The BSC DeFi dapp saw a 98% increase in unique active wallets
One of the main differences we have to note here is that ApeSwap operates on BSC, while Uniswap V3 is an Ethereum-based dapp. Despite the recent London Fork, the Ethereum blockchain still struggles with leveling gas fee prices. This is one of the main reasons why more people turn to alternative chains like BSC and Polygon.
DappRadar data shows that the top two DeFi dapps for the past thirty days are now on BSC. This shows the significant shift in what users are looking for in terms of processing speeds and gas fees.
ApeSwap and BSC versus Ethereum
Additionally, we can see that Uniswap V3 is the only Ethereum-based DeFi dapp in the top five. While the swapping service is one of the most recognized names in the industry, it is still struggling to keep up with the user experience BSC can offer.
Another important thing to note is that all BSC-based DeFi dapps have increased the number of unique active wallets interacting with them. In the past thirty days, out of the top five dapps in the category, Uniswap V3 is the only one that records an insignificant but still worse performance month-on-month.
Interestingly, ApeSwap is also on track to beating Uniswap V2 in terms of total unique wallets. The Ethereum-based exchange attracted 347,780 unique wallets for the past thirty days, while ApeSwap is behind by only around 2,000.
These are significant indicators that ApeSwap is on the road to overtaking the Ethereum leader. Of course, PancakeSwap, the largest BSC dapp at the moment, is still eons ahead. Still, ApeSwap’s performance over the past month signals that BSC solidifies its position as the main alternative for investors looking to skip the waiting times and gas fees on Ethereum.
In addition, it’s also important to note that we only look at user wallets here. When we look at the Total Value Locked (TVL), Uniswap is still king. However, because of the cheap transaction costs, DeFi dapps on Binance Smart Chain can attract users with smaller wallets. This gives their ecosystem a significant boost.
DappRadar will continue monitoring ApeSwap’s development over time. Stay tuned to find out the latest in this blockchain-based clash of titans.