- PancakeSwap dominated Uniswap on BNB Chain by a huge margin.
- CAKE’s price action was bullish, but its on-chain performance did not correspond.
PancakeSwap [CAKE] has reached a remarkable milestone in terms of volume over the past few days. To be precise, PancakeSwap v3’s trading volume exceeded $12 billion across all chains. According to the network, this was an impressive milestone in its multichain endeavor.
?? GM!! v3 has reached a remarkable trading volume of $12.5B across all chains, marking an impressive milestone in our multichain endeavor ?
?? Dive into our robust insights at https://t.co/hVD4mSBUDC
?? As we continue to innovate and expand, we anticipate even more… pic.twitter.com/PfqJ4liO2b
— PancakeSwap?Ev3ryone's Favourite D3X (@PancakeSwap) July 31, 2023
Read PancakeSwap’s [CAKE] Price Prediction 2023-24
Apart from this achievement, the network also introduced a new revenue sharing pool, which can fuel further growth. While this happened, CAKE bulls entered the market as the token’s price surged considerably.
PancakeSwap’s trading volume is touching clouds
The overall growth in PancakeSwap v3’s trading volume looked promising for the network’s future. But the surprise was that v3 on zkSync Era’s trading volume crossed $10 million within just a few days of the launch. Its TVL also kept increasing, and at press time, the value stood at 1.01 million.
Source: PancakeSwap
Dune’s data revealed that, not only on zkSync, but v3’s performance on Ethereum [ETH] and BNB Chain [BNB] also remained commendable. For instance, the number of transactions remained high both on ETH and BNB.
However, it was interesting to note that despite a rise in transactions, v3’s volume registered a slight decline in volume on BNB Chain. PancakeSwap also dominated Uniswap [UNI] on BNB Chain. This was evident from PancakeSwap’s daily volume dominance on BNB Chain, which stayed above 95% for multiple weeks.
Source: Dune
In fact, things can now get even better as the network announced a new launch. PancakeSwap recently introduced its new revenue sharing pool. The utility allows Fixed-Term CAKE stakers to benefit directly from the growth and success of PancakeSwap.
As per the announcement, the Revenue Sharing Pool allows Fixed-Term CAKE stakers to share 5% of the revenues generated from all v3 trading pairs with 0.01% and 0.05% fee tiers. This new launch can attract new users onboard, which can help further increase v3’s volume and user base in the days to come.
?Introducing Revenue Sharing Pool: Earn real yield from PancakeSwap’s v3 Trading Fee Revenues!
?Fixed-Term CAKE stakers now get to share in the growth and success of PancakeSwap directly. https://t.co/2MEbNE4hgR pic.twitter.com/b3BDgPiWXw
— PancakeSwap?Ev3ryone's Favourite D3X (@PancakeSwap) July 31, 2023
CAKE’s reaction is catching the eyes of many
While these developments took place, CAKE’s price gained an upward momentum. As per CoinMarketCap, CAKE’s value increased by more than 3% and 4% in the last 24 hours and past week, respectively. At press time, it was trading at $1.55 with a market capitalization of over $328 million.
Realistic or not, here’s CAKE market cap in BTC‘s terms
The good news was that the price hike was accompanied by an over 500% increase in trading volume. However, though the price action was bullish, CAKE’s on-chain performance painted a different picture.
Positive sentiment around the token declined, which seemed odd. On top of that, CAKE witnessed a massive drop in its MVRV Ratio, which was a bearish signal.
Source: Santiment
