Automated Market Maker PancakeSwap (CAKE) hit an all-time high of $40.11 minutes before press time on Wednesday night.
CAKE was trading 10.35% higher at $39.35 at press time. PancakeSwap has spiked 50.52% on a seven-day trailing basis and hit an all-time high.
CAKE and UNI have surged 6,208.11% and 717.98% since the beginning of the year.
SushiSwap (SUSHI), another DeFi coin, traded 2.6% higher at $14.19 at press time.
Binance Smart Chain-backed PanCakeSwap has helped bring the number of transactions Binance’s smart-contract blockchain to five times those on the Ethereum (ETH) blockchain, according to CoinDesk.
Binance Smart Chain (BSC) is a blockchain network designed for running smart contract-based applications. BSC runs in parallel with Binance’s native Binance Chain (BC), which enables its users to get the best of both sectors: the high transaction capacity of BC and the smart contract functionality of BSC.
Additionally, Binance Smart Chain also implements the Ethereum Virtual Machine (EVM), which allows it to run Ethereum-based applications like MetaMask.
The platform aims to allow developers to build decentralized applications (DApps) and help users manage their digital assets cross-chain with low latency and large capacity.
“New retail entrants are seemingly coming in straight to BSC/PancakeSwap through TrustWallet due to low fees,” according to Avi Sanyal, head of trading at BlockTower Capital, reported CoinDesk.
Polygon (MATIC) too has witnessed ten a 10x rise in the number of transactions since the beginning of the year according to Alex Svanevik, CEO of Nansen, a blockchain data firm, as per a separate report.
Both CAKE And MATIC have benefitted due to high congestion and resulting steep transaction costs on Ethereum (ETH) — referred to as “Gas.”
ETH traded 2.11% higher at $2,689.57 at press time, a level near its all-time high too. Binance ecosystem’s native token BNB traded 1.1% higher at $569.65.