The Binance Smart Chain powered DEX has surged in popularity in recent months as DeFi newbies flock to the platform to avoid paying heavy gas fees on Ethereum.
Figures from on-chain data providers indicate that the record figures for BSC and PancakeSwap have indeed surpassed that of the Ethereum network, despite its record price high of $3,100 today.
PancakeSwap’s analytics dashboard does not appear to be updating TVL and volume figures, but its daily transaction count is currently a whopping 1.93 million.
Binance CEO Changpeng Zhao never misses an opportunity to plug the exchange-based ecosystem and bash its rivals.
— CZ ? Binance (@cz_binance) May 2, 2021
His ETH bashing continued on May 2 with these comments:
“Eth is the ultimate utopian destination of decentralization, for the rich guys who can afford it. BSC enables freedom of access to DeFi and is inclusive of the regular people, like you and me.”
Making billions in profit from transaction fees on a centralized exchange hardly puts CZ into the “regular people” category; however, the DeFi minnows have been flocking to the platform.
Record Transactions on BSC DEX
Bscan is a more reliable measure of metrics on the Binance Smart Chain ecosystem, and since PancakeSwap is the largest platform by far, it lends to the accuracy of those numbers.
The platform is currently reporting 8.47 million daily transactions for the BSC network. Ethereum’s equivalent, Etherscan, reports 1.42 million daily transactions. It reported the highest number of Ethereum transactions as 1.57 million on Thursday, April 22. BSC’s topped a record 9.1 million on April 21.
In terms of TVL, PancakeSwap currently has $10.4 billion, according to the Binance owned Coinmarketcap. In mid-April, it caught up with industry leader Uniswap and has now surpassed it as Dappradar reports a TVL of $9.3 billion for the Ethereum based DEX.
CAKE Prices Are Cooking
All of this activity and yield farming have pushed the native CAKE token higher over the past week. Today it is up another 5% to trade at $40.36.
According to CoinGecko, CAKE hit an all-time high of just under $44 on April 30. So far this year, the DEX token has surged a whopping 6,400% to current levels.
BNB hit a weekend ATH of $638 but has retreated a little today to current prices around $634, a gain of 25% over the past seven days. Ethereum is not getting left behind, though, topping $3,100 for its own ATH during Monday morning’s Asian trading session.