Pancake Swap Flips UniSwap

PancakeSwap has officially taken the top spot in the decentralized exchange (DEX) rankings surpassing Uniswap and establishing itself as the leader in Decentralised Finance (DeFi) trading.

Data from CoinMarketCap, PancakeSwap recorded over USD 14 billion in weekly trading volume, which is a 58.04% increase in activity. This rise in trading volume has positioned the Binance Smart Chain (BSC)-based platform as the most dominant Decentralized Exchange (DEX) now accounting for 29.18% of all decentralized exchange trading.

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PancakeSwap Rise

While PancakeSwap has surged ahead, other major DEXs have seen significant declines. Uniswap, which operates on Ethereum, experienced a 50.56% drop in trading volume, falling to $8.611 billion despite maintaining a higher total value locked (TVL) of $3.93 billion. Similarly, Solana-based Raydium saw a 24.75% decrease in weekly activity, while Meteora and Fluid recorded even steeper drops of 33.03% and 52.76%, respectively.

One of the primary reasons for PancakeSwap’s success is the efficiency of the BNB Chain. Compared to Ethereum, BNB Chain offers significantly lower transaction fees and faster confirmation times. This has made it the preferred choice for traders, especially during periods of high network congestion on Ethereum.

PancakeSwap has greatly benefited from the explosion of meme coins on BNB Chain. Tokens such as BNB Card, which gained 298% in 24 hours, and Mubarakah, which surged by 197%, have drawn massive trading activity to the platform. While some assets like BUBB saw a decline of 24.99%, the overall surge in speculative trading has been a net positive for PancakeSwap.

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Increase in Tokens

Unlike many other DEXs, PancakeSwap has evolved beyond simple token trading. The platform now supports:
• Perpetual trading
• Prediction markets
• NFT marketplaces
• Lottery systems This diversified ecosystem has attracted both retail traders and institutional investors increasing overall trading volume.

PancakeSwap’s native token CAKE has also seen some growth but it is still far beyond the 2021 price range. Over the past week, CAKE’s price surged by 40.6%, and over the past two weeks, it climbed 56.2%. its overall market performance remains good which further provides investor confidence in the platform.

The recent booms of meme coins on the BNB Chain has played a big role in PancakeSwap’s rise. The platform recorded an intraday trading volume of USD 2.542 billion, more than double that of Uniswap. This momentum is largely driven by hype surrounding newly launched BSC tokens with traders heading to PancakeSwap to get in on these assets.

Life's looking good for Pancakeswap, what are your thoughts?

image sources provided supplemented by Canva Pro Subscription. This is not financial advice and readers are advised to undertake their own research or seek professional financial services

Posted Using INLEO