scale. Reported activity is split across metrics: $724.9M 24h trading volume (market activity) versus $37.2M 24h volume (tracked volume), with +32.35% 1d volume momentum. Over longer horizons: $233.5M (7d) and $1.08B (30d) volume; fees are $96.5K (24h) and $2.9M (30d), while protocol revenue is $30.9K (24h) and $936.0K (30d).
2. Capital Efficiency
Using TVL $1.64B, 24h turnover ranges from ~2.27% ($37.2M / $1.64B) to ~44.2% ($724.9M / $1.64B), implying materially different utilization depending on venue/coverage. Fee take is consistent: 24h fee rate ~0.259% ($96.5K / $37.2M) and 30d fee rate ~0.268% ($2.9M / $1.08B). Annualized fee yield to liquidity (rough) is ~2.15% ($96.5KΓ365 / $1.64B), while annualized protocol revenue/TVL is ~0.69% ($30.9KΓ365 / $1.64B), indicating most economics accrue to LPs rather than the protocol.
3. Liquidity & Pair Spread
Asset breadth is large at 2,327 coins and 6,394 pairs, or ~2.75 pairs per coin, suggesting long-tail listing depth. A simple average liquidity per pair is ~$256K ($1.64B / 6,394), but actual liquidity is likely highly concentrated. GeckoTerminal-visible reserves are only $1.5M with $12.2K 24h volume (pool-level turnover ~0.81%), 337 daily transactions and 284 active users (about 1.19 tx/user/day), implying thin long-tail pools relative to the protocolβs headline TVL. Top pairs skew to majors (e.g., WETH/USDT, USDC/WETH, WBTC/WETH), consistent with concentrated liquidity around blue-chip routing.
4. Chain Dominance
TVL is overwhelmingly on Binance Smart Chain: $1.63B of $1.64B (approx. 99.4%). All other chains are de minimis by comparison: Ethereum $1.7M (~0.10%), Base $1.3M (~0.08%), Aptos $1.1M (~0.07%), zkSync Era $0.883M (~0.05%), with Arbitrum at $67.5K. Staking TVL is $36.8M, only ~2.24% of total TVL, implying most capital is deployed in liquidity rather than staking. A notable discrepancy exists versus an alternate TVL print ($2.03B), a ~$390M (+23.8%) gap that investors should reconcile when comparing dashboards.
5. Analyst Verdict
Valuation looks low versus locked capital: MCap/TVL = 0.24 and FDV/TVL = 0.25 (CAKE price $1.41, MCap $483.1M, FDV $501.7M). Supply is relatively mature: circulating 341.9M of max 400.0M (~85.5%), leaving moderate dilution optionality. However, protocol capture is limited: revenue is ~32.0% of fees in 24h ($30.9K / $96.5K) and ~32.3% over 30d ($936K / $2.9M), translating to an annualized revenue yield of ~2.3% on market cap ($936KΓ12 / $483.1M). Risk flags: Trust Score is N/A and audits are 2, while TVL concentration on a single chain (~99.4% BSC) amplifies chain-specific risk despite strong scale.