The „Binance Smart Chain“ project makes the top DEXs with lower fees and an easy-to-use interface a battle for their rank.
The day a pancake overtook a unicorn
PancakeSwap (CAKE) is now the largest decentralized exchange in the world in terms of daily trading volume, as data from the market app CoinGecko shows. The project started on Binance Smart Chain last year, but few paid any attention to it at the time.
Over $ 1.7 billion was traded on PancakeSwap yesterday. In contrast, Uniswap saw over $ 1.6 billion change hands. The latter is based on Bitcoin Up and is the network’s biggest gas eater – yesterday alone it generated $ 16 million in fees for miners, according to ETH Gas Station.
210 „verified“ cryptocurrencies are listed in over 799 different trading pairs on the project. Of these, WBNB / BUSD is the most heavily traded with over $ 454 million in volume – CAKE, BAKE, BURGER, and other fun-sounding tokens also see large trading volumes.
On PancakeSwap, users can put their CAKE and collect “SYRUP”, the platform’s governance token, in return for providing liquidity across the various crypto pairs. This enables the creation of a peer-to-peer exchange in which all trades are executed via an „automated market maker“ design.
Other products on the platform include non-fungible tokens (NFTs), IFOs, and a lottery game. These allow users to spend CAKE to either collect art, participate in the launch of new projects, or win the lottery.
The rise of BSC
Pancakeswap is based on the Binance Smart Chain (BSC), one of the two blockchains built and maintained by the Binance crypto exchange. It enables smart contract integrations and similar other services available on Ethereum ( Go to Buy Ethereum Guide ) and was launched in September 2020.
Two of the biggest advantages of using BSC are the low network charges and the fast transactions (pennies or 300 transactions per second).
This allows newer blockchain users to invest a small amount of money, e.g. B. 100 US dollars, and participate in yield farms, lending, trading and other on-chain operations without losing a lot of money in „fees“ to miners on expensive networks.
Tokens and the use of other BSC projects have also increased in the last few days. Venus and Burgerswap lead wins in the BSC space. The sector has grown to over $ 49 billion and accounts for 3% of total crypto space.