PancakeSwap becomes the first billion-dollar project on Binance Smart Chain
- PancakeSwap has taken advantage of the Binance Smart Chain’s cheap prices
- It has become the second-ranked decentralized exchange by volume.
A new powerhouse has risen in the decentralized finance world. The recent spike in prices has aided in the token’s ascent and has become the first billion-dollar Binance Smart chain Project.
Analysis from Tradingview stated that CAKE’s price rose about 520% after it dipped back on February 3, reaching $1.89. It has a new record price of $11.12 on the 17th of February. For the first time in CAKE’s history, its total market cap has reached over $1 Billion.
An Increase in Binance Smart Chain Activities
The prominence of Decentralized Finance has continued to grow with most of the top projects active are executed on the Ethereum market. Binance Smart Chain has begun to see an increase in the activity of users who are looking for shelter from high costs of transactions and delays in the confirmation of transactions.
Binance Smart Chain Decreases Gas fee
The Binance Smart Chain community made a decision to decrease the gas fee to 10 Gwei. This is because there has been a rise in Binance Coin’s price. This price slash has encouraged its traders’ activities who are seeking transaction costs stability.
Defistation’s data showed that the PanCakeSwap’s value has steadily grown from $150 million back on January 23rd. It has grown to a whopping #2.477 billion as of February 17th, 20121. The increase in its values has increased its total value locked (TVL), in addition to new farming opportunities. The rate at which CAKE has been traded has made it the second-ranked Decentralized Exchange only behind Uniswap (UNI).
The crypto market’s bullish momentum and the quick expansion of the Decentralized finance sector have shown an increase in traders’ transactions on the blockchain platform. Traders are looking to alternatives like PancakeSwap, even as the crypto sector has continued to rise in popularity.