PancakeSwap Has Generated More Fees Than Base L2 in the Past Week

PancakeSwap Pulls Ahead on Weekly Fees

@PancakeSwap has generated approximately $1.78 million in protocol fees over the past week, edging out @Base, the Ethereum Layer 2 network backed by @Coinbase, which brought in roughly $997,000 over the same period. The comparison is striking given that Base has established itself as one of the most active L2 networks in the broader Ethereum ecosystem.

The figure is not a criticism of Base. It is instead a reflection of just how productive the $CAKE platform has become. PancakeSwap processed $2.36 trillion in trading volume during 2025 and captured 37.8% of total DEX market share, entering 2026 on the back of a record-breaking year. The protocol has built a substantial and loyal user base, with over 35 million unique traders using the platform in 2025 alone.

PancakeSwap generates revenue through trading fees that typically range from 0.17% to 0.25% per swap, alongside farm and pool fees and lottery mechanisms. That diversified fee model has helped the protocol sustain strong revenue even during quieter market periods.

Context Around Base's Fee Numbers

The comparison with Base is worth examining carefully. In 2025, Base generated $78.2 million in total network sequencer revenue across L1 fees, L2 base fees, and L2 priority fees. On a weekly basis, however, sequencer revenue can vary considerably depending on network activity levels, which explains the relatively modest $997,000 figure cited for the period in question.

Base's core distribution advantage is that on-chain activity can become a byproduct of Coinbase product usage, a user acquisition channel not available to other L2 networks, which must primarily rely on incentive programs to attract liquidity and users. That structural edge has helped Base dominate the L2 revenue landscape over longer timeframes, even if individual weekly snapshots can tell a different story.

For PancakeSwap, outpacing a prominent, well-funded L2 network on a weekly fee basis underscores the platform's continued relevance. PancakeSwap has the biggest revenues per holder for $CAKE, with DEX fees returning to levels not seen since the 2021 bull market. In April 2025, PancakeSwap Infinity launched, representing a major redesign of how liquidity pools work and how fees are managed. That upgrade, combined with sustained trading activity across BNB Chain and several other supported networks, has kept the protocol firmly at the front of the DeFi fee leaderboard.

Sources:
PancakeSwap Protocol Data, DefiLlama
PancakeSwap Leads Revenue-Sharing Tokens, Cryptopolitan
The Case for Base, DWF Labs Research