Pancakeswap recorded a milestone last week with over 1.1 million active addresses. The increasing activity on the Dapp protocol soared last month but continues to persist in a new month.
The reported active addresses on the protocol involve interaction with smart contracts. The total volume incurred from the transactions is well over $278 billion. With this report, Pancakeswap leads other Dapps in volume and activity.
Activity on the Binance Smartchain (BSC) made it settle as the leading blockchain. Over 417,000 addresses were active on the BSC blockchain in the past week. PancakeSwap saw over 350,000 daily active addresses on its protocol.
In May, Pancakeswap cruised with over 3.3 million active addresses interacting with smart contracts. The activity on the Dapp platform according to metrics has surpassed that of their competitors. Uniswap (UNI) and Sushiswap (SUSHI) are some of the ETH-based protocols Pancakeswap topped.
The Reasons for the Activity Surge on Pancakeswap
The increasing momentum in transactional volume on the Pancakeswap protocol is ranking up with Kucoin and some other exchanges. PancakeSwap, being a Binance DEX, hasn’t failed to attract more attention to itself daily. More traders are seeing the platform as indispensable.
Because the platform is dedicated to less expensive and more efficient transactions, its use case becomes obvious. DeFi programs on the BSC network saw surging traffic in May. PancakeSwap leads other DeFi projects in the run so far.
Another explainable factor for the rise lies in the issues with ETH transaction fees. The Ethereum blockchain is a popular protocol as well, the major downturn, however, is the increasing cost of its gas fees. ETH gas fees cost as much as $280 in comparison with its BSC counterpart $0.50 per transaction.
The general growth of the crypto market and the surging interest in DeFi applications cannot be overlooked as well.