Coinbase Eyes PancakeSwap Listing as DEX Sets New Volume Records

PancakeSwap leads all decentralized exchanges in May, but CAKE token sees little price movement amid roadmap addition.

Coinbase has added PancakeSwap (CAKE), the native token of the top decentralized exchange by volume, to its official listing roadmap — signaling a possible upcoming launch on the largest crypto exchange in the U.S.

PancakeSwap, originally built on BNB Chain, has evolved into a multichain platform and recorded a staggering $173 billion in trading volume during May 2025 — its highest ever. That momentum continued into early June, with the platform handling over $228 billion in the past 30 days, overtaking Uniswap and cementing its position as the top decentralized exchange, according to DeFiLlama data.

The DEX also ranked among the highest fee generators in the industry, pulling in $8.8 million in daily trading fees at its peak — second only to Tether. It retained over $4.4 million in weekly fees even with a comparatively modest total value locked (TVL) of $1.7 billion.

Coinbase Listing Roadmap: What It Means

Coinbase’s listing roadmap, introduced in 2022, is designed to reduce front-running and increase transparency. Assets added to the roadmap are under review for full trading support but not guaranteed a listing. CEO Brian Armstrong has emphasized that the exchange’s strategy is to list every legal asset that meets its compliance and security standards.

Despite the potential exposure from a future Coinbase listing, the CAKE token — currently ranked 116th by market cap — has yet to benefit meaningfully. At the time of writing, it’s trading at $2.25, down more than 7% in 24 hours and nearly 11% over the past week, according to CoinGecko.

CAKE Token Faces Mixed Sentiment

While DEX usage is rising, CAKE’s price action and derivatives market interest have lagged. Open interest in CAKE futures sits at just $30 million, and the long/short ratio has remained flat — suggesting indecision among traders and low conviction in either direction.

Analysts note that much of PancakeSwap’s recent activity is driven by high-frequency traders and point farming campaigns, particularly in relation to Binance’s token launch events and incentives like Build on BNB (BOB) and meme-paired assets like USD1.

Still, the lack of price movement in CAKE suggests traders remain cautious amid volatility and short-term uncertainty. Some point to the potential Coinbase listing as a delayed catalyst that could attract retail inflows if market conditions improve.

Outlook

With Coinbase’s interest, record-breaking DEX metrics, and sustained ecosystem activity, PancakeSwap appears to be solidifying its place as a dominant force in decentralized trading. However, the disconnect between platform performance and CAKE’s market behavior highlights the current tension between network utility and token value in DeFi markets.

A full Coinbase listing could change that — but for now, CAKE’s upside remains speculative.