Key Points:
- PancakeSwap’s transactions and volume skyrocketed due to a spike in activity on their network, which could translate to BNB’s social growth.
- Transactions on PancakeSwap increased by 210.96% over the last month, and the protocol’s volume surged by 188.94%.
- BNB’s social mentions grew by 233.2%, and social engagements increased by 513%, despite overall negative sentiment.
The interest in Binance Coin’s decentralized exchanges (DEXs) could have a positive impact on the growth of Binance Coin’s decentralized finance (DeFi) ecosystem.
However, since the beginning of 2023, the total value locked (TVL) on Binance Coin’s smart chain has been declining. According to data from DeFiLlama, the total value locked on Binance Coin’s smart chain was $4.65 billion.
If the DEXs on BNB continue to show improvements, this trend could reverse in the future. Furthermore, the spike in DEX volumes could be mainly attributed to popular dApps on the protocol, such as PancakeSwap and Thena.
An appetite for Pancakes
PancakeSwap is an automated market maker (AMM) that enables two tokens to be traded on the Binance Smart Chain.
According to DappRadar’s data, the number of transactions made on the PancakeSwap DEX increased by an astounding 210.96%, over the last month. This occurred due to a massive spike in activity on the PancakeSwap network. As a result, the protocol’s volume also surged by 188.94%.
The popularity of DEXs could also translate to BNB’s social growth. Lunar Crush’s data indicated that over the past month, the social mentions for BNB have grown by 233.2%. In tandem with the mentions, BNB’s social engagements increased by 513%.
However, regarding sentiment, the overall consensus on BNB across social platforms was negative. This was indicated by the declining weighted sentiment for BNB.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Coincu News
Source: https://news.coincu.com/187683-binance-coin-traders-rejoice-as-dex/