PancakeSwap crosses 310 Billion USD in Global Trades
Hello Readers,
I hope all of you are doing well in life and surfing through the waves of this wild crypto ocean to reach your glory. The realm of cryptocurrency is was bigger than we generally think, not only holding or trading digital tokens, but we can also invest them through smart contracts to fuel digital projects and can also earn more crypto out of it. In today’s post, I am going to shed some light upon such a project in crypto that is very popular with a pretty large global active User base and investors, and yes I am talking about Pancakeswap. So if you are interested to know about this project and its latest achievements, then let us take a dive without any further ado.
What Is PancakeSwap?
Pancakeswap is a digital crypto hub where we can trade and earn Crypto tokens and can explore the world of cryptocurrency without the need to create an verified account or to provide any personal information. Welcome to the awesome Defi project called PancakeSwap, a decentralized exchange (DEX) that makes all this possible and open a gateway for a lot of tokens of different chains. If you are curious about crypto or already investing in decentralized finance (DeFi), I guess many of you have used pancakeswap at least once, if not, PancakeSwap is worth exploring I would say.
PancakeSwap is a digital cryptocurrency platform which is built on the Binance Smart Chain (BSC). This platform allows users to trade BEP-20 tokens and unlike traditional exchanges, PancakeSwap does not depends on a middleman. Instead, it uses crypto liquidity pools to auto perform a transaction and converting of assets. Just think of them as digital pools of different cryptocurrencies to enable trading among users where they can perform trades or swap tokens. This decentralisation and simplicity while leveraging the blockchain security ensures privacy, faster transactions, and lower fees as well.
Why PancakeSwap?
Low Fees and Speed - Performing trades on PancakeSwap is comparatively faster and cheaper than many other platforms or DEXs, thanks to its use of automated market maker (AMM) technology.
Wide Range of Activities - PancakeSwap is not just for trading. Users can Stake CAKE Tokens (Earn rewards by staking CAKE in Syrup Pools), invest in Yield Farms (Stake liquidity provider (LP) tokens to earn even more CAKE) or can also participate in Liquidity Pools (Users can earn trading fees by adding tokens to pools).
Fun Extras - Beyond many active trading and earning opportunities, PancakeSwap also offers some other unique features like NFT Marketplace (Here users can buy, Trade and/or sell NFT tokens or digital collectibles), Lottery (Users can win prizes using CAKE tokens to buy tickets) and Prediction Games (Users can play and Guess price movements of tokens to earn rewards).
PancakeSwap’s 2024 Milestones
PancakeSwap performed really well throughout this year and had a record-breaking 2024, reflecting its growing popularity in the crypto world.
Global Trading Volume - The Pancakeswap platform saw over a whooping 310 billion USD traded across nine blockchains, an exponential 179% increase from the last year, 2023.
Daily Trading Record - On December 16, 2024 during the crypto bull-run, PancakeSwap’s single-day trading volume reached an incredible 3.47 billion USD which is definitely a milestone for this platform and verifies its authenticity in crypto realm.
Total Value Locked - The total value of assets locked in PancakeSwap platform has hit a whopping 2.17 billion USD as per recent data.
Unique Traders - More than 14.3 million unique traders used the platform till now and expanding. Even I have also used this platform for sometime in past.
Huge Token Burn - The native token pf this platform is called CAKE. This token plays a vital role in PancakeSwap’s ecosystem. In 2024 alone, 455.5 million CAKE tokens were burned, thus permanently removing 1.37% of the total CAKE supply to support its long term price growth and enhance scarcity.
Innovations in 2024
PancakeSwap has introduced several exciting updates in 2024, such as -
Zero-Fee & Gas-less Swaps - Enabling more and efficient trades on platform, also makes it cost-effective.
AI Predictions Market - This platform let’s the users make price predictions on Arbitrum and maybe more coin joining the list in future.
Telegram Swap & Prediction Bot - Cross platform activity and also simplifying trading and predictions.
PancakeSwap Vs. Others
PancakeSwap often gets compared to Uniswap, which is another leading DEX on crypto world. While Uniswap operates on the Ethereum chain, PancakeSwap focuses on Binance Smart Chain makes it cheaper and also ideal for those already using BEP-20 tokens. Anyways, I think PancakeSwap is more than just a trading platform, it is a nice place to interact with the world of DeFi. So, whether you are old crypto trader or investor or a beginner looking to explore Defi, PancakeSwap offers opportunities to grow your portfolio while having fun doing it.
Nothing I say in this post is a financial advice, Please DYOR before investing in crypto.
Information source
I hope you liked reading my post about pancakeswap and its recent activities and achievements. Let me know if you have used Pancakeswap and if yes, then your experience using it. That’s it for today and I will be seeing you all in my next post.
Posted Using InLeo Alpha
I hope $LEO can get listed in Pancakeswap 😀
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Credit: reddit
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