The PancakeSwap platform, developed on the Binance blockchain (BSC), is now listed as the largest for blocked assets in the decentralized exchange (DEX) sector. With its prominence, it is driving a change in this market, until recently, led by Uniswap, which is based on Ethereum.
The value locked in PancakeSwap currently exceeds USD 9,000 million and is 1,630% higher than at the beginning of the year, when the protocol barely registered USD 176 million, according to data from the DeBank website.
As for to daily commercial traffic, PancakeSwap ranks second in the ranking of the DEX market with an average of USD 2.6 billion traded in a period of 24 hours. The first place was reserved for the MDEX exchange , based on a mixed chain model with Huobi Ecological Chain and Ethereum, which handles a purchase volume of about USD 2,800 million, while Uniswap has been relegated to third place with USD 1,600 million, according to Coingecko.
Between MDEX and PancakeSwap they currently account for 53.1% of the total operations carried out in the market, while that Uniswap barely handles 15.4. The numbers show that Ethereum-based protocols are giving in a field in which they had complete dominance, until recently.
What is happening in the decentralized exchange market?
What is happening in the DEX market has a high relationship with the prominence that is charging PancakeSwap, and with Ethereum gas prices, as pointed out by the firm Deribit Insights in a recent publication.