PancakeSwap’s total value locked rose nearly 19% to $2.4 billion by Wednesday, Oct. 21, 2026, from about $2.02 billion on Oct. 14, according to DeFiLlama. Most of the increase was in its V3 liquidity pools. The growth coincided with a governance vote on “The Flip,” but the source does not establish that the proposal caused it.
The proposal would raise liquidity providers’ share of swap fees on V3 and Infinity pools to 88%, from 66%–68% on most pools, and gradually cut daily CAKE emissions by about 69%, from 22,500 to 7,000 tokens. Voting runs through Oct. 24; implementation is expected to begin in November only if the proposal is approved.
