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    Home » Crypto News » DEX Battle Heats up as PancakeSwap TVL Catches Uniswap

    DEX Battle Heats up as PancakeSwap TVL Catches Uniswap

    Author: Martin Young

    Last Updated Nov 23, 2021 @ 11:01

    The battle for decentralized exchange supremacy is heating up as the Binance Smart Chain powered PancakeSwap exchange has finally caught up with Uniswap.

    According to data from DappRadar, and the platform itself, the total value locked for the DeFi DEX PancakeSwap has reached $5.5 billion in BNB equivalent.

    The platform tweeted the milestone all-time high over the weekend, adding that it includes all liquidity pools combined.

    TVL figures vary depending on the data provider, but most are in agreement that PancakeSwap has finally caught up with the world’s most popular decentralized exchange, Uniswap.

    That’s a lot. pic.twitter.com/qosKEA0ahg

    — PancakeSwap 🥞 #BSC (@PancakeSwap) March 27, 2021

    SushiSwap Sliding

    DappRadar is currently listing a $5.4 billion TVL figure for Uniswap, whereas DeFiPulse, which only tracks Ethereum based DeFi protocols, reports a collateral figure of $4.1 billion for the automated market maker.

    SushiSwap, meanwhile, is also losing ground to the BSC-based PancakeSwap exchange. Both DeFi analytics providers are reporting around $4 billion in TVL for SushiSwap.

    ADVERTISEMENT

    Researchers at The Block have noted that SushiSwap’s trade volume peaked at 73.3% of Uniswap’s in early January but has declined to just 13.6% today.

    SushiSwap daily trade volume peaked at 73.3% of Uniswap in early January.

    Today, it has declined to just 13.6%. pic.twitter.com/PXoz0FZBvC

    — honkasalo (@mhonkasalo) March 28, 2021

    In terms of daily volumes, PancakeSwap leads with $612 million, Uniswap has $553 million over the past 24 hours, while SushiSwap trails the two with just $154 million, according to DappRadar.

    Both Ethereum based decentralized exchanges have lost ground to PancakeSwap for one reason alone – exorbitant transaction fees.

    While gas prices have fallen back from their sky-high levels in late February, they are still too high for the average user. According to Bitinfocharts.com, the average transaction price has fallen back to around $13.45, but this is just an average.

    Complex operations such as smart contract swaps or liquidity provision on Uniswap can cost as much as $30, according to Etherscan. Binance Smart Chain transactions cost a fraction of this, which is why it has grown in popularity despite the concept that many of the obscure tokens listed on PancakeSwap are not really serving a purpose aside from liquidity generation.

    DEX Token Price Update

    The native CAKE token has made over 2,500% since the beginning of this year, though it is trading down around 8% on the day at the time of press at $16.78. CAKE hit an all-time high of just under $20 on Feb. 20 and was close to reaching those levels again over the weekend.

    UNI prices, meanwhile, are also down on the day, dropping 2% to $28. The DEX token has also fallen heavily over the past seven days shedding 15% as crypto markets corrected.

    Joining the top two, SUSHI has also lost with a 6% slide dropping prices to $15.35. SUSHI has lost 19% since the same time last week.

    This article was first published on: Mar 29, 2021

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    You Might Also Like:

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      AAVE Enables Uniswap and Balancer LP Tokens for Collateral
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      The Battle of The DEX Heats up as Uniswap (UNI) Hits All-Time High
    Tags: DeFi PancakeSwap SushiSwap Uniswap
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    About The Author

    Martin J. Young
    More posts by this author

    Martin has been writing on cybersecurity and infotech for over two decades. He has previous trading experience and has been covering developments in the blockchain and cryptocurrency industry since 2017. Contact Martin: LinkedIn

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