Liquidity providers deposit funds into PancakeSwap and receive trading fees from traders (supply-side fees).

PancakeSwap is a non-custodial exchange protocol built on Binance Smart Chain and other blockchains (originally a fork of Uniswap). PancakeSwap was founded by an anonymous team and launched in 2020.

CAKE tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue).

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PancakeSwap

# PancakeSwap Trading volume Methodology

## 1. Overview

PancakeSwap trading volume measures the total USD value of assets traded on the PancakeSwap decentralized exchange across all supported chains and protocol versions. Trading activity is captured from both PancakeSwap V2 (AMM pairs) and V3 (concentrated liquidity pools). Blockchain event data is used to track swaps, price manipulation filtering is applied, and all volumes are converted to USD using end-of-day price feeds.

## 2. Data sources

- **Blockchain events**: `Swap` events from `Pair` and `Pool` contracts, `PairCreated` and `PoolCreated` events from `Factory` contracts, and native transaction data, covering Arbitrum, Base, BSC, Ethereum, and 2 other chains
- **External data**: End-of-day price feeds and asset metadata including decimals and symbols
- **Configuration data**: Hardcoded denylist of trading pairs with limited price feed support

## 3. Step-by-step calculation

### Component A: Raw trade event extraction

- **Purpose**: Extract all swap transactions from PancakeSwap V2 and V3 contracts across supported chains
- **Logic**: `Swap` events are collected from V2 `Pair` contracts and V3 `Pool` contracts. For V2 swaps, net asset amounts are calculated as `amount0In` minus `amount0Out` and `amount1In` minus `amount1Out`. For V3 swaps, `amount0` and `amount1` fields are used directly. Trades involving denylisted trading pairs with insufficient price feed coverage are filtered out. Swap sender addresses, transaction metadata, and protocol version information are extracted.
- **Key fields**: `block_timestamp`, `transaction_hash`, `log_index`, contract `address`, asset amounts (`amount0`, `amount1`, `amount0In/Out`, `amount1In/Out`), `sender` address, protocol fees for V3

### Component B: Trading pair identification and metadata

- **Purpose**: Identify valid trading pairs and enrich with asset metadata
- **Logic**: Factory creation events are used to build a comprehensive registry of all PancakeSwap trading pairs. For V2, pair addresses are extracted from `PairCreated` events from `Factory` contracts with a standard 0.25% fee tier. For V3, pool addresses are extracted from `PoolCreated` events from `Factory` contracts with variable fee tiers from the `fee` field. Trading pairs are joined with asset metadata to obtain asset decimals, symbols, and to construct trading pair names. Hardcoded denylisted pairs known to have price feed issues are excluded.
- **Key fields**: `account_address` (pair/pool address), `token0_address`, `token1_address`, `token0_decimals`, `token1_decimals`, `fee_tier`, `account_name` (symbol concatenation)

### Component C: User address resolution

- **Purpose**: Resolve the ultimate user addresses from transaction data
- **Logic**: Swap events are joined with transaction data using `transaction_hash` to map swap sender addresses to transaction originator addresses. The true user behind each trade is captured, accounting for router contracts and other intermediaries.
- **Key fields**: `user_address` (transaction `from_address`), `contract_user_address` (swap sender)

### Component D: Asset amount processing and USD conversion

- **Purpose**: Convert raw asset amounts to standardized USD values with price manipulation protection
- **Logic**: Trades are joined with trading pair metadata to obtain asset decimal places. Raw asset amounts are normalized by decimal precision to obtain human-readable asset quantities. Absolute values are applied to handle negative amounts in V2 swaps. End-of-day price feeds for both assets are joined to obtain USD prices. A per-trade price band filter is applied to identify and exclude outlier trades where the USD value of the two swap legs diverges by more than 100x, indicating potential wash trading or price manipulation. For the remaining trades, USD values are calculated for both assets, and anti-manipulation filtering is applied by taking the lesser of the two USD values as the final trading volume.
- **Key fields**: `token0_amount` (decimal-corrected), `token1_amount` (decimal-corrected), USD prices, `trading_volume` (minimum of token0_usd and token1_usd)

### Component E: Final aggregation

- **Purpose**: Aggregate individual swap trading volumes to daily totals
- **Logic**: Individual swap trading volumes are aggregated to daily totals grouped by chain, product, and other dimensional attributes. All volumes are converted to USD using end-of-day asset price feeds matched by timestamp, chain, and asset address. Daily boundaries are established using day granularity with timestamp truncation applied to swap block timestamps. All individual swap volumes are summed after decimal normalization, USD conversion, and price manipulation filtering, and standardized through the `finalize_metric_trading_volume` macro with a zero-filling strategy for missing data.
- **Key fields**: `timestamp`, `trading_volume`

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Total value of spot trades executed on the exchange.

PancakeSwapCAKE

Trading volume

Trading volume

Competitive landscape

Chain breakdown