Another week and another one million unique active wallets interacting with smart contracts on PancakeSwap.
May was a huge month for PancakeSwap (CAKE), according to a recent market report from DappRadar. While Binance Smart Chain (BSC) led the charge for blockchains, with more than 417,000 unique active wallets at month’s end, PancakeSwap led the dApp list, averaging 350,000 daily active wallets.
As if that wasn’t good enough, PancakeSwap had a massive week, wherein it saw more than 1.1 million active wallets working with smart contracts. Within that seven days, PancakeSwap raked in more than $278 billion in volume, better than any competitor, at the same time.
The most notable names that they beat out were Uniswap (UNI) and Sushiswap (SUSHI), their biggest Ethereum (ETH)-based competitors. The high marks were not just a one-and-done for PancakeSwap, it merely capped off a hugely successful month for the Binance Smart Chain-based DEX. In May, PancakeSwap enjoyed more than 3.3 million unique active wallets interacting with smart contracts.
Possible reasons for the explosion
The growth of PancakeSwap is a testament to traders putting cheap and fast transactions as a priority, when working with cryptocurrencies. In fact, DeFi apps reportedly took over the BSC market in May and accounted for the most traffic overall. The strong month, especially the last week, helped push PancakeSwap to the top of the dApp rankings.
Another major factor to consider that is driving BSC and PancakeSwap’s numbers right now is the gas fees on Ethereum. Because of high congestion and usage, gas fees have jumped to as high as $280. While BSC finance dApps do have fees, they are far less than other platforms. The average fee for a BSC transaction is right around $0.50. That is a difference of 55,900% from $280.
Another lessor but still an important reason for the growth is the overall growth of the crypto world in general. Prices have been fluctuating a bit toward the negative side of things, in recent weeks, but the popularity of digital assets is still rising.
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.