PancakeSwap V2 has emerged as the top decentralized application (dApp) on the BNB Chain, boasting an impressive weekly trading volume of 6.1 billion dollars. This data was revealed in a recent analysis by Phoenix, which highlighted PancakeSwap V2 as the leading dApp on the BNB Chain.
In addition to PancakeSwap V2’s stellar performance, Version 3 of the popular decentralized exchange also showcased strong numbers with a weekly trading volume of 2.63 billion dollars. Jumper Exchange rounded out the top three dApps on the BNB Chain with a weekly volume of 482.46 million dollars.
Other notable dApps on the BNB Chain with substantial trading volumes include Venus Protocol, 0x, and 1inch. Venus Protocol recorded a weekly trading volume of 459.26 million dollars, while 0x and 1inch reported volumes of 169.26 million dollars and 103.51 million dollars, respectively.
On DefiLama, PancakeSwap maintains its position as the leading DEX on the BNB Chain with a Total Value Locked (TVL) of 1.58 billion dollars. Meanwhile, Uniswap and DODO lag behind with TVLs of 29.79 million dollars and 10.64 million dollars, respectively. Despite having lower TVLs, DODO managed to surpass Uniswap in terms of weekly trading volumes.
However, there is a concerning trend of declining weekly trading volumes among the top DEXs on the BNB Chain. PancakeSwap, Uniswap, and DODO all experienced decreases in their weekly trading volumes, with PancakeSwap leading the pack with a decline of -25.28%.
In terms of BNB’s price, the cryptocurrency has seen fluctuations in line with the broader market trends. At the time of writing, BNB is valued at $565, representing a 3% decrease in the last 24 hours. Despite this recent dip, BNB has shown resilience over the past few months, with a price range of $260 in January to a high of $700 in June.
Overall, PancakeSwap’s dominance in the dApp space on the BNB Chain and the fluctuating price of BNB reflect the dynamic nature of the cryptocurrency market. Investors and traders will need to monitor these trends closely to make informed decisions in this ever-evolving landscape.