Binance Smart Chains leading DeFi protocol PancakeSwap is on a serious roll right now having surpassed 1.7 million active wallets in the last 7 days. Interestingly, almost half that number arrived in the last 24 hours.
In the last 7 days, the number of active wallets interacting with the dapps smart contracts has risen exponentially to 1.79 million. The surge in usage has brought about an almost 50% increase in transactions up to over 11 million and a 351% increase in transaction volume to over $31 billion. Moreover, an average transaction value of around $2,700 shows that PancakeSwap has become a serious player attracting both users and value.
The surge becomes more apparent when compared to other leading BINANCE Smart Chain and Ethereum DEXs over the last 7 days. Interestingly, 6 of the top 7 dapps in the DeFi category operate on Binance Smart Chain, a stark change from 12 months ago when Ethereum applications dominated the rankings.
User numbers of other finance dapps fade to insignificance when you see that the closest competitor to PancakeSwap in the DeFi category has achieved less than 5% of their user numbers. Vitally, Ethereum’s leading exchange Uniswap, which this week launched its v3 update has over 335,000 users in the last 7 days. Still, this is less than a quarter of PancakeSwap’s result.
What’s happening?
One important factor driving users to Binance Smart Chain applications right now is gas fees on the Ethereum blockchain. Gas fees refer to the fee a miner receives for validating a transaction on the blockchain, so these aren’t fees implied by DeFi dapps like Uniswap. Recently, due to congestion and general high usage gas fees have been as high as 505 gwei or around $280.
One misconception is that BSC finance dapps don’t have gas fees. Users still need to pay gas fees on Binance Smart Chain, but they are considerably less. The average gas fee for a transaction on Binance Smart Chain being about $0.50. A big difference.
Another reason is the overall hype surrounding cryptocurrencies and DeFi right now. Globally, searches for DeFi are up to new levels while more and more people are educating themselves on the benefits of decentralized finance. Moreover, PancakeSwap’s attractive farming and staking services are pulling in users looking to earn income on their already held tokens. For example, staking the platform’s native token CAKE can yield stakers up to 140% APY with no staking fee.
Over the past 10 months, Binance has been making major moves in the world of decentralized finance. Their Binance Smart Chain has become a new breeding ground for DeFi protocols according to the latest DappRadar report. On a daily basis, more than 100,000 wallets connect to the Binance Smart Chain. This already makes it one of the leading blockchain protocols in the space.
Useful Links
- What is Binance Smart Chain
- Setup METAMASK on BSC
- What is PancakeSwap
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