The decentralized exchange (DEX) market leader, PancakeSwap, has once more confirmed its leading position by being the largest DEX by spot trading volume in July 2025. The platform reportedly processed $188 billion in trading volume, which is a 24% increase from $151 billion in June, according to The Block. This represents nearly 43% of total DEX spot trading and makes it the number one player in the industry for the second month running.
For comparison, Uniswap recorded a spot volume of $94 billion, while contenders like Raydium and Aerodrome were nowhere near that. PancakeSwap’s strong lead highlights its vibrant trading ecosystem and is still the main driver that is pulling in retail as well as institutional investors.
The growth in PancakeSwap’s trading has been triggered by several things, including the partnership with Binance Alpha, the launch of PancakeSwap Infinity, and the improved features of the cross-chain trading across BNB Chain, Ethereum, Arbitrum, and Solana. These features have made PancakeSwap a top choice for those who want to trade at low cost and with high speed.
PancakeSwap Earns $430M in Fees from AMM and Yield Farming
Besides the record trading volumes, PancakeSwap was also at the head of fee generation, racking up over $430 million in July. Most of this money came from the AMM services and yield farming that users liked the most.
The advent of PancakeSwap Infinity, which offers lower gas fees and enhanced efficiency, was a pivotal factor behind these profits. Besides, the DEX’s increasing market share has led to a rise in the DEX-to-CEX spot trading ratio, which stood at 23.3% in July after hitting 27.9% in June.
Despite market sentiment swings, the robust execution of PancakeSwap confirms strong user demand and the ongoing innovation of the DeFi sector. Its knack to accomplish smooth cross-chain trading and offer competitive incentives has established it as a benchmark among other DEXs.
Summary
In July 2025, PancakeSwap was at the forefront of the DEX space, achieving a spot trading volume of $188 billion and fees amounting to $430 million. Its adoption of cross-chain technology, low gas fees, and partnership with Binance Alpha contributed to the maintenance of a commanding 43% market share, thereby leaving Uniswap and all other rivals far behind.
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