Binance Smart Chain-based decentralized exchange (DEX) Pancakeswap has rapidly emerged as one of the top decentralized exchanges present in the DeFi market. It has taken place in the list of the world’s top-ranking DEXs after the daily trading volume on its trading platform spiked high to touch a record level.
Pancakeswap Is Now One Of The Most Used Decentralized Exchanges
Yesterday on the 15th of February, Pancakeswap saw its daily trading volume hit a new milestone. According to the data shared by the market’s service CoinGecko, the daily trading volume on the trading platform of Pancakeswap surpassed the figure of $400 million for the first time in its history.
This milestone has made Pancakeswap the second-biggest decentralized exchange in the world by trading volume. From now on, it will be considered as one of the best DEXs present out there.
More than 176 markets are currently there on Pancakeswap. The cryptocurrency exchange Binance’s issued Wrapped BNB is one of the top markets on Pancakeswap as it is traded the most. This market saw $81 million in volume traded during the last day. CAKE was the second-most traded market there on the platform of Pancakeswap, with more than $45 million in trading volume. Other smaller markets include Monster Slayer Cash, Burger Swap, and Birthday Cake. They contributed with smaller trading volumes.
Since the day it was established, it has grown up exponentially with various developments recorded by the defi protocol. According to the latest data, more than $1.7 billion worth of digital currencies is currently locked in this decentralized exchange. When this DEX was introduced, it was not a popular one, but now it has secured a great deal of fame.
CAKE’s Market Cap Climbs Above $800 Million
On the other hand, the native cryptocurrency of Pancakeswap CAKE is also showing a remarkable performance both in terms of market capitalization as well as in price value. CAKE has added more than $80 million in its market cap during the last 24 hours. According to the data from CoinMarketCap, CAKE’s market cap is currently holding at around $814 million.
The price value of CAKE is trading bullish at the moment. CAKE is changing hands at above $7 and is up by 1.63% during the past 24 hours.