The DeFi exchange PancakeSwap powered by Binance Smart Chain breaks the transaction volume and transaction records and even overshadows Ethereum.
PancakeSwap Surpassed Ethereum Network Despite ATH
With DeFi newbies flocking to the platform to avoid paying high gasoline fees for Ethereum, the DEX has quickly become popular in recent months.
Data from the on-chain data providers shows that the record prices of BSC and PancakeSwap have actually surpassed the Ethereum network despite hitting an all-time high above $3,000 today.
PancakeSwap’s analytics dashboard does not appear to be updating TVL and transaction volume data, but the daily transaction volume is currently 1.93 million.
Binance CEO Zhangpeng Zhao has never missed the opportunity to leverage a transaction-based ecosystem as the foundation for fighting competitors.
His ETH attack continued on May 2 with the following content:”Eth is the ultimate utopian destination of decentralization for the rich guys who can afford it. BSC enables freedom of access to DeFi and is inclusive of the regular people, like you and me.”
If you are enjoying billions of dollars in transaction fees through centralized transactions, you will hardly put CZ into the “regular people” category.
Record Transactions on BSC DEX
Bscan is a more reliable measure of the Binance Smart Chain ecosystem indicators. Since PancakeSwap is the largest platform to date, it helps ensure the accuracy of these numbers.
The platform currently reports 8.47 million transactions daily in the BSC network. Ethereum’s equivalent, Etherscan, reported 1.42 million transactions per day. The highest number of Ethereum transactions was reported on Thursday, April 22 at 1.57 million. On April 21, BSC’s transaction volume exceeded a record 9.1 million transactions.
According to Binance’s Coinmarketcap data, PancakeSwap currently has $10.4 billion for TVL. It caught up with industry leader Uniswap in mid-April and has now outperformed Uniswap as Dappradar reported that Ethereum’s DEX-based TVL was $9.3 billion.
Over the past week, all of these activities and high yield farming have fueled the rise of native CAKE tokens. Today it’s up another 5% and trades at $40.36.
According to CoinGecko, CAKE hit an all-time high of nearly $44 on April 30. So far this year, DEX tokens have risen 6,400%, reaching current levels.