PancakeSwap makes these moves amid declining network activity
Journalist
Posted:
- PancakeSwap has launched its own gaming marketplace.
- The DEX has seen a decline in activity since the year began
Leading decentralized exchange (DEX) PancakeSwap [CAKE] has announced the launch of its gaming marketplace.
Described as “the ultimate hub for gamers, developers, and community,” the gaming marketplace allows developers to build and deploy games while allowing gamers to play these games.
🎉 Introducing the PancakeSwap Gaming Marketplace – a GameFi Revolution with 1.5 Million potential players!
🏆 Featuring games like Pancake Protectors & Pancake Mayor
🌐 A dynamic hub for gamers & developers
🕹️ Play, build, & connect in a world of endless possibilities!… pic.twitter.com/jy0Hi0OV7X— PancakeSwap🥞Everyone’s Favorite DEX (@PancakeSwap) November 15, 2023
According to the announcement blog post, the marketplace will feature two games at launch: PancakeSwap’s flagship game, “Pancake Protectors,” and Binary X’s “Pancake Mayor.”
State of PancakeSwap
At press time, PancakeSwap held an approximate 15% share of the DEX market, ranking second behind the largest DEX by market share, Uniswap [UNI].
However, PancakeSwap has seen a steady decline in trading volume since May, AMBCrypto found via data obtained from The Block’s data dashboard.
The DEX closed May with a trading volume of $17.22 billion, after which it began to decline. By the end of September, the protocol’s trading volume had fallen to its lowest level so far this year.
As of the end of October, PancakeSwap’s trading volume totaled $5.97 billion, representing a 65% decline in trading volume within five months.
Source: The Block
Moreover, the year so far has been marked by a steady decline in the protocol’s total value locked (TVL). Readings observed from DefiLlama showed that since the 1st of January, PancakeSwap’s has dwindled by almost 40%. At press time, the DEX’s trading volume was $1.9 billion.
Despite the steady fall in its TVL, PancakeSwap ranks as the leading DEX on BNB Chain [BNB]. Lending protocol Venus follows it closely with a TVL of $1.16 billion.
It is, however, imperative to point out that PancakeSwap’s $1.9 billion TVL exists across the nine blockchain networks wherein it operates. Venus, on the other hand, exists solely on BNB Chain.
Regarding the DEX’s adoption, its monthly active user count has decreased since June. Data from Token Terminal showed that PancakeSwap’s monthly active user count peaked at 1.7 million in June, after which it initiated a decline.
Read PancakeSwap’s [CAKE] Price Prediction 2023-24
In October, the user count on the DEX totaled 877,000, marking a 48% decrease from the June high. However, with November already boasting a user count of 1.1 million, PancakeSwap seems poised to surpass its October numbers.
Due to the fall in demand for the DEX, the past few months have also seen a drop in its network fees. Monthly fees totaled $3.9 million in October, declining by 63% from the $10.4 million recorded in February.
Source: Token Terminal
