PancakeSwap had an enormous week, where it gained more than 1.1 million active wallets working with smart contracts. Within those seven days, PancakeSwap recorded more than $278 billion in volume, better than any competitor, at the same time.
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The month of May was a huge month for PancakeSwap (CAKE), according to a recent market report from DappRadar. While the mother exchange, Binance Smart Chain (BSC) led the charge for blockchains, with more than 417,000 unique active wallets at month’s end,
PancakeSwap led the dApp list, averaging 350,000 daily active wallets. The most significant names that PancakeSwap outshone were Uniswap (UNI) and Sushiswap (SUSHI), the Dapps biggest Ethereum (ETH)-based competitors.
In May, PancakeSwap enjoyed more than 3.3 million unique active wallets interacting with smart contracts. The outstanding ratings can not just be unnoticed by PancakeSwap, it merely capped off hugely as a successful month for the Binance Smart Chain-based DEX.
There are various possible reasons for the outburst and attention BSC and PancakeSwap has gotten in the past months. The growth of PancakeSwap is evidence that traders put cheap and fast transactions as a priority when working with cryptocurrencies.
Defi apps reportedly took over the BSC market in May and accounted for the most traffic overall. The strong month, especially the last week helped push PancakeSwap to the top of the app rankings.
An additional ingredient to consider that is responsible for the recent drive in BSC and PancakeSwap’s numbers right now are the gas fees on Ethereum. Because of high congestion and usage, gas fees have jumped to as high as $280.
But with BSC finance apps, the fees are far lesser than other platforms. The average fee for a BSC transaction is right around $0.50. That is a difference of 55,900% from $280.
The next irrelevant but significant reason for the growth of the DEX (PancakeSwap)is the across-the-board growth of the crypto ecosystem in general. Prices have been staggering toward the unfavorable angle in recent weeks, but the popularity of digital assets is still rising.