Ethereum, the most popular blockchain within the DeFi ecosystem, is known for its congestion and high gas fee problem, giving rise to contenders like Binance Smart Chain (BSC). As transactions on BSC are exploding, with PancakeSwap leading the way, is it a sign for the multi-chain future of the DeFi space?
According to data from DappRadar, PancakeSwap, major DEX on BSC, has recorded over 2 million transactions. It surpassed the entire Ethereum network (1.55 million) in terms of 24-hour transaction volume.
In a tweet, Binance said the five biggest contributors to the record number were PancakeSwap, Mdex, Safemoon, PancakeBunny, and Venus Protocol.
In less than 2 years since its launch, BSC houses varied DeFi alternatives to their Ethereum counterparts attracting new investors.
Among them, Safemoon, a new crypto token stealing Dogecoin’s thunder, largely stimulates the recent record volume. The young crypto, still decimals away from reaching a penny per token, is a BEP-20 token listed on PancakeSwap.
The news comes one day after Uniswap announced more than $10 billion in weekly transaction volume for the first time. The $10.17 billion figure is a 26% increase over the previous seven days.
Uniswap Hits $10 Billion Record Weekly Trading Volume
As one of the original DEXs, Uniswap has been facing competition from SushiSwap, 1inch, as well as non-Ethereum DEXs such as PancakeSwap.
The top decentralized exchange on the Ethereum network appears to stay popular despite the blockchain’s high transaction fees.
However, according to CoinGecko, PancakeSwap tallied over $4.4 billion in volume in the last 24 hours, compared to Uniswap’s $2.2 billion.
On the other hand, another competing blockchain, Solana (SOL), has increasingly emerged to challenge Ethereum’s first-mover advantage.
Solana positions itself as an Ethereum alternative capable of faster transactions and higher scalability. An increasing number of dApps are launching on Solana, such as Raydium, Serum, and the popular stablecoins USD Coin (USDC). Additionally, Exodus, Ledger, Blockfolio, Phantom, and more crypto wallets are supporting Solana’s native token SOL.
After a year-to-date return of 2,200%, SOL now has a total market capitalization of more than $9.4 billion, according to CoinGecko. At the time of writing (22 Apr, 11:38AM, HKT) it is now trading at $35.84, up 8.2% over the previous 24 hours.