PancakeSwap Beats Competitors with Record Peak Numbers
BSC’s leading DeFi protocol, PancakeSwap, is on a massive roll, having recorded over 1 million unique active wallets in the last 7 days, and posting a weekly market volume that comfortably dwarfed its peers.
PancakeSwap Outperforming Competitors
Pancake is beginning a new wave of dominance in the dApp industry. Launched in the last quarter of last year, the decentralized exchange (DEX) has grown aggressively within such a short time. While Pancake Swap currently has more than a million active wallets in its record, its clear dominance is not exactly sudden.
Last month saw PancakeSwap top other dApps with an average of 350,000 active wallets daily. Within a month, Pancake swap has added more than triple its previous record.
According to a recent statistics report by DappRadar, Pancake has generated over $278 billion in volume over the past week, surging past different competitors to lead other DEXs with some distance.
PancakeSwap weekly volume, which was at about $21 billion on average in early May, has risen by more than 1300 percent over the past 20 days, in spite of the potential scares the DEX faced last month. Leading the weekly volume chart, Pancake now has its competitors trailing by a significant margin. Polygon-based Beefy.Finance and DfynNetwork currently post weekly volumes of about $94 billion and $23.7 billion respectively, while Pancake’s closest Ethereum competitor, Uniswap, now trails at $14.5 billion.
Explaining Pancake’s Sudden Boom
First things first: Pancake’s surge is not exactly instantaneous or fortuitous. The DEX has been on a steady rise for the past two months, gaining active users and recording exponential growth in the number of interactions with its smart contracts.
Its numbers are however a little surprising, regardless of the most optimistic expectations anyone might have shared. Pancake’s numbers are impressive and have been greatly helped by the astronomic rise in Ethereum’s transaction fees. DApps on BSC and Polygon are performing relatively well compared to their Ethereum peers. Ethereum’s high congestion and usage has skyrocketed its gas fee to new highs in recent times, with fees as high as $280. While BSC finance dApps do have fees, charges are quite negligible. The average fee for a BSC transaction is about $0.50, which is a colossal difference of more than 55,000% when compared to Ethereum’s.
Another important reason is the steady hype growth now surrounding the crypto and DeFi industry. The crypto space has arguably received more mainstream attention in the first half of 2021 than usual, with the emergence of meme coins and NFT-craze bringing more spotlight to the industry. In the same way, searches for DeFi are increasing and are at an all time high as people seek to get more educated on the importance of a decentralized finance.
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