More than 2 million transactions were made for PancakeSwap over a 24-hour period, compared to 1.55 million for Ethereum, according to data provided by DappRadar. At the same time, Binance Smart Chain reported more than 6 million transactions, with roughly 20% of them occurring in the same 24-hour period.
The top five contributors were PancakeSwap, Mdex, Safemoon, PancakeBunny, and Venus Protocol.
Top 5 Txs contributors
— Binance Chain Community (@BinanceChain) April 20, 2021
Chef Hops, one of the anonymous founders of PancakeSwap, told Cointelegraph that user retention is at the center of their platform’s tremendous success.
“The main strength of PancakeSwap is to be lucky enough to have an insanely supportive community in addition to low fees and focus on focusing on the most user-friendly, enjoyable experience possible,” he said.
“The user retention rate is generally extremely high, which is because it is very difficult for users to return to an environment where they only pay 100 times more on transaction fees.”
PancakeSwap is the first billion dollar project launched on Binance Smart Chain, a testament to the growth of decentralized exchanges. The price of CAKE, the platform’s native token, has skyrocketed by more than 4,500% since the beginning of 2021. It is currently trading at $ 28.00 and has gained 17% in the past 24 hours.
Like Uniswap, PancakeSwap provides an easy entry point into the evolving DeFi world. Investors seeking to take advantage of volatile but potentially rewarding DeFi projects flock to these decentralized exchanges in hopes of buying assets before they are listed on major exchanges.
In terms of daily volume, PancakeSwap is reportedly the third largest decentralized exchange after MDEX and Uniswap