PancakeSwap is taking complete advantage of the reduced cost that is available on the Smart Chain of Binance in order to become 2nd in the rank of volume by DEX.
PancakeSwap (CAKE) has now emerged as the winner in the DeFi (decentralized finance) sector because it has recently spiked its price that has assisted the token with a food theme in becoming the very 1st billion dollar project for the Smart Chain on Binance.
PancakeSwap Is A Rising Star
According to the reports, the price of PancakeSwap has increased by almost 520% from the time that it has declined to a low of about $1.89 around the beginning of this month of February. This was due to the reason that the record high that was hit on 17th February was $11.12. This encouraged the market capitalization of CAKE to rise to more than $1 billion.
Since DeFi has increased in importance with a lot of leading projects at present which are functioning on the network of Ethereum, protocols which are based upon other networks including BSC are now witnessing a rise in the number of active users who want relief from the high transaction fees and delays in the confirmation times.
The bullish trend in the cryptocurrency market along with the quick expansion of decentralized finance indicates more spikes in the transactions for the involved blockchains. Although there is still no solution for the high costing transactions as of yet on the ETH and the ever-increasing number of projects placing themselves as a cheaper alternative, PancakeSwap will probably have a better upside possibility while the cryptocurrency market keeps on performing better in the mainstream market.
