PancakeSwap Becomes First Billion Dollar Binance Smart Chain Project

PancakeSwap Becomes First Billion Dollar Binance Smart Chain Project

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Food-themed token PancakeSwap (CAKE) has stood out as a rising star in the decentralized finance (DeFi) sector with its recent price hike, which helped it become the first billion-dollar project in Binance Smart chain (BSc). Data from Cointelegraph Markets and TradingView show the CAKE price has increased its value 520 per cent since falling to $ 1.89 on February 3 before hitting an all-time high of $ 11.12 on February 17. With this increase, the project's market value rose above $ 1 billion for the first time.

The DeFi ecosystem already stands out for the majority of the best projects running on the Ethereum network, but DeFi protocols based on other networks, such as BSC, are facing demand from users who want to escape high transaction fees and low transaction speeds. When it comes to transaction fees, the BSc community's decision to reduce the gas fee from 15 Gwei to 10 gwei in response to the increase in the price of Binance Coin (BNB) has been encouraging for traders looking for more stability in transaction fees.

According to data provided by defistation, the total value locked in the Pankkakeswap protocol triggered a rapid increase in the total value locked (TVL) with the addition of new farming opportunities as well as increasing the value of the token, and the locked value rose from $ 150 million on January 23 to $ 2.477 billion on February 17. Trading volume on the platform has also seen a steady increase in recent weeks, with data showing that cake is DEX in second place behind Uniswap (UNI) in terms of trading volume.

The upward trend in the cryptocurrency market and the rapid growth of Defi indicate a further increase in network transactions for related blockchains. Projects that position themselves as alternatives that offer cheaper transaction fees, such as PancakeSwap in exchange for high transaction fees at Ethereum, will probably continue to stand out with even more potential as the cryptocurrency sector continues to grow.

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