DEXs are increasingly becoming popular among crypto enthusiasts, and with good reasons. These platforms make it easier for users to trade their digital assets, without losing control over their cryptos.
Tradingplatforms has compiled some data on the global decentralized exchanges. According to the findings, PancakeSwap V2 has the most monthly visits, reaching 27,371,296 in the last one month. The BSC-powered DEX also records one of the highest 24h trading volumes. At the time of writing, this figure stood at $534,841,302, accounting for 8.6% of the market share by volume.
When asked to comment on the findings, Edith Reads from tradingplatforms.com had this to say, “Many crypto enthusiasts will argue that Uniswap is the benchmark for decentralized exchanges, and they’d be right. However, PancakeSwap has proven to be a worthy competitor and is growing by leaps. A huge part of this growth is due to Uniswap’s shortcomings, scaling from Ethereum’s scalability issues. It’ll be interesting to watch how the space unfolds over the coming months, with the launch of ETH2.0”
Little known exchanges are also coming up and growing in popularity. DeFi Swap, which currently ranks 53rd in 24h trading volume, comes in second in total visits. The DEX recorded 22,047,882 visits, according to the compiled data.
PancakeSwap V2 and Defi Swap are the only DEXs on the list with over 20 million visits. Maiar comes in third with 8.5 million visits.
However, one of the most interesting things to note is that different versions of Uniswap dominate the list of the popular DEXs. The versions Optimis, Arbitrum One, Polygon, v2, and v3 occupy positions four through eight, with 6,984,420 visits. Trader Joe comes ninth while Binance DEX closes the list, with 6.4 million visits.
One of the things we need to point out is that Pancakeswap v2 holds the most trading pairs at 5432. Perhaps, this is one of the significant contributing factors to its popularity. Uniswap v2 and v3 also offer many trading pairs, at 2491 and 1700 pairs, respectively.
The debate between these two DEXs has been ongoing ever since PancakeSwap launched in September 2020. Uniswap is considered the mother of all decentralized exchanges. As such, PancakeSwap borrows many features from Uniswap’s AMM model, just as other DEXs do.
However, one of the most significant differences between the decentralized exchanges is the blockchain platforms they run on. Uniswap runs on Ethereum protocol, as opposed to PancakeSwap that run on BSC chain.
The rivalry between the DEXs largely stems from this difference in parent chains. Uniswap is liable to Ethereum’s scalability issues, which perhaps is the reason why many enthusiasts turn to PancakeSwap. However, since Ethereum is working on ETH2.0 to solve these issues, it remains to be seen how this upgrade will affect Uniswap and other DEXs built on Ethereum.
Edith is a finance expert who has been writing and trading for years. She's knowledgeable about stocks, cryptocurrencies, blockchain technology as well the latest fintech trends - all from an informed perspective that will help you make better decisions when it comes time to invest your money.
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