PancakeSwap becomes the first billion-dollar project on Binance Smart Chain

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PancakeSwap (CAKE) has emerged as a rising star within the decentralized finance (DeFi) sector with the latest surge in worth serving to the food-themed token grow to be the primary billion-dollar venture on the Binance Good Chain (BSC).

Knowledge from Cointelegraph Markets and Tradingview exhibits that the value of CAKE has risen 520% since reaching a low of $1.89 on Feb. 3 to determine a brand new all-time excessive of $11.12 on Feb. 17. This propelled its whole market cap above $1 billion for the primary time.

CAKE/BUSD 4-hour chart. Supply: TradingView

As DeFi has grown in prominence with a majority of prime initiatives at present working on the Ethereum community, protocols which can be primarily based on different networks such because the BSC are starting to see a rise in lively customers searching for respite from high transaction costs and delayed affirmation instances.

The latest decision by the BSC neighborhood to decrease the gasoline charge from 15 Gwei to 10 Gwei in response to an increase within the worth of Binance Coin (BNB) has additional incentivized merchants who’re in search of extra stability relating to transaction prices.

Whole worth locked on PancakeSwap. Supply: Defistation

In accordance with knowledge from Defistation, the overall worth locked on the PankcakeSwap protocol has continued to extend from $150 million on Jan. 23 to a brand new excessive of $2.477 billion on Feb. 17 as will increase in token values in addition to the addition of latest farming alternatives has led to a fast rise within the whole worth locked (TVL).

Buying and selling quantity on the platform has additionally seen a gradual rise in latest weeks with knowledge exhibiting that CAKE is now the second-ranked DEX by buying and selling quantity behind Uniswap (UNI).

High decentralized exchanges by buying and selling quantity. Supply: CoinGecko

Bullish momentum within the cryptocurrency market and the fast growth of DeFi level to additional will increase in community transactions for the blockchains concerned. Without end for top transaction prices on Ethereum and a rising variety of initiatives positioning themselves as cheaper alternate options, PancakeSwap possible has much more upside potential because the cryptocurrency sector continues to go mainstream.