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Friday, July 1, 2022

Pancakeswap Has Risen To The Top Of The DEXs

Pancakeswap is a decentralized exchange that has been built on the foundation laid by Binance Smart Chain that currently saw a trading volume of $400 million. This led to them becoming the second-largest DEX service incorporated through trading volume. The data for this was collected from CoinGecko. Pancakeswap was previously slashed off by several pundits in the market- but since then it has covered a lot of ground. Currently, it has a storage value of about $1.7 billion worth of cryptocurrencies. 

Pancakeswap Has Risen On The Shoulders of NFT

Initially started off by imitating SushiSwap, Pancakeswap is the third biggest decentralized exchange in the world. The case for Pancakeswap has been pretty simple- most of the users brought about some form of liquidity to this platform, while farming SYRUP which was the governance token of this firm. This was an arrangement that many peer-to-peer exchanges have introduced in the previous year where they offered large yields to users if they transformed into providers of liquidity. But what has pushed it even further is the introduction of NFT and lottery service which has led to this DEX crossing all charts. 

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Currently, there are around 176 markets based on this DEX. One of the tokens issued by Binance has been traded at a market value of $81 million from this DEX. CAKE also comes in next at $45 million- with a couple of meme tokens which have been named Burger Swap, Birthday Cake, and others that have all accounted for smaller trading volumes through Pancakeswap. It has been recorded that the high yield of this DEX will continue to be a tie for most users. Currently, the liquidity pool affixed to ZEE/BNB has a payout of over 1,300% to most users.

Since it is universally true that trading volumes aren’t fake, the success of Pancakeswap has come in from its team developing a BSC- which is further maintained through Binance.

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