BNB Chain processed $16 billion in weekly DEX volume during late 2025, distributed across five major exchanges that served different market segments and trading strategies. 

The sector generated $3.7 million in weekly fees, with total daily volume reaching $2.09 billion during peak periods. DEX activity contributed significantly to the network's 13.3 million daily transactions in Q3, with combined swap operations exceeding 70 million weekly across all platforms.

❍ PancakeSwap: Market Dominance

PancakeSwap maintained overwhelming market leadership with $1.55 billion in daily trading volume, representing 72% of all DEX activity on BNB Chain. The protocol's cumulative volume reached $1.935 trillion by late 2024, with 2025 activity pushing total lifetime volume past $3 trillion. TVL of $2.46 billion concentrated 93% on BNB Chain at $2.29 billion, with the remaining 7% distributed across other supported networks.

Daily active addresses of 88,000 generated over 571,000 transactions, indicating high-frequency trading activity and multiple daily interactions per user. The platform supported 224 liquidity pools offering 15.35% average APY, attracting both passive liquidity providers and active yield farmers. Fee structures averaged 0.25% per swap, lower than traditional AMMs while maintaining profitability through volume scale.

PancakeSwap V4 introduced revolutionary architecture with hook-based customization allowing developers to implement custom fee structures, limit orders, and price stability mechanisms. The singleton design consolidated all pools into a single contract, reducing deployment costs by 99% and enabling more capital-efficient liquidity management. Flash accounting enabled batch processing of complex multi-hop trades, improving execution speed and reducing gas costs.

The perpetual trading v2 launch on BNB Chain brought derivatives directly into the PancakeSwap ecosystem, competing with standalone platforms like Aster. Crosschain veCAKE expansion allowed governance participation across all supported networks, creating unified liquidity incentives regardless of capital location. CAKE Tokenomics 3.0 reduced daily emissions to 14,500 tokens while implementing enhanced burn mechanisms tied to protocol revenue, creating deflationary pressure on the token supply.

❍ Uniswap: Multi-Chain Presence

Uniswap's BNB Chain deployment processed $447 million in daily volume, split between V3 at $253 million and V4 at $194 million, capturing 21% market share. Cumulative volume on BSC reached $114.6 billion by late 2024, with 2025 adding substantial incremental trading. TVL on BSC stood at $89 million, representing a small fraction of Uniswap's global $5.3 billion total value locked across all chains.

The protocol supported 199-201 trading pairs on BSC with dynamic fees ranging from 0.01% to 1% based on pool volatility and liquidity depth. Weekly swap counts reached approximately 28 million globally, with BNB Chain activity representing an estimated 20% of total user base based on volume distribution. Transaction costs on BSC averaged $0.01, roughly 100 times cheaper than Ethereum mainnet, driving adoption among cost-sensitive traders.

Uniswap V3's concentrated liquidity model allowed liquidity providers to specify price ranges, improving capital efficiency compared to full-range liquidity provision. V4's hook system enabled custom logic for pools, including time-weighted average price oracles, dynamic fees, and limit order functionality. Wormhole bridge integration facilitated cross-chain liquidity flows, allowing users to move assets between BNB Chain and other supported networks seamlessly.

The protocol's BNB Chain presence served primarily as a low-cost alternative for traders priced out of Ethereum mainnet while maintaining Uniswap's trusted brand and battle-tested smart contracts. Integration with major wallets like MetaMask and Trust Wallet provided easy access for retail users, while the permissionless listing model enabled long-tail token trading without centralized gatekeeping.

❍ THENA: Innovation Focus

THENA generated approximately $20 million in daily volume with 321,000 weekly swaps, capturing less than 2% market share but punching above its weight in innovation. Cumulative volume reached $38.5 billion by late 2024, demonstrating consistent if modest trading activity. TVL of $11 million produced $15 million in annual revenue across 2024, translating to extraordinary capital efficiency with revenue exceeding TVL.

The V3,3 modular architecture supported real-world asset tokenization and composable pool structures, positioning THENA for institutional adoption. Revenue distribution across 2024 showed $4.1 million in Q1, $3.1 million in Q2, $2.5 million in Q3, and $5.6 million in Q4, with the Q4 surge suggesting successful product launches or market capture. Nine active pools offered 0% average APY on base yields, with returns generated through veTHE token locking and emissions rather than trading fees.

THENA's integration with Venus Protocol created a DeFAI superapp combining lending, trading, and automated strategy execution. AI agents built on THENA's infrastructure automated yield optimization, rebalancing portfolios based on market conditions without manual intervention. ARENA V2 added GameFi elements, rewarding traders with NFTs and special privileges based on trading volume and loyalty.

THE Card provided fiat on-ramp functionality, allowing users to purchase crypto with credit cards directly through the DEX interface. The options market launch enabled more sophisticated hedging strategies, attracting professional traders seeking derivatives exposure. Community-driven governance through veTHE token locking aligned incentives between protocol developers and long-term liquidity providers.

❍ Biswap: Multichain Expansion

Biswap processed approximately $100,000 in daily volume with 122,000 weekly swaps, representing less than 0.1% of BNB Chain DEX market share. Despite minimal scale, the protocol supported 2.7 million cumulative users across its lifetime. 2024 revenue totaled $250,000, with Q4 accounting for $230,000, suggesting recent product launches or promotional activities driving temporary volume spikes.

The platform operated across four EVM chains (BNB, Ethereum, Arbitrum, Base) with an 80% fee distribution to liquidity providers, among the highest in the industry. V3 launchpad offered revenue sharing for early project supporters, creating additional yield beyond standard LP fees. A comprehensive platform redesign in 2025 improved user experience and reduced friction in the trading interface.

Points farming incentivized regular platform usage, with accumulated points redeemable for governance rights or fee discounts. AI token screener helped users identify trending tokens and potential opportunities, addressing information asymmetry in long-tail markets. Copy trading terminal allowed retail users to replicate professional traders' strategies automatically, democratizing access to sophisticated trading approaches.

Community governance controlled farming allocations and fee structures, giving users direct input on protocol direction. The cross-EVM trading terminal enabled single-interface access to liquidity across all supported chains, simplifying multichain position management. Despite strong feature sets, Biswap's minimal volume indicated challenges in user acquisition and liquidity bootstrapping.

❍ ApeSwap: DAO Infrastructure

ApeSwap generated approximately $70,000 in daily volume with 113,000 weekly swaps, representing less than 0.1% of BNB Chain DEX activity. Cumulative volume reached $16.36 billion by late 2024, indicating historical relevance despite current low activity. TVL of $15 million, mostly concentrated on BSC, produced $1 million in annual revenue distributed as $470,000 in Q1, $190,000 in Q2, $140,000 in Q3, and $220,000 in Q4.

The DAO-focused architecture differentiated ApeSwap from purely technical AMMs, emphasizing community governance and decentralized decision-making. Multichain support across BNB, Arbitrum, Ethereum, and Polygon provided access to diverse liquidity pools and trading pairs. Cumulative revenue distribution to token holders reached $870,000, demonstrating commitment to value accrual for governance participants.

The DEX landscape on BNB Chain showed extreme concentration, with PancakeSwap commanding nearly three-quarters of all trading activity.

Uniswap's strong second-place position reflected brand recognition and Ethereum trader migration seeking lower fees. THENA, Biswap, and ApeSwap collectively controlled less than 2% of market share, indicating the difficulty of competing against entrenched market leaders even with innovative features.