What’s going on over at PancakeSwap?
According to @artemis, their volume has been exploding over the past few weeks.
They’re reportedly up 1,500% over the last 3 months, with weekly volume hitting $50 billion.
If that’s accurate, it would mean PancakeSwap currently holds around 67% market share among DEXs which would be more than Uniswap, Raydium, Aerodrome, Orca, and all others combined.
There are a few possible explanations:
1) Artemis’ data is wrong, maybe there's a bug somewhere in their reporting.
2) Massive wash trading - another sad attempt by BNB Chain to appear relevant.
3) The numbers are real and organic - and if that’s the case, then $CAKE might be severely undervalued, considering it hasn’t really moved while eating up market share like there is no tomorrow.
Haven’t looked into it deeply yet, so if anyone has more context, would love to hear it.
Either way, definitely an interesting find - worth digging into further.
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