[Weekly DeFi] PancakeSwap's Reign Continues as Hyperliquid and Base Boost TVL

# DeFi Market Faces Correction While Certain Chains Exhibit Growth in Early June The decentralized finance (DeFi) sector experienced a notable pullback in liquidity and trading volumes during the first week of June, although certain blockchain networks demonstrated significant growth. PancakeSwap solidified its dominance in the decentralized exchange (DEX) market, capturing over 60% market share, while emerging chains like Hyperliquid and Base saw substantial increases in total value locked (TVL) and user activity. ## Liquidity and Trading Volume Declines According to DeFiLlama data as of June 6, the total value locked (TVL) in the DeFi market dropped 2.21% week-over-week to $110.065 billion. This decrease aligns with reduced volatility in risk assets, contributing to a parallel decline in DEX and derivatives trading volumes. Weekly trading volumes on DEX platforms totaled $87.27 billion, marking an 11.38% decline from the previous week. Derivatives trading volume fell even more, decreasing by 20.07% to $77.753 billion. Moreover, exchange-traded funds (ETFs) experienced a net outflow of $267.1 million within 24 hours, underscoring the tightening liquidity conditions in the DeFi ecosystem. ## PancakeSwap Leads; Growth at Smaller DEXs Including Pump.fun and Meteora On a platform-specific level, PancakeSwap on the Binance Smart Chain led the pack, recording $74 billion in weekly transactions, representing more than half of total DEX trading volumes, per Token Terminal data. Analysts attribute PancakeSwap’s success to its multi-chain support and low transaction fees, which continue to attract liquidity. Uniswap followed with $21 billion (17.7% market share). Other notable DEXs included Raydium (4.9%), Orca (2.8%), and Aerodrome (2.5%). Among smaller platforms, Pump.fun saw a 24.6% rise in trading volume over the previous week, drawing more attention. Similarly, Meteora experienced a 19.7% increase. A standout performer was Axiom Trade, which surged 80.7% week-over-week, reflecting strong initial traction. ## Ethereum Maintains TVL Dominance; Hyperliquid and Base Show Remarkable Growth Ethereum remains the market leader by TVL with $60.552 billion locked, followed by Solana ($8.346 billion), Bitcoin ($6.033 billion), Binance Smart Chain (BSC) ($5.871 billion), Tron ($4.819 billion), and Base ($3.659 billion). While leading chains showed minimal week-over-week changes, Hyperliquid and Base stood out for their rapid growth. Hyperliquid Layer 1 posted the highest week-over-week growth, increasing by 13.96% and soaring 80.40% on a monthly basis. Base, a Layer 2 solution, also displayed strong momentum, with a 25.82% TVL increase compared to the previous month. Although these emerging chains currently hold smaller shares of DeFi’s overall TVL, their rising trading volumes and user activity suggest they could become more influential in the ecosystem. ## DeFi Market Outlook To summarize, the DeFi market in early June entered a consolidation phase marked by reduced liquidity and trading volumes. However, PancakeSwap bolstered its leading position among DEX platforms, while the rapid growth of new chains like Hyperliquid and Base indicated potential shifts in market dynamics. Should risk appetite and liquidity rebound, these platforms and chains are poised to exert greater influence across the decentralized finance landscape.