PancakeSwap TVL Hit $2.38 Billion Before Fee Vote Opened

PancakeSwap’s total value locked (TVL) was already near its Oct. 21 level two days before a community vote on fee changes began, showing that most of the week’s increase preceded the ballot.

TVL stood at $2.38 billion in the Oct. 19 UTC snapshot. The Oct. 21 reading was $2.397 billion, up from $2.017 billion on Oct. 14. That is a $380 million increase, or 18.8%. An earlier analysis of PancakeSwap’s weekly TVL increase covered the broader movement.

TVL estimates the dollar value of assets held in a protocol’s contracts. It can change when token prices move, as well as when users deposit or withdraw assets. The timeline shows that the increase was underway before the vote; it does not establish that the proposal caused the rise.

The vote on a proposal called The Flip opened Wednesday, Oct. 21, at 4:07 a.m. ET (08:07 UTC). It would raise liquidity providers’ share of swap fees on v3 and Infinity pools to 88%, from 66% to 68% on most affected pools. The protocol would receive the remaining 12%. The v2 split would stay at 68% for liquidity providers and 32% for the protocol.

The proposal also calls for daily issuance of the PancakeSwap token (CAKE) to fall from 22,500 to 11,000. A later step would lower it to 7,000 per day when total supply is 20% below its April 2025 level. That second reduction is scheduled about 12 months after the first phase. PancakeSwap’s Tokenomics 3.0 sets a goal of reducing CAKE supply by about 20% by 2030.

Voting is scheduled to close Saturday, Oct. 24, at 4:07 a.m. ET (08:07 UTC). If approved, implementation would begin in November, within two weeks of the vote’s passage.