Pancakeswap overtakes Ethereum (ETH) as CAKE hits record levels
- PancakeSwap says the platform has drawn increased interest due to its strong community and friendly design.
- The exchange’s native token CAKE has also increased in value, hitting an all-time high of $28 recently.
- The retention rate has been very high for the decentralized exchange due to the focus on low transaction fees.
Decentralized exchange PancakeSwap has recorded more than 2 million transactions within 24 hours, which has surpassed Ethereum’s 1.55 million 24-hour transactions.
The exchange has been growing steadily in daily transaction counts as users from Uniswap (UNI) were drawn to its cheaper transaction fees.
CAKE hits all-time high
Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.
As it continues to grow, the success has spilled over to its native token CAKE, which has rallied by more than 30% over the past 24 hours. This has enabled the token to reach a new record price level of $28.47.
More interestingly, since the token was introduced in September last year, it has gained over 7600%, starting from a low of $0.36 to above $28. PancakeSwap operates on the Binance Smart Chain.
On a similar note, Binance Smart Chain reported more than 6 million transactions, as about 20 percent of those transactions were executed within the same 24-hour stretch.
Data from DappRadar shows that PancakeSwap, was the highest contributor, with Midex and Safemoon following in second and third respectively.
Focus on low transaction fees
PancakeSwap’s co-founder, Chef Hops, commented on the development, stating that the main reason for the platform’s recent success has been due to user retention.
He added that the platform’s community has been extensively supportive. Apart from that, the platform’s focus on a user-friendly system and low transaction fees have made it more attractive to users, Hops reiterated.
He said user retention has been very high, which is primarily because the platform’s low transaction fees make it difficult for users to move on.
The report also attributed the movement to an increase in Safemoon momentum, a BEP-20 token on PancakeSwap.
Safe moon has gained about 250,000 followers on Twitter in less than a month, making it the latest meme coin making noise on social media. Some have even labeled it the new DOGE, as its interest and price continue to surge.
When it comes to daily volume, only Mdex and Uniswap are ahead of PancakeSwap among all decentralized exchanges. It is the first billion-dollar project ever launched on the Binance Smart Chain.