The value locked in the PancakeSwap protocol on the Binance Smart Chain (BSC) exceeded $4 billion.
T H A T
I S
A L O T pic.twitter.com/LkQbxN6DS4
— PancakeSwap 🥞 #BSC (@PancakeSwap) March 4, 2021
The leading decentralized Ethereum-based exchange Uniswap has a TVL of $3.73 billion at the time of writing.
PancakeSwap has risen to the TVL lead in the DeFi ecosystem on the Binance Smart Chain. For a long time the top spot was held by the lending project Venus.
Daily transaction volume on Binance Smart Chain has more than doubled Ethereum’s.
Дневное число транзакций в экосистеме Binance Smart Chain. Данные BscScan.
Динамика числа Ethereum-транзакций. Данные Etherscan.
The rapid growth of unique addresses also signals substantial activity in the new network.
Число уникальных адресов в экосистеме Binance Smart Chain. Данные BscScan.
A likely reason for Ethereum’s stagnation is demand for DeFi ecosystem applications from Binance and Huobi. Despite a low degree of decentralization, retail investors are attracted by fast transaction speeds and low fees.
The total TVL of applications on Huobi ECO Chain (Heco) reached $7.72 billion.
In this ecosystem, the leading uniswap/pancakeswap analogue on Heco is LAVAswap.
The consequences of costly transactions
The SushiSwap platform, which competes with Uniswap and is built on the AMM model, will launch on the Binance Smart Chain (BSC), Fantom, Polygon (formerly Matic), xDai Chain and Moonbeam Network. This was announced by its chief technology officer Joseph Delong.
Sushi is going multichain 🍣⛓
We have deployed the Sushi contracts to these networks
1. @FantomFDN
2. @0xPolygon
3. @xdaichain
4. @binance
5. @MoonbeamNetworkYou can access our a̵͚̙̭̟͓͛͑l̶̢̨͈̳̻̀̚p̸͕̭̰̜̐ͅh̶̪̰͚͕́̓̀́̄a̸̩̹̳̳͇̅̀ ̵͈̤̲͒͆̌ releasehttps://t.co/B9spJVXTay https://t.co/r0DtiywycS pic.twitter.com/5Pk5oEBAne
— Joseph Delong (@josephdelong) March 3, 2021
Previously, SushiSwap operated only on the Ethereum platform, for which the problem of scaling and high fees has long been characteristic.
In the coming weeks, the DeFi project Alpha Homora will also launch on Binance Smart Chain.
Excited to announce that Alpha Homora will be launching on #BinanceSmartChain in the coming weeks!
This allows a larger DeFi user base to earn high lending interest on BNB + take leveraged yield farming positions on @PancakeSwap. @cz_binance @binance https://t.co/HqXiD1N5L3
— Alpha Finance Lab (@AlphaFinanceLab) March 3, 2021
Earlier ForkLog reported that the AMM platform 1inch released a governance token on the Binance Smart Chain.
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