PancakeSwap has firmly cemented itself as the leading protocol on Binance Smart Chain.
PancakeSwap’s Explosive Growth
The breakfast-themed Decentralized Exchange (DEX) has become the go-to destination for crypto users on Binance Smart Chain (BSC). PancakeSwap is the ‘crown jewel’ of BSC according to a new report from DappRadar.
Hard data reflects the project’s importance and place within the ecosystem. Analysis from DappRadar reveals that PancakeSwap alone is responsible for just under a third of the $23 billion total value locked (TVL) in the BSC ecosystem.
The current value of locked assets is around the $7 billion mark. This places it significantly ahead of the nearest protocols Venus and MDEX, who sit at $2.55B and $1.37B respectively.
The importance of PancakeSwap extends beyond BSC – it is also the most used dApp across all ecosystems according to CoinMarketCap. It houses over 5 million unique wallets and $1 trillion in total volume.
The most recent figures highlight the absolutely meteoric rise of the DeFi protocol which launched a mere 10 months ago in September of 2020. The protocol now has a broad range of tools and a dedicated base of users.
The English language Twitter account of the AMM sits at 976,500 followers and is closing fast on a million. They have added over 70,000 additional followers in June.
Moreover, PancakeSwap has established itself at the forefront of the DeFi landscape with a range of popular services including staking, yield farming and NFTs. The company is now leading the way in terms of innovation with its own Lottery supported by Chainlink VRF and strong gamification through its Team Battle feature.
As bsc.news reported earlier this month, the PancakeSwap team is now accelerating the deflation of its CAKE token with the equivalent of $80.5 million CAKE burned at a time. With burns occurring weekly, the deflationary mechanisms on PancakeSwap are becoming incredibly robust.
Binance Smart Chain is Propelling DeFi Forward
The rise of PancakeSwap has occurred in tandem with Binance Smart Chain. The BSC is now a significant player in the world of Decentralized Finance (DeFi).
Research from DappRadar shows that BSC is currently the most utilized blockchain with the average unique active wallets rising to 421,854 a day.
Ethereum may still be the market leading chain in terms of TVL, but Binance Smart Chain is giving it plenty of reasons to look over its shoulder. PancakeSwap is at the head of the chasing pack.
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.