According to data from DappRadar and the platform itself, the total value locked on the DeFi DEX PancakeSwap has reached a BNB equivalent of $ 5.5 billion.
The platform tweeted the weekend all-time high milestone and added that all liquidity pools are included together.
TVL numbers vary by data provider, but most agree that PancakeSwap has finally caught up with the world’s most popular decentralized exchange, Uniswap.
That is much. pic.twitter.com/qosKEA0ahg
– PancakeSwap BS #BSC (@PancakeSwap) March 27, 2021
SushiSwap Sliding
DappRadar currently lists a TVL value of $ 5.4 billion for Uniswap, while DeFiPulse, which only tracks Ethereum-based DeFi protocols, reports a collateral value of $ 4.1 billion for the automated market maker.
SushiSwap is now also losing ground to the BSC-based PancakeSwap exchange. Both DeFi analytics vendors report TVL for SushiSwap worth around $ 4 billion.
Researchers at The Block found that SushiSwap’s trading volume peaked at 73.3% of Uniswap’s trading volume in early January, but is now only 13.6%.
SushiSwap’s daily trading volume peaked at 73.3% from Uniswap in early January.
Today it has dropped to just 13.6%. pic.twitter.com/PXoz0FZBvC
– Honkasalo (@mhonkasalo) March 28, 2021
In terms of daily volume, PancakeSwap leads the way at $ 612 million, Uniswap has $ 553 million in the last 24 hours, while SushiSwap is behind the two at just $ 154 million, according to DappRadar.
Both decentralized exchanges based in Ethereum have lost ground to PancakeSwap for one reason alone – exorbitant transaction fees.
While gas prices fell from their sky-high levels in late February, they are still too high for the average user. According to Bitinfocharts.com, the average transaction price has dropped to around $ 13.45, but this is just an average.
Complex processes such as smart contract swaps or the provision of liquidity at Uniswap can cost up to US $ 30, according to Etherscan. Binance Smart Chain transactions cost a fraction of that, which is why they are becoming increasingly popular, although many of the opaque tokens listed on PancakeSwap don’t really serve any purpose other than to generate liquidity.
DEX Token price update
The native CAKE token has earned over 2,500% since the beginning of this year, despite down around 8% as of press at $ 16.78. CAKE hit an all-time high of just under $ 20 on February 20 and was close to hitting those levels again over the weekend.
UNI prices have now also fallen, falling 2% to $ 28. The DEX token has also fallen sharply over the past seven days, losing 15% as the crypto markets were corrected.
SUSHI is in the top 2 and has also lost. Prices fell 6% to $ 15.35. SUSHI has lost 19% since the same time last week.
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