PancakeSwap, a decentralized exchange (DEX) hosted on the Binance Smart Chain (BSC), seems to find no limits to its growth.
This is because, after passing Uniswap in several transactions, DEX now surpassed the volume of all DEXs in the Ethereum network within 24 hours.
According to DappRadar, PancakeSwap recorded 2 million transactions in the last 24 hours. Ethereum recorded about 1.55 million transactions.
At the same time, Binance Smart Chain recorded more than 6 million transactions, with about 20% of them taking place within 24 hours. Thus, the top five projects that are “out and about” at BSC are PancakeSwap, Mdex, SafeMoon, PancakeBunny, and Venus Protocol.
As Chef Hops, one of the co-founders of PancakeSwap, highlighted, user retention explains the platform’s success:
“The main strength of PancakeSwap has been the luck of having an insanely supportive community. Besides, there are low fees and a focus on making the experience more friendly and fun. ”
According to Hops, user retention is extremely high and stems from the fact that it is very difficult for users to return to an environment in which they are paying 100 times more in transaction fees alone
PancakeSwap is the first billion-dollar project to be launched on the Binance Smart Chain, which is a testament to the growth of decentralized exchanges.
Who also grew was the price of CAKE, the platform’s native token. Since the beginning of the year, the token has skyrocketed more than 4,500%. At the time of writing, CAKE is trading at $ 28.00, having gained 17% in the past 24 hours.
Therefore, investors looking to capitalize on volatile but potentially rewarding DeFi projects, flock to these decentralized exchanges in the hope of acquiring assets before they are listed on the main exchanges in the market.
In terms of daily volume, PancakeSwap is reportedly the third largest DEX behind Mdex and Uniswap.