Pancakeswap flips Uniswap to become the biggest DEX by volume while the Binance smart Chain is giving the top DEXs a run for their money with low fees and a simple interface so let’s read more in today’s altcoin news.
PancakeSwap is now the biggest decentralized exchange by trading volume according to the data from Coingecko. The project was launched on the Binance Smart Chain in 2020 but a few paid attention to it at the time. The last day saw more than $1.7 billion traded on Pancakeswap while Uniswap saw over $1.6 billion exchange hands. The latter was based on ETH and the fees alone for the miners as per the ETH Gas station.
Listed on the project are 210 verified crypto assets over 799 different trading pairs and WBNB/BUSD is the most traded one with $454 million in volume with BAKE, BURGER, CAKE, and other tokens raking up huge volumes. Users can stake their CAKE and collect SYRUP which is the platform’s governance token in turn for providing liquidity across different crypto pairs. This allows for the creation of a peer-to-peer exchange where all of the trades will be executed via an automated market maker.
Other products on the platform are NFTs, IFOs, and a lottery game which allow users to spend their coins or collect art as well as to participate in the launch of new projects. Pancakeswap flips Uniswap to become the biggest DEX as it allows for smart contract integrations and plenty of other services that are possible on ETH as well.
Two of the biggest benefits of using BSC are the low fees and the fast transaction times. This allows for newer blockchain users to invest smaller amounts of money like $100 and participate in lending, trading, yield farming, and other operations without losing a lot of money in fees to the expensive networks. Tokens and the usage of the other BSC projects soared in the past day like Venus and Burgerswap that led to the gains in the BSC space. The sector grew to over $49 billion and accounts for 3% of the entire space.
As reported recently, The rise of trading volume came as the traders were looking for an alternative to ETH-based DEXs. Pancakeswap became the leading DEX with $400 million in trading volume and it even briefly worked as the second biggest DEX by trading volume as the data from Coingecko shows. The project was written off by market pundits but emerged as an underdog as it grew higher and had $1.7 billion worth of crypto assets locked in the DEX.