PancakeSwap’s total value locked rose nearly 19% from Oct. 14 to Wednesday, Oct. 21, 2026, reaching $2.4 billion from about $2.02 billion, according to DefiLlama. Most of the increase was in its V3 liquidity pools, whose total value locked more than doubled to about $739 million.
The rise coincided with a governance vote on “The Flip,” not an approved fee change. The proposal would raise liquidity providers’ share of swap fees on V3 and Infinity pools to 88% and gradually cut daily CAKE emissions by about 69%. Voting runs through Oct. 24; implementation is expected to begin in November if the proposal is approved.
