PancakeSwap β Statistical Analysis
PancakeSwap demonstrates strong market traction with a $1.67B TVL and $24.0M in 24h trading volume, generating consistent fees, though capital efficiency presents an area for optimization.
Updated: Β· Data Window: 24h / 7d / 30d (varies by metric availability)
1. Market Overview
PancakeSwap, identified as a leading DEX, commands a Total Value Locked (TVL) of $1.67B. The protocol recorded a substantial $491.5M in 24-hour trading volume across its various variants, with its core fee-generating volume at $24.0M. Over the last 30 days, the accumulated volume reached $996.2M. This robust activity translates into significant earnings, with $77.7K in fees and $24.9K in revenue generated within 24 hours. The protocol boasts an impressive $1.27B in all-time fees, underscoring its long-standing market presence and maturity. Its current market capitalization stands at $446.5M.
2. Capital Efficiency
The capital efficiency of PancakeSwap, measured by the Volume/TVL ratio, shows a 24-hour turnover of 1.44% ($24.0M volume / $1.67B TVL). Over a 7-day period, this ratio rises to 11.05%, and over 30 days, it reaches 59.64%. While the longer-term utilization improves, the daily ratio indicates that a significant portion of locked capital is not actively generating trading volume. This suggests potential for optimizing liquidity deployment to attract higher trading activity relative to the substantial TVL.
3. Liquidity & Pair Spread
PancakeSwap supports a broad market with 2,275 listed coins and 6,518 trading pairs, resulting in approximately 2.86 pairs per listed coin. This extensive range fosters diverse trading opportunities and robust market depth. However, the protocol's liquidity is highly concentrated, with the vast majority of TVL anchored to a single chain, as detailed in the chain dominance analysis.
4. Chain Dominance
The Total Value Locked (TVL) on PancakeSwap is overwhelmingly concentrated on the Binance chain, accounting for $1.67B, which represents virtually 100% of the protocol's reported TVL. In contrast, other chains such as Ethereum ($1.2M), Aptos ($917.3K), and zkSync Era ($483.3K) hold only marginal amounts of liquidity. This indicates a primary operational focus and strong market penetration within the Binance ecosystem, but also highlights a significant single-chain dependency for its core liquidity.
5. Analyst Verdict
PancakeSwap is a well-established DEX with a robust $1.67B TVL and consistent trading activity generating $77.7K in daily fees. The protocol benefits from 2 audits, signaling a commitment to security. Its MCap/TVL and FDV/TVL ratios of 0.22 suggest a conservative market valuation relative to its locked assets. While showing solid market traction and long-term viability (evidenced by $1.27B in All-Time Fees), capital efficiency could be improved to better leverage its significant liquidity base. The strong reliance on the Binance chain for TVL implies a focused but potentially undiversified liquidity strategy.