The popular exchange has continued to innovate as their numbers grow, assuring their leading position on the smart chain.
Pancake Royalty
Industry favourite PancakeSwap is holding more liquidity than any other DEX on the Binance Smart Chain (BSC) with $9.83 billion of crypto assets locked into the AMM. Among the cryptocurrencies locked on the PancakeSwap DEX are 3.6 million $BNB worth around $1.9 billion. This means that nearly 2.5% of all $BNB are now tied up on PancakeSwap.
A Lot of $BNB
Data from Defistation shows that while other protocols are witnessing the value of their liquidity drop in a slightly tougher market, PancakeSwap is holding rock steady at $9.83 billion. The nearest competitor in terms of Total Value Locked (TVL) is Venus, which has dropped by 9.66% to hold $9.16 billion of assets on its protocol. Both PancakeSwap and Venus are some distance ahead of the next closest competitor, PancakeBunny, which is holding $4.3 billion in crypto assets following a 17.71% fall in the value of its holdings.
Following the announcement of their $BNB holdings on Twitter, Binance CEO Changpeng Zhao acknowledged the significance of their 3.6 million shares. In a post which appears to be quite the understatement the Binance boss simply said: “That’s A LOT!”
On May 15th the value of those holdings was closer to $2.6 billion than today’s $1.9 billion.
Much of the crypto market has witnessed a fall in prices over the past 7 days with $BNB down 18.8%. Bitcoin over the same period has performed less well with $BTC falling by 21.8%, and PancakeSwap’s native token CAKE also dropping in price by 26.6%.
Examining the charts, while the price of CAKE (in green) has dropped since the start of the month, the TVL in the protocol (yellow) has remained fairly stable. With asset prices declining across the bulk of the market, this may indicate that PancakeSwap is still attracting significant inward investment even while the market retraces. While the trend on CAKE has not been positive in the short term, the indicators look bullish for PancakeSwap in the long term.
Concluding Thoughts
Both Venus and PancakeSwap are miles beyond the rest of the BSC in terms of market engagement. While Venus continues to chase PancakeSwap it doesn’t look like the challenger will overtake it just yet. Despite recent market turbulence, one thing remains clear for the DEX – this is one pancake that’s not easily flipped!
Source : bsc.news
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