The decentralized exchange PancakeSwap, developed on Binance Smart Chain, surpassed the entire Ethereum network in terms of 24-hour transaction volume.
According to DappRadar data, over 2 million transactions were processed on PancakeSwap in the last 24 hours, while 1.55 million transactions were made on Ethereum. Binance Smart Chain reported over 6 million transactions in the same period.
PancakeSwap, Mdex, Safemoon, PancakeBunny and Venus Protocol are the five protocols contributing the most to transaction volume on BSC.
Top 5 Txs contributors
– Binance Chain Community (@BinanceChain) April 20, 2021
Chef Hops, one of the anonymous co-founders of PancakeSwap, told Cointelegraph that the loyalty of users is at the center of the platform’s extraordinary success.
“The main strength of PancakeSwap comes from its low transaction fees and the chance to have a highly supportive community in addition to the focus on making it as user-friendly as possible.”
The first billion dollar project launched on Binance Smart Chain, PancakeSwap’s token CAKE has gained more than 4,500 percent since the beginning of 2021. CAKE, which gained 15 percent value in the last 24 hours, is trading at around $ 28 as of the time of translation broadcast.
PancakeSwap represents the third largest decentralized exchange in terms of transaction volume, after Mdex and Uniswap.