The last six weeks have really been good for PancakeSwap as it exhibited brilliant performance both in terms of price value as well as the decentralized exchange (DEX) trading volume. Both of these metrics went extremely bullish during this time period. According to the new data, the DEX volume of PancakeSwap grew by more than 350 percent within the duration of the past six weeks.
PankcakeSwap’s Daily DEX Volume Climbed Above $90 Million
After surging by over 350% within six weeks, PancakeSwap’s daily DEX trading volume surpassed the figure of $90 million. The growth in DEX volume also influenced PancakeSwap’s native cryptocurrency CAKE, which posted a huge rally on the board.
CAKE’s price value registered 444 percent gains during the last six weeks and was one of the top-performing assets in the past week. With the help of this rally, it reached its all-time high of $3.56 on the 8th of February.
It is currently trading in the bullish territory as the price value of CAKE is up 9.04 percent over the last day while trading at around the figure of $3.47 at the time of writing. The market value of CAKE is also boosting up. As per the data from CoinMarketCap (CMC), CAKE’s market capitalization is holding at around the $386 million mark and is continuously going up with an 11.07 percent increase over the last day.
The decentralized exchange PancakeSwap is a project from the world of decentralized finance (DeFi) and was launched in the month of September in 2020. It runs on the Smart Chain of the world’s largest cryptocurrency exchange by trading volume Binance. This is the reason its entire focus is on Binance Chain BEP20 tokens instead of letting its users trade ERC-721 and ERC-20 tokens.
This DEX utilizes the Automated Market Maker (AMM) protocol, which enables users to exchange tokens without having the need for any order books. It does not only perform its traditional functions but also offers its liquidity providers the service of staking as well. By staking tokens in staking pools, liquidity providers basically let the decentralized exchange run its AMM smart contracts. As a result of this, they are provided with a reward in FLIP tokens.