- The 24-hour transaction count on PancakeSwap (CAKE) has hit 1.733 million
- This amount has exceeded Ethereum’s at 1.427 million in the same time period
- Total value locked on PancakeSwap continues to hover around $10 Billion
- CAKE is now valued at $40, increasing by 80x since October
The DeFi platform of PancakeSwap (CAKE) has reached a new milestone in terms of daily transaction count. At the time of writing, PancakeSwap has handled 1,733,484 transactions in the last 24-hour period. The DeFi platform has also experienced a 24-hour trade volume of $1.7 billion with approximately $9.86 Billion in total value locked.
PancakeSwap Daily Transaction Count Exceeds that of Ethereum
To note is that PancakeSwap is built on the Binance Smart Chain. Therefore, the impressive daily transaction count on PancakeSwap caught the attention of CZ who also highlighted that the protocol had exceeded Ethereum’s daily transaction count that currently stands at 1.427 million.
CZ shared this milestone of PancakeSwap via the following tweet.
BSC Enables Freedom of Acces to DeFi – CZ
In an earlier Twitter commentary, CZ explained that Ethereum was becoming too expensive for regular users. As a result, the Binance Smart Chain has now become the home to regular people ‘like you and me’. His exact statement can be found in the following tweet that takes a direct shot at Ethereum’s current issue of high fees.
CAKE’s Value Has Increased by 80x Since October
PancakeSwap was launched on the Binance Smart Chain in September of 2020. According to Coinmarketcap, its native token of CAKE was trading around the $0.50 value for the better part of September and October. At the time of writing, CAKE is trading at $40 after hitting an all-time high of $44.18 on Friday, April 30th.
Doing the math, CAKE has increased by a factor of 80x from October to date, and by a factor of 88.36x to its recent all-time high. The parabolic rise of PancakeSwap (CAKE) is best visualized by the following chart courtesy of Coinmarketcap.