Journalist
Posted:
- PancakeSwap ranked second on zkSync and third on zkEVM when it comes to buying and selling quantity.
- CAKE was down by over 17% final month as metrics have been bearish.
During the last 4 months, PancakeSwap [CAKE] v3 has achieved fairly a number of milestones, making it the highest DEX on BNB Chain [BNB] in each buying and selling quantity and TVL. The DEX additionally secured high spots on different chains, comparable to Ethereum [ETH].
(1/8)🥞September simply started and we’re already excited to share our v3 progress: we have achieved a buying and selling quantity of $16B on v3 & our TVL has skyrocketed to $295M!
🥇We are the #1 DEX on BNB Chain in each buying and selling quantity & TVL
🎉Maintain #6 spot on Ethereum in buying and selling quantity & TVL👉 pic.twitter.com/SqlDIN8Drv— PancakeSwap🥞Everybody’s Favourite D3X (@PancakeSwap) September 4, 2023
Learn PancakeSwap’s [CAKE] Worth Prediction 2023-24
Although the previous couple of months have witnessed a number of launches amidst CAKE’s efforts to go multi-chain, buyers have been having a tough time at press time.
PancakeSwap’s DEX in overdrive
Over the previous months, PancakeSwap has expanded its attain to a number of L2s, together with zkSync Period and zkEVM, rating second and third respectively. The opposite L2s included Arbitrum [ARB] and Base.
One other main replace was the introduction of a revenue-sharing pool. The utility allowed fixed-term CAKE stakers to learn immediately from the expansion of PancakeSwap.
The DEX additionally unveiled a brand new proposal, which was underneath voting at press time. The proposal is geared toward including CAKE allocation to bootstrap Base liquidity.
For the uninitiated, PancakeSwap proposed to deploy new farms on Base to spice up liquidity and supply juicy APRs to liquidity suppliers. The proposal was submitted on 4 September, and, on the time of writing, greater than 97% of the voters have been in its favor.
📣 Proposal for Including CAKE Allocation to Bootstrap Base Liquidity 🔵
🐇 We suggest to deploy new Farms on Base to spice up the liquidity and supply juicy APRs to Liquidity suppliers.
⚡The kitchen is not going to improve emissions to allow these farms however draw from the “Multichain… pic.twitter.com/MmMpyZNIL3
— PancakeSwap🥞Everybody’s Favourite D3X (@PancakeSwap) September 4, 2023
CAKE buyers are apprehensive
Whereas loads was occurring when it comes to growth, CAKE buyers have been bearing losses. Based on CoinMarketCap, CAKE was down by greater than 17% within the final 30 days.
At press time, it was buying and selling at $1.23 with a market capitalization of over $265 million, making it the 102nd-largest crypto.
Supply: Santiment
A have a look at CAKE’s on-chain metrics make clear what went towards PancakeSwap within the final month. The token’s buying and selling quantity went up every time its worth dropped, which legitimized the plummets. Whale exercise throughout these durations was additionally excessive.
So, the probabilities of whales promoting off appeared seemingly.
Practical or not, right here’s CAKE’s market cap in BTC’s phrases
Damaging sentiment round PancakeSwap additionally spiked fairly a number of occasions final month. On the identical time, its community progress plunged, that means that fewer new addresses have been created to switch the token.
Nevertheless, it was attention-grabbing to notice that whereas PancakeSwap’s TVL rose on L2s, its total TVL sank sharply over the previous couple of months.
Supply: DeFiLlama
