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PancakeSwap’s attempt to flip Uniswap’s TVL thwarted for now

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PancakeSwap’s attempt to flip Uniswap’s TVL thwarted for now

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  • PancakeSwap enhances its strategy for its next attempt at surpassing Uniswap’s TVL.
  • The latest transaction volume data reveals a win for PancakeSwap.

PancakeSwap and Uniswap have been locked in a battle of the DEXes for some time but the latter has been winning. There have been instances where PancakeSwap almost took the lead and recent observations suggest that it might flip Uniswap soon.

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PancakeSwap’s latest attempt at surpassing Uniswap in total value locked (TVL) was almost victorious. The win was snatched away by the SEC’s recent BUSD ban.

Despite this minor setback, the DEX has been implementing strategic growth measures that may soon allow it to surpass Uniswap. For example, Pancakeswap is now available on multiple blockchain networks including Aptos and Ethereum.

The multichain approach may allow Pancakeswap to access more liquidity. For reference, the DEX’s latest TVL figure came in at $2.31 billion. Most of it was courtesy of the Binance Smart Chain, while Ethereum and Aptos contributed a smaller share.

Pancakeswap TVL

Source: DeFiLlama

It should be noted here that PancakeSwap’s TVL declined substantially in the last three years. It peaked at around $7.8 billion at the height of the 2021 bull market. In contrast, Uniswap had a $3.23 billion market cap at press time while its peak TVL in 2021 was just over $10 billion.

Uniswap TVL

Source: DeFiLlama

While Pancakeswap’s attempts at surpassing Uniswap’s TVL are valid, success is not necessarily guaranteed. Uniswap is not sleeping at the wheel especially now that it is headed for a V3 launch.

Who is winning in transaction volume?

Transaction volume analysis may offer insights into which DEX has been attracting more users or activity.

PancakeSwap’s transaction volume on the BSC peaked at 9.67 million CAKE ($33.6 million at present market value) in the last seven days. It also peaked at 1.1 million CAKE ($3.8 million) in the last 24 hours at press time.

Pancakeswap transaction volume

Source: Santimen

On the other hand, Uniswap’s transaction volume peaked at 213,200 ($1.14 million at present market value) in the last seven days. Its transaction volume in the last 24 hours peaked at 26,053 UNI ($139,644) in the last 24 hours at press time.

Uniswap transaction volume

Source: Santiment

CAKE price recap

Bears have been consistently eating into CAKE’s value in the last seven days during which it fell by slightly over 10%. It has so far tumbled by roughly 27% from its February highs.

CAKE price action

Source: TradingView

How many are 1,10,100 CAKEs worth today?

CAKE is still holding on to some gains from January despite having most of those gains wiped out. Traders should also note that it is now in the oversold territory courtesy of the extended downside in the last seven days.


Michael is a full-time journalist at AMBCrypto. He has 5 years of experience in finance and forex and more than two years as a writer in the crypto and blockchain segments. Michael's writing at AMBCrypto is primarily focused on cryptocurrency market news and technical analysis. His interests include motorcycles and exotic cars.
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