Decentralized exchanges have continued to increase their market share, spurred on by high Ethereum gas prices, a rapid release of decentralized token sales, and layer two networks incentivizing developers to make their protocols accessible to users on different networks.
The latest findings by Covalent in Cointelegraph Consulting’s biweekly newsletter indicate that the top DEXs on Binance Smart Chain, Avalanche C-Chain, and Polygon (formerly Matic) began to rise in volume as Ethereum gas prices pushed higher.
PancakeSwap became the first DEX on BSC to breach the $1 billion mark in volume over a 24-hour period, despite entering February with only around $75 million per day. Pangolin on Avalanche C-Chain and Quickswap on Polygon also set new highs in 24-hour volume, with $35 million and $6 million respectively.
Taking a closer look at the state of gas fees on Ethereum, the average gas cost per transaction on Uniswap for the top 5 pairs throughout February was over $60. By comparison, Pancakeswap transactions averaged just $0.75. Looking at efficiency, the gas fee on Uniswap constituted an average of 0.52% of the transaction value, whereas Pancakeswap users onlyTitle: Cointelegraph Consulting: Who is winning the battle of the DEXs?
Sourced From: cointelegraph.com/news/cointelegraph-consulting-who-is-winning-the-battle-of-the-dexs
Published Date: Fri, 12 Mar 2021 14:14:00 +0000