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.
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.
My thoughts too...— CZ Binance (@cz_binance) February 18, 2021
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.
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