TL;DR Breakdown
- PancakeSwap transaction volume has surpassed that of Uniswap for two days in a row.
- The total number of transactions on BSC reached an ATH of nearly five million on Thursday.
The transaction volume on the Binance Smart Chain (BSC) decentralized exchange, PancakeSwap, has surpassed that of Uniswap, which is the largest DEX on the Ethereum blockchain. For two days now, the Binance Chain exchange has flipped Uniswap in transactions, indicating an increasing number of users currently trading/swapping coins on the platform.
It’s not surprising, since BSC projects are the go-to presently due to the spike in Ethereum transaction fees.
PancakeSwap hit $1 billion in trade volume
The BSC-based exchange closed over $1.1 billion in transactions on Thursday, while Uniswap recorded $963 million the same day, according to the data from DeBank. Today, PancakeSwap is still leading the path. It has currently seen about $465 million in trading volume from 79,914 trading users. However, Uniswap has seen about $285 million in today’s trading volume from 16,917 trading users.
The small number of users transacting on Uniswap is plausibly due to the expensive network fees plaguing Ethereum. However, the team at Uniswap is looking to address this issue via the upcoming iteration of the decentralized exchange, i.e., Uniswap V3. This next version of Uniswap will launch on Ethereum and Optimism, a layer two scaling solution for Ethereum, to allow faster and cheaper transactions.
“Will be interesting to see if/how quickly v3 + optimism changes that [the record today],” said Camila Russo, the founder of The Defiant.
BSC vs. Ethereum transaction
The overall transactions on Binance Smart Chain have been hitting the roof for the past months, surpassing that of Ethereum. On the 8th of April, BSC reached another all-time high (ATH) in total transactions – 4,995,155 transactions. Within the same period, Ethereum recorded 1.284 million transactions.
