PancakeSwap TVL Rises $380 Million as v3 Pools Outpace Net Gain

PancakeSwap’s total value locked rose about $380 million in the week through Oct. 21, with growth in v3 pools exceeding the protocol’s net gain as a swap-fee vote continued.

The decentralized exchange held roughly $2.4 billion in assets on Oct. 21, up from about $2.02 billion on Oct. 14, a gain of nearly 19%. Value locked in its v3 pools climbed from about $336 million to $739 million over the same period. That roughly $403 million increase exceeded the gain across PancakeSwap as a whole, meaning declines elsewhere offset part of the v3 growth.

Total value locked, or TVL, measures the dollar value of assets held in a protocol’s contracts. It can change when users deposit or withdraw assets and when the prices of those assets move, so the increase does not by itself measure new deposits.

BNB Chain accounted for about $2.33 billion of PancakeSwap’s $2.4 billion TVL. Over the seven-day period, PancakeSwap handled roughly $4.67 billion in decentralized exchange trading on BNB Chain, about 71% of the network’s total. BNB Chain’s wider decentralized finance TVL rose about 8.3% to $5.84 billion over that period.

The growth coincided with a governance vote on PancakeSwap’s proposed fee changes. Under the plan, providers who supply assets to v3 and Infinity pools would collect 88% of swap fees. Providers on most pools currently receive 66% to 68%. The proposed changes have not taken effect.

The plan also addresses issuance of the PancakeSwap token (CAKE). Daily emissions would initially fall from 22,500 to 11,000 tokens. A further cut to 7,000 tokens a day depends on CAKE reaching a supply reduction target; it is not part of the initial reduction.

The proposed fee split covers 11 chains, including BNB Chain, Ethereum, Base and Solana. For existing Infinity pools, reducing the protocol’s share would also lower the total fee paid by traders because each pool’s liquidity-provider fee was set when the pool was created.

Voting is scheduled to close Oct. 24. If the proposal passes, fee changes would begin in November and proceed one network at a time.