Uniswap and PancakeSwap Lock Horns, Battling for #1 DEX Spot

The rivalry between the two top Automated Market Maker (AMM) and Decentralized Exchange (DEX) Uniswap and Pancakeswap is far from over. The flippening, subtle competition, and healthy rivalry are fun to see and learn from these two giants.

By
Wilfred Victor
on
May 2, 2021
Category:
BSC News

PancakeSwap Twitter Follows Flip Uniswap’s 

In cryptocurrency and blockchain, Twitter is an essential social media where the buzz, the activities, and the hype happens. The social media giant is so strategic that you will find virtually all blockchain and cryptocurrency projects own their official handles. The platform is so vital that projects that fail to have any kind of activity typically meet troubled waters caused by lack of presence/communication.

PancakeSwap Twitter Handle with over 500k Followers.


Uniswap Twitter Handle with 408.4k Followers.


The flippening of Uniswap’s followers by PancakeSwap is significant. It proves once again the strength of numbers of PancakeSwap users and confirms the daily volume flippening that has occurred in the past. 

PancakeSwap CoinmarketCap Data


It's still crucial to note that Uniswap’s daily volume outperforms PancakeSwap a majority of the time. Today, UniSwap has over 300m more volume than PCS according to CMC. On the other hand, PancakeSwap Total Value lock (TVL) beat Uniswap’s TVL with over $2 Billion according to Coin data platform CoinmarketCap. While it seems the flippening has occurred, the true flippening will be dictated by Market Cap. Currently, Uniswap still dominates the DEX market share with a market cap of over $22B. PCS is a bit behind but still boasts a market cap of $7B.


Why The Flippening?

PancakeSwap, a Binance Smart Chain (BSC) based platform, has grown significantly since its launch, flippening (outperforming) other DEX services within its chain and other chains. It has continued to enjoy these benefits due to strategic backing from Binance, the cheap gas fees, and fast transactions on the BSC network that has provided scalability for a lot of projects and has driven more growth into the BSC network.


BSC Daily Transaction Chart showing more than 8 million TXN per day


It is not far from the truth that PancakeSwap activities are responsible for the increasing Unique Address and Daily Transactions occurring on the BSC network flippening that of Ethereum.

Ethereum Daily Transaction Chart above 1.2M per day


To make things even more exciting, both prices sitting under $40 at the time of this report, both have made healthy attempts to break $43, a clear case of horn lock. The price of both platform tokens, $UNI and $CAKE crossing the $40 mark and both hitting their All-Time Highs (ATH) of $43 - incredible! 

CAKE Data, according to Coingecko, showing ATH at $43.96



UNI Data, according to Coingecko, showing ATH at $43.76


A Rising Star

PancakeSwap has shown a great fighting power. It continues to bring out exciting innovations within its range of services; recently, it released its prediction market, currently in the beta stage with high volume and increasing players.

PancakeSwap Prediction Market

Pancakeswap has continually ridden on the cheap fees, fast and scale transactions provided by the BSC network, a concept Ethereum and Eth based DApps like Uniswap are currently struggling with. 

The DeFi space is patiently waiting ETH network to successfully scale the platform with the integration of the Proof of Stake (POS) engine. This will reduce gas fees and speed up transactions, which will attract more daily usage. 


About Uniswap

Uniswap is the Eth-based AMM service currently on its V2 phase with a planned release of its V3 engine on May 5th. The platform is the biggest market in DeFi and its leads the ETH chain in volume and daily transactions.


Uniswap


With the release of the ETH 2.0, reduced fees and a scaled blockchain may cause it to get back to its domineering phase until then - the flippening continues!

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Wilfred Victor

Ace finds himself as a blockchain enthusiast who is focused on growing with the entire crypto sector. He is an energetic and passionate writer who believes that all things are achievable.