The first billion-dollar Yield Farming application PancakeSwap (CAKE) of BSC is currently dominating token stats on Binance’s DeFi platform.
Today CAKE reached its ATH of $18.45 with a 24-hour trading volume of $851,839,048 CAKE price is up 130% in the last 24 hours, according to Coinmarketcap.
Trading volume on PancakeSwap has also increased steadily in recent weeks with data showing that CAKE is currently the second DEX by trading volume after Uniswap.
The volumes experienced a spike to over $2.8 billion in the past month – representing a 427% spike in the past month.
In September 2020, Binance launched BSC which supports smart contracts. Then BNB’s ecosystem also started with DEXs with extremely low gas fees. The most prominent among decentralized exchanges is PancakeSwap with its rapid growth.
At the same time, this is also one of the projects that Binance invested $ 350,000. PancakeSwap now is the leading liquidity provider on Binance Smart Chain with total value locked levels hitting $ 250,000,000 in just 5 weeks from the time of launch.
PancakeSwap is one of many successful projects to emerge from BSC and now generating an incredible amount of revenue. As with any other DeFi protocol, of course PancakeSwap comes with inherent risks.
However, the security afforded by BSC is winning the hearts and minds of DeFi users which is bringing all the functionality of Uniswap to BSC, without the fees. Transaction fees are paid using the BNB token, but these fees are extremely low compared to Ethereum-based DeFi protocols.
The effort put in Pancakeswap both in development and marketing of Binance CEO, Changpeng Zhao, heavily relies on Binance and BSC. Let’s see the price of CAKE may increase in the future as more products are released by PancakeSwap.