PancakeSwap is the most used DeFi product on BSC right now
In the past week, DeFi product PancakeSwap has seen its user base grow over 36% to 58.4k active wallets over a seven day period. This makes PancakeSwap the most used DeFi product on Binance Smart Chain according to data from DappRadar, while it’s only outshined by Ethereum behemoth Uniswap with 183 thousand users.
Uniswap is the biggest decentralized exchange on the market. Despite the high transaction fees on the Ethereum blockchain they’ve seen a 6 percent increase from the week before. However, PancakeSwap has seen much more growth, while also increasing its TVL by more than 100 percent.
This highlights the fact that Binance Smart Chain is a serious contender for Ethereum in the decentralized finance market.
At the same time, other products on Binance Smart Chain are also growing quickly. In January they recorded a combined volume of 15 billion dollars. At that moment Venus was the fastest-growing dapp in the BSC ecosystem. More recently DeFi dapps like Autofarm, JulSwap, PancakeSwap, and BakerySwap are seeing the biggest growth.
Binance Smart Chain (BSC) offers very cheap and fast transactions, attracting more customers. In the past 30 days, BSC has seen its number of unique users increase from 12.7 thousand to more than 50 thousand on February 9th. With this amount BSC even surpassed Ethereum’s leading position in terms of the trading volume. On February 9th BSC recorded 6.84 billion dollars in volume, while Ethereum had 5.42 billion dollars, according to the industry overview from DappRadar.