According to the latest data report by DappRadar, Binance Smart Chain’s (BSC) decentralized exchange PancakeSwap, has astoundingly managed to eclipse the entire Ethereum network via daily transaction volumes. The report notes that PancakeSwap successfully tallied over 2 million transactions in the past 24-hours while Ethereum, as a whole, only managed to record 1.55 million. To rub Binance’s win even more, BSC’s total daily transaction volume is found to be over 6 million, with about 20% of it all occurring within the past 24-hours.
Notably, PancakeSwap is also reportedly the third-largest decentralized exchange, or DEX, to date in terms of daily transaction volumes. The particular protocol is only behind Mdex and the dominant Uniswap.
Amidst the ongoing boom of DEXs, PancakeSwap made it into the history books as being the very first billion-dollar protocol to launch on the BSC. Since the start of this year, the market price of its native token, CAKE, surged by more than 4,500% and is seemingly still on an imminent rise. As of press time, CAKE is valued globally at $28 per token as it gained another 17% within the past day.
A member of PancakeSwap’s anonymous co-founding group, going by the pseudo name Chef Hops, commented on the recent successes by the protocol. According to him, the protocol’s principal strength comes from its insanely supportive community. On top of offering low transaction fees, Chef Hops promises that PancakeSwap would continue to make the protocol extremely user-friendly to provide an even more fun user experience for everyone.