PancakeSwap, the syrupy rabbit-themed decentralized exchange that is powered by the Binance Smart Chain, has exceeded the whole Ethereum network with regards to transaction volume in 24 hours. Notably, the transactions on Binance Smart Chain are exploding, with PancakeSwap leading the market.
Data acquired from DappRadar shows that more than 2 million transactions for PancakeSwap compared to 1.55 million for Ethereum. Simultaneously, Binance Smart Chain reported more than 6 million transactions, with about 20% of them happening in the same 24-hour stretch.
The top 5 contributors were Safemoon, PancakeSwap, Venus Protocol, Mdex, and PancakeBunny, according to data released by Binance Chain Community.
Top 5 Txs contributors
— Binance Chain Community (@BinanceChain) April 20, 2021
One of PancakeSwap’s anonymous co-founders, Chef Hops, told reporters that user retention has been at the center of the platform’s huge success. They said:
“PancakeSwap’s main strength has been being lucky enough to have an insanely supportive community, in addition to low fees, and a focus on making the most user-friendly, fun experience possible. User retention is extremely high overall, stemming from the fact that it is very hard for users to return to an environment in which they are paying 100x more on transaction fees alone.”
PancakeSwap is the first billion-dollar project to launch and operate on Binance Smart Chain, which is a testament to the growth of decentralized exchanges. The price of CAKE, the platform’s native token, has exploded by more than 4,500% since the start of this year. Currently, it trades at $28, having gained 17% in the last 24 hours.
Just like Uniswap, PancakeSwap offers an easy entry point into the budding world of decentralized finance (DeFi). Investors are seeking to capitalize on volatile but possibly rewarding DeFi projects flock to these decentralized exchanges in the hopes of buying assets before they are listed on major crypto exchanges.
In terms of the daily volume, PancakeSwap is allegedly the third-biggest decentralized exchange behind Uniswap and Mdex. PancakeSwap recently acknowledged that it wants to migrate to version 2 of its protocol on April 23, beginning at 5:00 am UTC.
“After the migration, PancakeSwap will stop giving out rewards for the old type of LP Tokens, and start giving rewards for the new type of LP Tokens.”
Users will have the chance to vote for one of the four fee structures available. Chef Hops described version 2 as a fridge filled with goodies as opposed to one product offering. It means that the users can expect to get:
“new product offerings and user incentives/rewards along with adding new ingredients to some of our existing products in order to take them to the next level.”