Over the past day, the PancakeSwap decentralized platform has bypassed the Ethereum network in terms of the number of user transactions.
The PancakeSwap exchange is deployed on the Binance Chain, which positions itself as the main competitor to Ethereum.
The DappRadar team reported that PancakeSwap users completed over 2M transactions in 24 hours. During the same time, 1.55M transactions were recorded on Ethereum.
The researchers emphasized that in a day, all users of the Binance Chain network made more than 6M transactions, which became another record for this blockchain. The top five active projects include PancakeSwap, Mdex, as well as Safemoon, PancakeBunny, and Venus Protocol.
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One of the anonymous founders of the PancakeSwap exchange, posing as "Chef Hops", mentioned that users are attracted to the platform because of the record low transaction fees. Many traders, having felt the difference in commissions, refuse to switch to trading platforms, where the fees are a hundred times higher.
CAKE, the native token of the PancakeSwap exchange, soared in value by more than 4500% in 2021. This coin is currently trading at $ 28.
Over the past day, its cost has increased by another 17%. Capitalization of digital currency CAKE on Thursday, April 22, reached $ 4.16 billion.