Decentralized exchange (DEX) PancakeSwap is the most visited exchange in the decentralized finance ecosystem, recording more than 13,5 million visits in the last month.
According to data from cryptocurrency monitoring platform CoinGecko, the DEX and AMM PancakeSwap, built on the Binance Smart Chain (BSC) blockchain, is the most popular in the decentralized finance, or DeFi, ecosystem right now.
Although its trading volume has dropped significantly over the past year, BSC’s DEX protocol remains the most visited in the entire ecosystem.
According to CoinGecko data, PancakeSwap has recorded a total of 13.556.916 visits in the last 30 daysThis amount grants it the first place as the most visited DEX and positions it above Uniswap, which currently manages around 33% of all the volume that moves through these platforms.
Over $400 million a day on PancakeSwap
A year ago, PancakeSwap managed to surpass Uniswap in trading volume, recording more than $2.150 billion in transactions per day – 40% more than Uniswap at the time.
However, the BSC DEX currently moves just over $400 million daily, according to CoinGecko.
Source: CoinGecko
Despite this decline, PancakeSwap remains one of the most popular decentralized exchange (DEX) platforms and automated market makers (AMM) in the crypto industry, ranking third in terms of daily volume.
In March last year, cryptocurrency social intelligence platform LunarCrush revealed that PancakeSwap was the most popular project and altcoin on social media, taking first place out of 2.051 projects analyzed with a total of 41.231 mentions.
This DEX is presented as one of the most viable options for traders, compared to Ethereum, due to its low commission rates.
Lower commission rates than Uniswap
Although Uniswap is the DEX with the highest daily trading volume, a transaction within this platform easily reaches $18 currently, as shown by Etherscan data. Meanwhile, the average commission rate on PancakeSwap is below 1 dollar, making it a more viable option for those traders and users who operate with little value and cannot afford Ethereum's high gas fees.
On the other hand, its native token CAKE is at a year-long low, trading at $7,6 per unit on the market. On April 30, this crypto asset reached an all-time high of $43,9 per token.
Continue reading: B2M, Bit2Me's native token, is now available on PancakeSwap
