PancakeSwap Pulls Away From Competition

Over 2 million active wallets in the last 30 days

In the past 30 days, PancakeSwap kept growing to more than 2 million active wallets. The leading DEX on Binance Smart Chain now has more than $6 billion locked in its smart contracts. 

Binance has had a shaky few weeks after being served in the UK by the FCA only to continue operations in all but the same manner for the time being. One protocol driving BSC’s rapid success has been the decentralized exchange and yield farming service PancakeSwap. The protocol is racking up 2 million-plus active wallets every month and has a current total value locked of just over 6 billion dollars. Interestingly, PancakeSwap was conceived as a fork of the leading Ethereum DEX Uniswap. It appears the student has surpassed the master. 

PancakeSwap sits firmly atop the DappRadar rankings. In the last 7 days, the protocol has attracted 916,320 unique active wallets and a total transaction volume of $11.45 billion. The rankings these days make for an interesting read after seeing Ethereum dapps dominate every category for so long. Now we see of the top 7 dapps ranked by active users just one being on Ethereum – not surprisingly it’s Uniswap. 

More importantly, looking at the data for active wallets PancakeSwap is miles out in front. Its closest DeFi rival is racking up a quarter of its active users and Uniswap around 10%. As discussed last week, the number of active wallets does not always indicate the amount of value flowing through the application. In fact, we know that although PancakeSwap is driving activity, the big bucks are still flowing through Ethereum DEXs. This is mainly due to the nature of BSC and PancakeSwap users. In essence, they are investing lesser amounts than those using Ethereum DEXs but are still very active and driving value. 

Diversity 

As mentioned, rewind just 18 months and it was all about Ethereum dapps. Perhaps most interesting to long-time readers and users of DappRadar is that a Wax DeFi dapp – CAIT, has entered the top 10. Having jumped in unique active wallets by over 700% this week it now sits in 4th position. This is the first time Wax has made a serious claim in the DeFi category and it’s paying off. This shows the evolution of the space and that more importantly, new users are willing to explore dapps on networks outside Ethereum. Arguably, those users never had any allegiance to the network in the first place and are just looking for good experiences that serve their needs at a good value.  

Visitors to DappRadar can now immediately swap their favorite tokens on Ethereum, Polygon, and Binance Smart Chain. Simply login using a Web3 wallet, for example, Metamask, and start swapping tokens today.