PancakeSwap (CAKE) breaks records and overtakes UniSwap (UNI)
PancakeSwap is the largest decentralised exchange (DEX) in the Binance Smart Chain (BSC). The Decentralised Finance (DeFi) project has been able to break a few records in recent weeks and has now even overtaken UniSwawp for a short time.
PancakeSwap has risen by 1,400 per cent in the last 30 days. The project now has a market capitalisation of 1.6 billion US dollars, which means that the decentralised exchange is already bigger than some Bitcoin Rush Ethereum DeFi protocols. In the BSC DeFi space, PancakeSwap is one of the top BSC projects. At the time of going to press, CAKE’s share price is at just under US$14.
Just as the cryptocurrency’s price has exploded, so has PancakeSwap’s volume and user base. According to CoinGecko, PancakeSwap is currently the second-largest decentralised exchange in the world, with a 23 per cent market share.
In addition, PancakeSwap is the second largest BSC DeFi application after Venus. Data from Defistation shows that the CAKE protocol manages a total of $3.46 billion. This means that the BSC-DEX manages a similar amount of capital as the well-known Ethereum-DEX SushiSwap (SUSHI).
PancakeSwap has more users than UniSwap
Moreover, according to crypto analytics platform DappRadar, PancakeSwap is the DeFi application with the most users in the entire crypto space. Moreover, for a short period on 19 February, the BSC DeFi project even managed to surpass UniSwap’s daily trading volume. In recent days, the BNB token and the entire BSC-DeFi sector has seen a sharp correction, with many projects falling between 30 and 50 per cent. However, it is still unlikely that the BSC will disappear from the scene in the coming months. Therefore, it can be assumed that as long as the Ethereum Blockchain cannot scale, there is potential for even more growth for the Binance Smart Chain.