PancakeSwap v3, a decentralized exchange on BNB Chain, has processed between $3.1 and $3.3 billion in tokenized stock trading volume since the start of 2026, ranking at the top of a leaderboard that includes Raydium CLMM and Uniswap v4. This segment grew from $212 million in total DEX volume at the end of 2025 to $4.27 billion through the first three quarters of 2026, raising its share of total DEX spot trading from 0.1% to 4.34%. The platform reached a daily peak exceeding $565 million in late June 2026, illustrating the steep trajectory of a category that barely existed a year ago.
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