Crypto

PancakeSwap Liquidity On Aptos Briefly Overtakes Ethereum’s

PancakeSwap is one of the most prominent decentralized exchanges today. It is best known for its approach to trading on BNB Chain. However, the project notes a solid TVL influx, and assets on Aptors represent more value than its Ethereum counterpart.

PancakeSwap Liquidity On Aptos and Ethereum

It is good to see established decentralized exchanges gain more momentum. Following the recent FTX debacle, centralized trading platforms faced tremendous scrutiny. As a result, users must thoroughly explore the self-custody option and rely less on infrastructure by third parties. Thankfully, there are many different decentralized trading platforms out there. PancakeSwap is one of the most popular ones after Uniswap. 

Few people are aware that PancakeSwap is active on three networks today. Its core network remains BNB Chain, as expected. However, it also runs on Ethereum and Aptos. The decision to explore Aptos is remarkable as it is a relatively new network. Moreover, users weren’t too impressed with its initial throughput and unfulfilled promises, although it seems things have settled a bit. Always research projects before trusting them or putting money into them. 

On November 25th, the PancakeSwap TVL on Aptos surpassed that of Ethereum. However, it is a minimal difference, as Aptos represented $8.82 million compared to Ethereum’s $8.26 million. Today, Ethereum is back in the lead with $9.14 million versus $9.03 million. Nevertheless, it is interesting to see these networks “compete” for PancakeSwap TVL, despite their minimal contributions.

The popular DEX on BNB Chain has a Total Value locked of $4.58 billion, of which $4.56 billion is on BNB Chain. Although the DEX is now multi-chain, it seems unlikely Ethereum users will switch from Uniswap to PancakeSwap. Uniswap has more trading volume and revenue for liquidity providers, although a bit more competition is always beneficial. 

Overall Liquidity Surge

What is remarkable is this week’s 30.6% increase in overall PancakeSwap TVL. That comes after an overall dip to $3.48 billion in Total Value Locked a few days ago. A whale possibly pulled their liquidity and redeployed it, although other factors may be at play. Overall, interest in this DEX is growing, which benefits the crypto industry. Less reliance on centralized exchanges and unnecessary intermediaries is crucial. 

The growth of PancakeSwap’s TVL is contrary to Uniswap‘s developments. As a result, the leading Ethereum DEX saw its liquidity decrease by over 5.6% this week. Additionally, it is down by almost 16% for the month, whereas its BNB Chain-based counterpart gained over 8%. That may be due to BNB Chain assets appreciating more quickly during brief bullish spells this week. Even so, the DEX industry is growing, which matters most. 


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JP Buntinx

JP Buntinx has been writing about cryptocurrency since 2012. His interest in crypto, blockchain, fintech, and finance allows him to cover a broad range of different topics.

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