Active users on PancakeSwap have risen to 1.7 Million in the last week compared to Uniswap’s 335kPancakeSwap users have exceeded Uniswap’s by a factor of 5x in the stated time periodThe rise of PancakeSwap is attributed to the low fees on the Binance Smart ChainAn average transaction on the Binance Smart Chain costs $0.50Daily transaction count and unique addresses on the BSC are at an all-time high
In the last week, the PancakeSwap DeFi protocol on the Binance Smart Chain experienced 1.7 million active wallets.
This is according to data shared by the team at DappRadar who also explained that the increment in active users has increased the number of transactions on PancakeSwap to over 11 million. In addition, transaction volume on PancakeSwap has exceeded $31 Billion.
PancakeSwap users have exceeded Uniswap’s by a factor of 5x
In the same time period, the number of active wallets on Uniswap has hit 335,000. This in turn means that the number of active wallets on PancakeSwap has exceeded those on Uniswap by a factor of 5x.
Low Gas Fees on the BSC are Attracting Users to PancakeSwap
The team at DappRadar went on to point out that the low gas fees on the Binance Smart Chain, is one reason users are flocking to PancakeSwap. The average transaction cost on the Binance Smart Chain is roughly $0.50. This is very low considering the fact that Ethereum has experienced gas fees as high as $280 as the value of ETH attempts to hit new highs.
On-Chain Metrics of the Binance Smart Chain Continue Rising
With respect to on-chain metrics, the Binance Smart Chain continues to break records this year. At the time of writing, the Binance Smart Chain has processed roughly 11.838 million transactions in the last 24 hours. This is the highest daily transaction count since the network was released in September of 2020. In addition, the blockchain has processed on average, 7 million transactions on a daily basis since the last week of April.
Unique addresses on the Binance Smart Chain have also hit a new peak value of 72.194 million as more users flock to the blockchain due to the lower gas fees when compared to Ethereum.