- PancakeSwap vastly outperformed Uniswap in terms of web traffic.
- The DEX went live on Arbitrum One, but the price of CAKE was impacted by the bears.
Pancake Swap [CAKE] caught up Uniswap [UNI] in terms of web activity by a huge margin over the last 30 days. A factor behind this achievement could be CAKE’s efforts to go multichain.
Read Pancake Swap [CAKE] Price prediction 2023-24
With recent launches on zkSync Era and zkEVM, PancakeSwap has upped its game by expanding its ecosystem. The growth trajectory may rise even further with the latest DEX launch arbitration [ARB] A. However, the growth of the DEX’s ecosystem has not positively impacted the token’s price.
PancakeSwap outperforms Uniswap
CryptoDiffer, a popular Twitter handle that posts updates related to cryptos, revealed that CAKE’s web traffic was almost 4 million more than Uniswap’s in the month of July 2023.
Not only that, but PancakeSwap also dominated Uniswap BNB chain [BNB]. This was constituted from CAKE‘s daily volume dominance, which consistently remained above 90%.
Source: Dune
PancakeSwap’s multichain efforts are commendable
In the recent past, PancakeSwap has dramatically increased its efforts to go multichain. Not to mention, the DEX has gone live on zkSync Era and zkEVM in recent weeks. Just a few weeks after its launch, PancakeSwap v3 trading volume on zkEVM even reached the $10 million mark.
In addition, the TVL is also up more than 8% in the last 24 hours.
🎉Polygon zkEVM’s trading volume on PancakeSwap v3 has reached $10M!
🥞Join now: https://t.co/F7SERgzZa4
🗺️Don’t forget that our Polygon zkEVM Galxe campaign is on and going well. Complete all the tasks and aim for the first place on the leaderboard! 🏆: https://t.co/wqziQLn6ga pic.twitter.com/NH8nA2nAO7
— PancakeSwap🥞Everyone’s favorite D3X (@PancakeSwap) August 10, 2023
There was more good news for PancakeSwap as it recently went live on Arbitrum One. According to the official announcement, this launch will allow users to experience the utmost user-friendliness and the lowest rates in the industry on the Arbitrum network.
🐰💙 PancakeSwap expands to @Arbitrum One, which gives you the most user-friendly and cost-effective DeFi platform.
⚡️Get ready to experience the ultimate DeFi experience with seamless swaps, liquidity provisioning, and upcoming farms and IFOs.
📚 Read more: https://t.co/XUFMBJTKuT pic.twitter.com/WVLlP1qIDt
— PancakeSwap🥞Everyone’s favorite D3X (@PancakeSwap) August 10, 2023
Users can select the price that best suits their preferences and select pools of liquidity from a multi-tiered fee structure with fees ranging from 0.01% to 1%. The DEX also listed the reasons for choosing Arbitrum, such as the potential for mass adoption, scalability, and efficiency.
Given the rising popularity of PancakeSwap, the latest launch may spur further adoption and use of the DEX in the coming months.
CAKE is not affected
While the DEX continued to expand its ecosystem, its native token, CAKE, still struggled to drive its price higher. According to CoinMarketCapthe price of CAKE is down more than 3% in the past seven days.
At the time of writing, it was trading at $1.47 with a market cap of over $312 million.
How many Worth 1,10,100 CAKEs today?
Despite the downward trend, investor confidence in CAKE remained high, as evidenced by the slight increase in the total number of holders. The recent launches have also helped CAKE remain a topic of discussion, increasing the social volume.
In addition, whale activity around the token remained high.
Source: Sentiment