Analyzing PancakeSwap's Expanding Ecosystem

PancakeSwap has grown to be the third largest decentralized exchange (DEX) in the space with over $2.6B in total value locked (TVL) at the time of writing, behind Curve and Uniswap. After starting on the BNB Chain and developing into their largest protocol, PancakeSwap has expanded to both Ethereum and Aptos.

PancakeSwap TVL started the year with $5.5B, and trended down for the first half of 2022 before stabilizing after June, coinciding with similar trends in DeFi market cap dominance, which continuously decreased for the first 6 months of the year before experiencing relief.