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The automated market maker and yield farm on Binance Smart Chain – PancakeSwap (CAKE) has seen some impressive growth as it reached $40.11 on Wednesday. Another trading facilitator of decentralized finance (DeFi) tokens that are UniSwap (UNI) is also experiencing the same, with the said service hitting $43.89 on the same day.
PanCakeSwap hitting those all-time highs
CoinDesk noted that PanCakeSwap – which Binance Smart Chain backs – has facilitated the influx of transactions within the Binance blockchain to up to five times that of the Ethereum (ETH) blockchain.
The publication went on to note that BlockTower Capital’s Head of Trading, Avi Sanyal said that new retail entrants might well seem to come in straight to PanCakeSwap via TrustWallet because of lower fees.
Let’s not forget about SushiSwap, a decentralized finance token that’s also doing pretty well as it got traded $ 14.19 (2.6 percent higher) at press time.
The website Benzinga, on the other hand, projected that if an investor bought $1,000 worth of BNB, would see his/her coins reach a value of over $13,000 as of April 20. This projection has been surpassed, though, as it grew over $15,000 as of press time.
Polygon taking advantage of Ethereum’s gas woes
It’s not just Uni and PanCake that are experiencing an upward trend. Since early this year, the number of transactions Polygon (MATIC) reached was ten times the usual, according to the blockchain data firm Nansen. Further, it was pointed out that Ethereum’s huge volume and transaction costs of its “Gas” are the main reasons as to why the two services are performing excellently as of late.
The native token BNB traded higher at 1.1 percent ($569.65). Meanwhile, as of press time, Ethereum almost reached its all-time high of $2,702.91 as it got traded at $2,689.57, which is 2.11 percent higher.
It’s not just Uni and PanCake that are experiencing an upward trend.
Since early this year, the number of transactions Polygon (MATIC) reached was ten times the usual, according to the blockchain data firm Nansen. Further, it was pointed out that Ethereum’s huge volume and transaction costs of its “Gas” are the main reasons why the two services are performing excellently as of late.
The native token BNB traded higher at 1.1 percent ($569.65). Meanwhile, as of press time, Ethereum almost reached its all-time high of $2,702.91 as it got traded at $2,689.57, which is 2.11 percent higher.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
