PanCakeSwap, the leading decentralized exchange (DEX) on the Binance Smart Chain (BSC), is growing at more than 2 million active wallets per month.
Following this massive growth, there is now just over $6 billion locked in its smart contracts, a demonstration of the protocol’s impressive and rapid success.
The success of the protocol is further demonstrated when you consider that in the last 7 days, it has attracted 916, 320 unique active wallets with a total transaction volume of $11.45 billion.
As a result, the top 7 dapps by active users are now dominated by BSC with just one, UniSwap V3, being the only Ethereum dapp among the top ranks.
PanCakeSwap has blown its competition out of the water with its closest rival, UniSwap, racking up just a quarter of its active users at 10%.
While Ethereum DEXs continue to dominate in terms of value flow, its a matter of time before this flips at the current growth rate.
The fact that users are now willing to explore dapps outside the Ethereum network demonstrates the importance of having a great user experience while serving the needs at a good value.