$100 million TVL in 5 days!
PantherSwap, an automatic liquidity yield farm and automated market maker (AMM) on Binance Smart Chain has seen an explosion in activity as DeFi on layer-2 and alternative blockchains starts taking off. It’s one of the fastest-growing dapps in the DeFi ecosystem according to DappRadar data.
In the last 24 hours, the number of transactions on PantherSwap has increased by almost 70% to over 98,000. Furthermore, the transaction volume has increased by over 90% to $22 million, whilst the number of active wallets interacting with the dapps smart contracts has swelled to almost 25,000.
As previously reported, ApeSwap, another leading Binance Smart Chain finance dapp is also having a moment right now. Comparing them over a similar time frame can result in a better idea of PantherSwaps relative growth.
Interestingly, in the last 24 hours, PantherSwap has seen more users and transactions than ApeSwap, but the level of transaction volume is much lower for PantherSwap. Not surprising really as a new entrant to the market, users first need to feel safe before depositing larger amounts.
Interestingly we can see that the average transaction in the last 24 hours on PantherSwap has been around $225.The average transaction on ApeSwap is around $1,900, almost 8 times higher. Importantly, in just a short space of time, the platform has generated over $165 million in total value locked (TVL) across all farms and pools.
More interest = More interest
Upon navigating to PantherSwap users would be forgiven for thinking they had navigated to another Binance DeFi app PancakeSwap and the developers had swapped out the pancake for a panther. Clearly, the two platforms are almost identical in their offer and overall styling.
Where the platforms differ though is in their staking percentages. Users leverage platforms such as PantherSwap to farm native tokens in the anticipation the platform will grow, taking the token price with it.
Currently, PantherSwap is offering 1243.16% APY when locking up Panther and over 1000% when locking up BUSD. In comparison, PancakeSwap is offering a 90% APY when locking up CAKE and ApeSwap is offering 151% when locking up BANANA.
These liquidity battles are commonplace in the decentralized finance world as platforms compete for users’ funds to secure their own operations and vital liquidity. Moreover, customers appear to be fickle, jumping from one opportunity to the next hunting for the next big APY.
Anti Whale Mechanism
An interesting mechanic employed by PantherSwap not seen elsewhere is something they call the Anti Whale Mechanism. The mechanism means that users who transfer more than 0.5% (current ratio) of the total supply will be rejected but as the total supply grows, this ratio will be reduced.
Importantly, deposit or withdraw tokens to farms will not be subject to this restriction. The platform also has plans to further develop its offers and provides regular updates via Twitter.