According to data from DefiLlama, on Wednesday the total value locked (TVL) on PancakeSwap rose to nearly $2.4 billion, compared with roughly $2.02 billion on 14 October. The growth was concentrated in the V3 liquidity pools, where TVL more than doubled, from $336 million to roughly $739 million over the same period.
The growth coincided with the start of voting in PancakeSwap's governance system on a proposal called "The Flip," which would increase liquidity providers' share of swap fees in the V3 and Infinity pools to 88%, compared with 66-68% in most pools.
The proposal also provides for a gradual reduction of the daily emission of CAKE tokens by roughly 69%, from 22 500 to 7 000 tokens. Voting began on Wednesday, 21 October, and will run until 24 October, with implementation expected to begin in November if the proposal is approved.
PancakeSwap leads on the BNB Chain amid growth in tokenized stocks
According to DeFiLlama data, over the past seven days trading volume on the BNB Chain on PancakeSwap amounted to approximately $4.67 billion, which is about 71% of the network's total trading volume. This network also handles most of PancakeSwap's liquidity, accounting for roughly $2.33 billion TVL out of $2.4 billion.
This activity comes amid overall growth in the BNB Chain DeFi ecosystem. According to DeFiLlama, the network's total value locked (TVL) grew by roughly 8.3% over the past seven days, reaching $5.84 billion. Decentralized exchange trading volume also rose 40.2% to $6.54 billion over the same period.
Beyond cryptocurrencies, the BNB Chain has also expanded into the tokenized stock market, where PancakeSwap has already established a firm foothold. In June, the decentralized exchange began supporting bStocks from Binance, allowing users to trade tokenized U.S. stocks on the blockchain.
15 October, Binance announced that assets under management at bStocks had exceeded $1 billion, roughly four months after the launch. The company reported cumulative trading volume of more than $40 billion and said that 11.2% of bStocks value had been invested in DeFi in early October.
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