Top DeFi Platforms on BSC See 10% Growth

PancakeSwap, ApeSwap and PantherSwap increase user activity

In the past 24 hours the biggest DeFi platforms on Binance Smart Chain have seen their active users increase approximately 10 percent. PancakeSwap went up 8% to 345,160 daily active user wallets, while ApeSwap added 11% and PantherSwap 8,5%.

Without a doubt PancakeSwap still is the golden standard for DeFi on Binance Smart Chain. They made adjustments to their farm rewards, boosting low liquidity farms and adding space for new yield farm pools. Without a doubt this is one of the reasons for the user increase.

Furthermore, PantherSwap introduced new yield farming pools for WBNB and BUSD, giving users 190% and 680% APR, while also reducing the transfer tax from 5% to 2%. While ApeSwap announced a new promotion initiative, labelled #HotDeFiSummer. They pledged for weekly BANANA burns, while adding new pools regularly.

With 10,210 active user wallets, Pancake Bunny had a 1% drop compared to the day before. Pancake Bunny has lost quite some confidence in the end of May, as a hacker used a flash loan exploit to drain the platform’s wallets.

DeFi on BSC has taken some hits

The recent crypto price drop has hit DeFi platforms on Binance Smart Chain particularly hard. Users of these yield farms are often not true investors in a platform, but instead hop from farm to farm. The native BNB token dropped from $686 to $229 within two weeks. Right now BNB is at $383, still 43% below its all-time high.

It’s not without reason that newer protocols introduce mechanics like harvest-locking and withdrawal fees in order to ‘force’ users to commit to their platform. The fact that Venus, BurgerSwap, Belt Finance and many others recently experienced exploits or hacks, doesn’t add confidence.