Uniswap had became such a strong brand in the space of AMMs that it has become a challenge not only for other AMM projects but also for several centralized exchanges.
Uniswap has led the DeFi revolution by successfully establishing itself as the top decentralized alternative in the fiercely competitive crypto trading industry to the point it was being perceived as invincible. But it seems that it finally fell victim to high network fee of Ethereum on which it was built.
Today PancakeSwap did it! PancakeSwap is another AMM but built on top of the faster transaction & low fee blockchain namely Binance Smart Chain.
Pancake became the first AMM to overtake Uniswap in terms of daily volume fetching about the third of total AMM market volume.
Top ranking DEXes from CoinGecko's list
With this, Binance Smart Chain's coin BNB also touched an all time high of $267 today.
Although there are several doubts about the true "decentralization" of PancakeSwap as it's based on Binance Smart Chain which has its own flaws, it can't be denied that BSC and PancakeSwap has served the big need of this time. When low transaction fee of Ethereum V2 is still far away and most Ehtereum L-2 are not able to attract the critical TVL levels probably due to unfriendly UI or troubles of interacting with second layer, BSC has successfully attracted investors and traders along with dApps and projects.
I feel that the story of PancakeSwap & BSC has just began and has a lot of room to unfold further. Are you eyeing a pie in this cake? 😉