DeFi currency, which has achieved a rate of 1000% since the beginning of the new year 2021
The currencies of decentralized financing, despite the danger that surrounds some of its projects (the abundance of fake and fraudulent projects), but even if they give, their bid is great and huge.
Recently, a digital currency for a decentralized trading platform, which is considered to be a relative newcomer to the field of decentralized finance, DeFi, has risen by more than 1000% from the start of the new year so far.
As it is known and referred to in previous articles on the Arab Bitcoin site, the DEX decentralized trading platforms have witnessed huge trading volumes during the past few weeks.
CAKE digital currency rises by more than 1,000% in 30 days:
CAKE digital currency, which is the official digital currency of the decentralized trading platform “PancakeSwap”, was launched late last year.
The currency appreciated on the back of higher trading volume on the PancakeSwap decentralized trading platform, which recently became the third largest decentralized trading platform by volume.
More than $ 444 million is traded through the "PancakeSwap" platform on a daily basis.
This means that "PancakeSwap" transfers more money from the "SushiSwap" platform, which is one of the popular platforms in decentralized trading, which traded approximately $ 430 million in the past 24 hours.
The platform “PancakeSwap” is ranked third behind the “Uniswap” platform and the “Sushiswap” platform in terms of trading volume.
PancakeSwap has seen huge trading volumes because the platform is not a decentralized financial project based on the Ethereum blockchain, which is currently dealing with congestion and has an average transaction fee of up to $ 24.
Instead, the "PancakeSwap" platform is built on the "Binance Smart Chain" blockchain.
The “Binance Smart Chain” blockchain was launched in September last year and is a high-performance EVM-compliant blockchain that works in parallel with the old Binance Chain blockchain (launched in April 2019) where the new network enables the possibility of installing smart contracts.
The transaction fee on the new blockchain Binance, which uses the BEP-20 encryption mechanism, is much lower than on Ethereum.
According to available data, the price of CAKE digital currency has increased from around $ 0.6 at the start of the year to more than $ 7.32 at the time of writing and preparing this article.
Cryptocurrency analyst Nicholas Merten commented that he was impressed with the performance of the project, but advised investors to wait to see if the platform's performance wasn't just the result of hype.
Merten noted that it is really nice to see more competition in this area.
He added that “Binance Smart Chain” is within reach of the everyday user.
He was also told that he had missed the train of this emerging currency, which he calculated had reached its peak and that waiting now is better than entering it at its current prices because it may be driven by media hype and FOMO feelings, and he suggested waiting for this momentum to pass to clarify matters more.