PancakeSwap (CAKE) cryptocurrency, which backs the namesake decentralized exchange (DEX), has surged 44% over 24 hours to press time at $11.77 on Thursday.
The surge comes as the DEX sees a significant surge in trading volume — standing at $1.06 billion over 24 hours at press time — as per CoinGecko data.
PancakeSwap (CAKE) stands second among all DEX projects at the moment, with a market share of 23.4%, as per CoinGecko. Uniswap (UNI) has the highest market share at 30.1%.
The total value locked in the DeFi project has risen to $2.728 billion, as per its website.
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PancakeSwap, a project run by an anonymous team, is based on the Binance Smart Chain (BSC).
Binance Coin (BNB), the cryptocurrency of the Binance ecosystem, also traded 45.7% higher over 24 hours to $190.07.
The majority of the DeFi projects are based on the Ethereum (ETH) blockchain and the rising transaction costs coupled with delayed confirms times could be forcing a move to the BNC network, Cointelegraph noted earlier.
BNC community's decision to lower the gas fee on the network from 15 Gwei to 10 Gwei could also be a major factor.
Binance in a tweet noted the sudden spike in daily transactions on the chain, meanwhile, CEO Changpeng Zhao suggests he is clueless on the sudden surge.
Venus (XVS), another DeFi project based on BNC, is up 36.3% at $68.34.
PancakeSwap has posted 1786.22% year-to-date gains as of press time. Binance Coin is now the fourth-largest cryptocurrency in the world, next to Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).
Bitcoin traded 1.4% higher at $51,821 at press time.
Read Next: Robinhood To Let Users Deposit, Withdraw Dogecoin And Other Cryptos: What That Means For Investors
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