Defi Apps That Need Attention Due to Increased Adoption Rates
When looking at the DeFi market, one should look for the total market cap of DeFi assets, total volume locked (TVL), and trading volume. Some of the Defi Dapps that show strong adoption rates are discussed below (data was noted at the time of writing).
PancakeSwap V3
PancakeSwap V3 main aim is to make it easy for people to get involved in DeFi. It is one of the most popular DeFi platforms in the space. This Decentralized Finance App, PancakeSwap was launched in September 2020. In DappRadar it is still one of the most used exchanges.
The 24-hour Dapp stats show that PancakeSwap V3 has UAW 61.98K, 131.91K transactions, $250.01 Million volume, and $267.23 Million balance. It has a TVL of $291.82 Million and a market cap of $1.28 Billion.
CAKE token is the native token of PancakeSwap which serves many purposes. It is used in voting as a governance token. The token is also used to pay the transaction fees. Also, it is used to earn rewards for providing liquidity.
PancakeSwap provides many benefits, decentralized exchange is the main product which is powered by the community. Unlike centralized exchanges like Coinbase, it does not hold the funds. It has an NFT marketplace too. It was launched in September 2021. This is powered by BNB Chain and allows you to buy, sell, or trade PancakeSwap-specific NFTs with very low transaction fees.
In May 2023, it launched Pancake Protector Game, which is a blockchain game powered by the Web3 gaming platform Mobox. It integrates the CAKE token and Pancake Bunnies.
Stargate
Stargate is a community-powered protocol looking to create a bridge between different digital assets. This bridge will allow native assets easy transfers. It is built on layer zero which has the first dapps solution on it.
The Dapp stats show that 24h UAW has 55.32K, transactions of 70.86K, volume of $39.87 Million, and Balance of $377 Million. It has a TVL of $190.72 Million and a Market Cap of $31.15 Million.
It has overcome the shortcomings of many current bridges in that they are unable to send native assets from one chain to another. They depend on the use of wrapped tokens to complete the bridging process.
Stargate is designed to remove the need for wrapped tokens and let users send the native token directly to non-native chains.
Metamask Swap
Metamask Swap is a popular crypto wallets in the Web3 space. It aims to make Ether transactions simple. It was created for Ethereum tokens but now it is used to store tokens across different ranges of networks that include Avalanche, Optimum, Arbitrum, etc. It is self-hosted and is available as a plug-in for different browsers.
The Dapp stats show that in the last 24 hours, it has 4.58K UAW, 6.49K transactions, $2.73 Million volume, and a balance of $3.71 Million.
Metamask Swap allows one to swap one cryptocurrency token for another and was launched in 2020. It also has Metamask Bridge which is a cross-chain bridge aggregator that facilitates interoperability throughout web3.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
