The Binance Smart Chain
project is giving top DEXes a run for their money with lower fees and an easy-to-use interface.
The day a pancake flipped a unicorn
PancakeSwap (CAKE) is now the world’s largest decentralized exchange by daily trading volume, data from markets app CoinGecko showed. The project launched on Binance Smart Chain last year, but few paid attention to it at the time.
The last day saw over $1.7 billion traded on PancakeSwap. In contrast, Uniswap saw over $1.6 billion exchange hands. The latter is based on Ethereum and is the network’s biggest Gas guzzler—it has generated $16 million yesterday in fees alone for miners as per ETH Gas Station.
Listed on the project are 210 “verified” cryptocurrencies across over 799 different trading pairs. Of those, WBNB/BUSD is the most traded with over $454 million in volume, with CAKE, BAKE, BURGER, and other funny-sounding tokens also raking up big trading volume.
On PancakeSwap, users can stake their CAKE and collect “SYRUP,” the platform’s governance token, in turn for providing liquidity across the various crypto pairs. This allows for the creation of a peer-to-peer exchange, one wherein all trades are executed via an “automated market maker” design.
Other products on the platform are 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 built on Binance Smart Chain (BSC), one of the two blockchains built and maintained by crypto exchange Binance. It allows for smart contract integrations and similar other services that are possible on Ethereum and launched in September 2020.
Two of the biggest benefits of using BSC are the network’s low fees and fast transactions (a few cents and 300 transactions per second respectively).
This allows for newer blockchain users to invest a small amount of money, like $100, and take part 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 usage of other BSC projects also soared in the past day. As CryptoSlate reported this morning, Venus and Burgerswap led gains in the BSC space. The sector has itself grown to over $49 billion and accounts for 3% of the entire crypto space.
Explore the Binance Smart Chain ecosystem on CryptoSlate.
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Source: PancakeSwap flips Ethereum’s Uniswap to become the world’s biggest DEX