The Binance Smart Chain exchange benefits from increased attention
Biswap, a Binance Smart Chain (BSC) decentralized exchange, has witnessed significant growth in the number of active wallets interacting with it. Over the past week, the exchange saw a 32% increase in active user wallets, which in turn pushed the processed volume up to $1,2 billion.
Binance Smart Chain exchanges have experienced some turbulence because of several recent hack attacks and scam projects. This might be one of the reasons behind the increased activity on Biswap. Just in the last 24h, the exchange has witnessed a 3% increase in unique active wallets, and a further 35% rise in transaction volume.
According to the official Biswap documentation, this is the first decentralized exchange platform on the market with a three-type referral system. It is also the exchange that offers the lowest platform transaction fees (0.1%). The referral system is obviously key in attracting new users, which seems to be working well.
In addition to the alluring benefits mentioned above, Biswap has a very ambitious roadmap set out. Currently, the exchange is working to introduce auto-compaunding for its BSW Launchpools.
Biswap smashes BSC competitors
Interestingly, big names like PancakeSwap are actually losing users. While Biswap attracted more than 23,000 unique users, PancakeSwap sees a significant decrease of almost 12%. Furthermore, Biswap has higher volume numbers than Pancake Bunny, which is second in the rankings.
These metrics show that Biswap is actively attracting the attention of users, which helps the exchange boost processed volumes. Another important trend that emerges from Biswap’s thirty-day data is that volume increased relatively exponentially throughout the month.
While towards the end of May the exchange processed on average around $30 million per day, this figure rose significantly in the last seven days. The average daily volume for the last seven days is more than double at around $65 million.
Biswap’s impressive performance over the last thirty days hints at a strong next month for the exchange. DappRadar will continue to monitor data for Biswap and its BSC competitors, so stay tuned.