JulSwap, a Binance Smart Chain (BSC) decentralized finance (DeFi) application has surged to second place in the DeFi category on DappRadar this week as the number of unique active wallets increased by 40% over the last 7-days and a staggering 835% over the last 30. Transaction volume is up 469% over the last 7-days to $20.2 million at the time of writing.
JulSwap is the equivalent of the Ethereum DeFi dapp Uniswap but running on BSC. The BINANCE based decentralized cryptocurrency exchange offers the same trading engine and analytics as Uniswap and some additional features from Sushiswap.
When comparing with Uniswap we see that there is still a huge gulf between the two products but it is still vital to pick up on the rising stars of the decentralized finance world. Uniswap boasts a unique active wallet number of over 163,000 whilst transaction volume is over $8.8 billion over the last 7-days.
Interestingly at the time of writing when looking at DeFi dapps ranked by unique active wallets on DappRadar, we see that Synthetix is the only Ethereum application within the top 5 and that two dapps from the relatively new BSC blockchain are leading. A noticeable shift from 12-months ago when the entire category was dominated by Ethereum dapps.
Whilst Ethereum alternative DeFi solutions are starting to gain attention from users shown in the rising numbers of unique active wallets interacting with the smart contracts it is clear that the value in regards to dollars still resides on Ethereum.
Except for Venus, which as reported last week became the fastest-growing dapp on BSC the top 5 is dominated by Ethereum DeFi dapps. But, it does feel as if a change is in the air.
Ethereum Alternatives
Ethereum dapps have been hampered in 2021 by high gas fees making transactions more expensive for users. As a result, DeFi dapps such as JulSwap are feeling the benefits by offering customers lower fees and the same functionality. As mentioned, JulSwap is fundamentally Uniswap on BSC and Its core functionality is to allow the trading of one token to another.
Binance’s huge community is obviously a real advantage for the fledgling blockchain as they attempt to go head to head with the so-called big boys. The success of dapps such as Venus within weeks of launch proves the blockchain as a serious contender.
At first glance of JulSwap, a user wouldn’t know they were not using UniSwap and given that the same exact features are available at a lower cost it’s quite easy to understand why users would make the switch.
Useful Links:
Binance Smart Chain
DeFi Dapps
January 2021 Industry Report