PancakeSwap has firmly established itself as the leading protocol on Binance Smart Chain.
The Decentralized Exchange (DEX) has become a destination for cryptocurrency users on Binance Smart Chain (BSC). PancakeSwap is BSC’s “crown jewel” according to a new DappRadar report.
Hard data reflects the importance of the project and its place in the ecosystem. DappRadar analysis shows that PancakeSwap alone accounts for nearly one-third of the $ 23 billion total locked-in value (TVL) in the BSC ecosystem.
The current value of the frozen assets is approximately $ 7 billion. This places it well ahead of the closest Venus and MDEX protocols of $ 2.55 billion and $ 1.37 billion, respectively.
The importance of PancakeSwap goes beyond BSC – it is also the most used dApp in all ecosystems according to CoinMarketCap. It houses over 5 million unique wallets and a total volume of $ 1 trillion.
The latest figures show the absolutely lightning-fast development of the DeFi protocol, which was launched just 10 months ago in September 2020. The protocol now has a wide range of tools and a dedicated user base.
AMM’s English Twitter account has 976,500 followers and is going for one million. It gained over 70,000 new followers in June alone.
What’s more, Pancake has cemented its farm in the forefront of DeFi with a range of services including staking and NFT. The company is now a leader in individual innovation thanks to its own development history feature by Chainlink VRF and strong gamification thanks to the Battle team feature.
As reported by bsc.news earlier this month, the PancakeSwap team is accelerating the deflation of its CAKE token by burning the equivalent of $ 80.5 million CAKE at a time. As the burning of tokens takes place weekly, the deflation mechanisms in PancakeSwap become very solid.
Binance Smart Chain drives DeFi Forward
Establishment of PancakeSwap with Binance Smart Chain tandem. BSC is now a major player in the world of decentralized finance (DeFi).
Research by DappRadar shows that BSC is the most used blockchain today, with the average number of unique active wallets rising to 421,854 per day.
Ethereum may still be the market leader in terms of TVL, but Binance Smart Chain gives it plenty of reasons to look over its shoulder. PancakeSwap is at the forefront of the pursuit group.
28-07-2021, Mr.Advice TEAM