PancakeSwap V2 has emerged as the top decentralized application (dApp) on the BNB Chain, leading in weekly trading volume with a staggering $6.1 billion. This data was reported by Phoenix, a prominent crypto media outlet. It tracks the performance of various dApps across different blockchain networks. High trading volumes serve as evidence that PancakeSwapV2 is the leading DEX on the BNB Chain.
TOP #BNBCHAIN DAPPS BY WEEKLY VOLUME
#PancakeSwapV2 #PancakeSwapV3 #JumperExchange #VenusProtocol #0xProtocol #1inch #DODO #OKXNFT #ParaSwap #StargateFinance pic.twitter.com/7AiF7OGs0a— PHOENIX – Crypto News & Analytics (@pnxgrp) October 4, 2024
PancakeSwapV3 Follows with $2.63B in Weekly Volume on BNB Chain
After PancakeSwap V2 is PancakeSwap V3 that follows it with a considerable $2.63 billion in the weekly trading. This shows that the latest version of PancakeSwap remains popular and is expanding, with new improvements to make trading faster and more convenient. Even though it is not as busy as V2 in terms of trading volume, PancakeSwap V3 is still one of the main projects on the BNB Chain ecosystem.
Next in line is Jumper Exchange with $482.46 million weekly volume, which also supports the growing utilization of cross-chain decentralized platforms. Another reason for a high rating is that Jumper Exchange helps to exchange assets between various blockchains without any problems. The second major DeFi dApp called Venus Protocol has received $459.26 million in weekly trading volume. Being a money market decentralized, Venus Protocol offers lending and borrowing services and thus it has been able to attract high liquidity.
Other popular dApps include 0x with $169.26 million and 1inch with $103.51 million in weekly trading volume. It is equally important for both protocols facilitating the liquidity aggregation, as well as allowing users to get the best token swap rates across multiple DEXes. Liquidity protocol DODO reported $33.75 million weekly trading volume and remains one of the most active dApps in the network.
OKXNFT, ParaSwap, and StargateFinance Boost BNB Chain’s DeFi Ecosystem
The trading volume in non-fungible tokens (NFT) surged in this week as OKXNFT, an NFT trading platform, posted a trading volume of $17.11 million. ParaSwap, a DEX aggregator, was at $15.98 million weekly trading volume and StargateFinance, a cross-chain bridge at $13.14 million.
Even though they process lower volumes relative to the leading dApps, these are essential for the BNB Chain ecosystem, as they offer specific and valuable services such as NFT exchange and cross-chain operations. Overall, the data, reported by Phoenix, presented paint a picture of the growing BNB Chain ecosystem and the growing use of dApps.