PancakeSwap now accounts for more than 50% of TVL on the growing Aptos chain, reflecting its status as the dominant DEX on the BNB chain.
PancakeSwap is clearly the top DeFi dapp on Aptos, BNB chain
The chefs have done it again. PancakeSwap has broken the 50% barrier in terms of Total Value Locked (TVL) on the Aptos blockchain, meaning that the majority of decentralized finance (DeFi) is on the platform.
PancakeSwap is not only the dominant Decentralized Exchange (DEX) on both the BNB chain and Aptos, but it is head and shoulders above the competing DeFi Decentralized Applications (Dapps) on these chains. The DEX celebrated their Aptos success with a celebratory tweet.
According to DefiLlama, PancakeSwap has captured 53% of TVL on Aptos and 44% on BNB Chain — with those numbers increasing when you exclude liquid staking numbers.
The DEX has $29.5 million in TVL on Aptos and $2.3 billion on BNB Chain — almost triple the TVL amount of the next-ranked dapp in each case.
While overall TVL on the BNB chain has essentially flattened since the summer of 2022, TVL on Aptos has steadily increased since the chain launched in October.
However, PancakeSwap is still taking tiny bits of the biggest flapjack of them all, Ethereum, at $12.6 million out of the chain’s total TVL of $48.7 billion (roughly 2.5%).
Like a prison cafeteria, major DEXs are eyeing their rivals’ platters on other blockchains, with Ethereum’s UniSwap considering taking a bite off the BNB chain and Avalanche’s Trader Joe a “table for two” of the BNB chain for its DEX and NFT Marketplace has reserved.
What is PancakeSwap:
PancakeSwap is a decentralized exchange (DEX) built on top of the BNB chain. It offers users various features like Liquidity Pools, Swaps, Yield Farming, Syrup Pools, Automated Market Maker, Initial Farm Offering (IFO), NFT Profile System and many others.
Additionally, the protocol helps users get the most out of their crypto assets by trading, earning through yield farming, and winning through lottery, prediction, and NFT collectibles. With the highest trading volume in the market, PancakeSwap is the leading DEX on the BNB chain.
Where to find PancakeSwap:
Website | Twitter | Medium | GitHub
What is Aptos:
Aptos is a new, independent project focused on providing the world’s most secure and production-ready Layer 1 blockchain. The team consists of the original creators, researchers, designers and builders of Diem, the blockchain first built for this purpose.
Where to find Aptos Labs:
Website | Twitter | Telegram | Medium | discord |
What is the BNB chain:
BNB Chain, formerly known as Binance Smart Chain (BSC), is a community-driven, decentralized, and censorship-resistant blockchain powered by Binance. It consists of BNB Beacon Chain and BNB Smart Chain, which are EVM compatible and enable a multi-chain ecosystem. Through the concept of MetaFI, BNB Chain aims to build the infrastructure to operate the world’s parallel virtual ecosystem.
You can find out more about the BNB chain here:
Website | Twitter | discord | Telegram | GitHub |
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.