The Binance Smart Chain (BSC) leading DEX and DeFi protocol, PanCakeSwap, has revealed that nearly 3.6 million $BNB is now locked as liquidity on the platform.
In other words, nearly 2.5% of the entire BNB supply, or more than $2.6 billion now resides exclusively on PanCakeSwap.
Below are just some of the reasons why this growth is happening:
- As of this writing, there are now way more active BSC than Ethereum addresses largely being driven by low gas fees on BSC – 1.1 million (BSC) vs. 0.7 million (ETH)
- As of this writing, BSC has almost 7x more transaction volumes than Ethereum – 11.8 million (BSC) vs. 1.5 million (ETH)
- Sometimes PancakeSwap has more daily unique users than the entire Ethereum network – In the last 7 days, the number of active wallets interacting with the dapps smart contracts has risen exponentially to 1.79 million. Compare that with Ethereum’s leading exchange Uniswap, which this week launched its v3 update has over 335,000 users in the last 7 days
- Globally, searches for DeFi are up to new levels while more and more people are educating themselves on the benefits of decentralized finance
- PancakeSwap’s attractive farming and staking services are pulling in users looking to earn income on their already held tokens – For example, staking the platform’s native token CAKE can yield stakers up to 140% APY with no staking fee
- On a daily basis, more than 100,000 wallets connect to the Binance Smart Chain – This already makes it one of the leading blockchain protocols in the space
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