PancakeSwap has emerged as the highest revenue-generating platform in the crypto industry over the last 24 hours, outpacing even major players like Tether.
According to DeFiLlama data, PancakeSwap generated $24.6 million in fees on July 17, eclipsing Tether’s $19.9 million during the same period.
This marks the DEX platform’s second-largest single-day fee haul, just behind the $31.2 million it posted on May 19, 2021.
Market observers noted that the spike in earnings is directly tied to an impressive jump in trading volume.
DeFiLlama data shows that the DEX recorded over $10 billion in daily trading volume, which is a four-year high for the trading platform. This accounted for nearly half of all decentralized trading activity in the last 24 hours.
The July 17 spike also ranks as PancakeSwap’s second-highest daily trading volume ever, trailing only the near-$13 billion posted on May 19, 2021.
The volume surge appears to be a key driver of its revenue boost, reinforcing the platform’s role as a dominant force in the DeFi ecosystem.
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