PancakeSwap overtakes Ethereum’s Uniswap to become the world’s largest DEX by volume

PancakeSwap overtakes Ethereum’s Uniswap to become world’s largest DEX by volume

The „Binance Smart Chain“ project is challenging the top DEXs with lower fees and an easy-to-use interface.
The day a pancake overtook a unicorn

PancakeSwap (CAKE) is now the largest decentralised exchange in the world by daily trading volume, data from market app CoinGecko shows. The project launched on Binance Smart Chain last year, but few paid attention to it at the time.

Yesterday, over $1.7 billion was traded on PancakeSwap. In contrast, Uniswap saw over $1.6 billion change hands. The latter is BinBot based on Ethereum and is the network’s biggest gas guzzler – yesterday alone it generated $16 million in fees for miners, according to ETH Gas Station.

There are 210 „verified“ cryptocurrencies listed on the project in over 799 different trading pairs. Of these, WBNB/BUSD is the most traded with over $454 million in volume – also CAKE, BAKE, BURGER, and other funny sounding tokens also see large trading volumes.

On PancakeSwap, users can wager their CAKE and collect „SYRUP“, the platform’s governance token, in exchange for providing liquidity across crypto pairs. This enables the creation of a peer-to-peer exchange where all trades are executed through an „automated market maker“ design.

Other products on the platform include non-fungible tokens (NFTs), IFOs and a lottery game. These allow users to spend CAKE to either collect art, participate in the launch of new projects or win the lottery.

The rise of BSC

Pancakeswap is based on the Binance Smart Chain (BSC), one of the two blockchains built and maintained by crypto exchange Binance. It enables smart contract integrations and similar other services possible on Ethereum (Go to Buy Ethereum Guide) and was launched in September 2020.

Two of the biggest advantages of using BSC are the network’s low fees and fast transactions (a few cents or 300 transactions per second).

This allows newer blockchain users to invest a small amount of money, such as US$100, and participate in yield farms, lending, trading and other on-chain operations without losing a lot of money in „fees“ to miners on expensive networks.

Token and usage of other BSC projects also rose in recent days. Venus and Burgerswap lead the gains in the BSC space. The sector has grown to over $49 billion and accounts for 3% of the total crypto space.

The Tron Foundation will permanently honor “TRON Family” tokens blocked on OKEx.

The popular trading platform still does not allow users to withdraw cryptos

The blocking of withdrawals follows the arrest of one of the exchange’s founders earlier this month.

The Trust Project is an international consortium of news organizations based on transparency standards.

The Tron Foundation and the founder of the network himself, Justin Sun, have announced that they will permanently honor all Tron-related cryptocurrencies blocked on the OKEx trading platform. The move follows 15 days of blocked withdrawals of any digital asset from the exchange.

The Tron Foundation says that regardless of how the situation develops, it will continue to honor the “TRON Family” tokens (TRX, BTT, JST and SUN) at a ratio of 1: 1. The announcement follows on from previous efforts to help Tron users claim their holdings on the platform.

1: 1 permanent assistance

As BeInCrypto previously reported, the popular OKEx cryptocurrency exchange is in hot water with regulators. Withdrawals from the platform have been suspended since October 16 .

The exchange made the decision to block access to user funds following the arrest of one of its founders. The arrest is said to be linked to a Chinese regulatory crackdown on money laundering. Although the platform assures users that funds are safe, investors remain obligated to keep their holdings with OKEx.

In response to the blocking of withdrawals, the Tron Foundation announced some sort of manual withdrawal option on October 21. Tron supporters with trapped assets were able to internally transfer their holdings to a user account affiliated with Tron, and the Tron Foundation would send tokens to an address chosen by the holders.

The organization has since expanded its previous engagement. In a Medium article published today, he stated that he would permanently honor all “TRON Family” tokens at a rate of 1: 1.

This incident has grown from a decision of a single trading platform to turmoil across the industry and may even affect the future direction of the industry.

Tokens will be honored with or without the support of OKEx

The initial internal Tron incumbent care system relied on OKEx’s own support. Today’s announcement promised continued support regardless of the outcome of the ongoing OKEx saga.

The message indicates that the Tron Foundation alone made the decision to honor the assets held on OKEx. He added that he would continue to do so without „recognition or support“ from the exchange. In this respect, it differs from the previous announcement.

Sun wrote that numerous appeals for help from holders prompted the decision. He added:

„The team and I are extremely upset to see how the situation has developed so far.“

While the initial block of withdrawals saw cryptocurrency prices plummet, the sale was brief. The price of bitcoin has actually risen by over 25% during this month.

Such price performance is testament to the growing maturity of the industry. It seems like the days when the drama of a major trade could spark a lasting sale are well and truly behind us.

Bitcoin-Loyalist, Tuur Demeester, unterstützt Ethereum dank der DeFi

Langjähriger Befürworter von Bitcoin und Kritiker von Ethereum sagt, er sei schon lange auf der Plattform für intelligente Verträge

Nach jahrelanger Kritik an Ethereum kündigte Tuur Demeester, ein langjähriger Befürworter von Bitcoin, über Twitter an, dass er die langfristige BitQT Position bei Ethereum einnehmen wird, wenn auch nicht ohne Zweifel an dessen Grundlagen.

In einer Videoankündigung im vergangenen Monat äußerte Demeester, wie er seine öffentliche Beziehung zu Bitcoin aufgrund der jüngsten Politisierung des Unternehmens zurückschrauben wird, sowie seinen Wunsch, sich mehr auf humanitäre Angelegenheiten zu konzentrieren.

„Eines der Probleme, die ich bei selbsternannten Libertariern und Anarchisten gespürt habe, ist, dass oft ein gewisses Maß an Mitgefühl fehlt, und deshalb versuche ich, anstatt zu versuchen, sie umzustimmen, zu sehen, ob es andere Wege gibt, über diese Dinge zu sprechen“, erklärte Demeester.

Dieser Wechsel zu Ethereum erfolgt zu einer Zeit, in der der DeFi-Markt an Popularität gewinnt und zahlreichen Projekten, die seine Blockkette nutzen, viel Aufmerksamkeit geschenkt wird.

Warum Ethereum jetzt?

Ethereum erleichtert mit seiner Hyperledger-Plattform intelligente Vertragstechnologie und die Einführung der Blockkette in vielen Branchen.

Industriezweige wie Sport, Medien, Unterhaltung und Logistik beginnen den Wert der Blockkettentechnologie zu erkennen und haben ihre traditionellen Systeme durch das Hyperledger von Ethereum ersetzt, wodurch es zu einer aufstrebenden Kraft im globalen Industriesektor wird.

Mit der Einführung von Token Compound (COMP), einer auf Ethereum basierenden dezentralisierten Finanzdienstleistung, ist das Interesse vieler seiner aktuellen und potentiellen Nutzer gestiegen, was den Markt für Ethereum Defi im zweiten Quartal 2020 auf explosive 2 Milliarden Dollar anwachsen ließ.

Der Anstieg des Interesses an DeFi scheint sich noch in der Anfangsphase zu befinden, was bedeutet, dass es in den nächsten Jahren zu mehr Wachstum kommen könnte – insbesondere in einem Umfeld mit fast Nullzinsen, in dem die Anleger nach hochverzinslichen Renditen hungrig sind.

Große Zukunftsaussichten

Demeester erkennt diesen Boom und sieht das Potenzial von Ethereum, bezweifelt aber weiterhin, dass die Plattform noch immer glaubt, dass es Mängel gibt, die behoben werden müssen. Während seiner Videoankündigung bekräftigte er seinen Glauben an Bitcoin.

Experten bei BitQT gehen davon aus, dass ein Aufschwung dieses Ausmaßes möglicherweise nur vorübergehend ist, da sich DeFi noch in der Entwicklungsphase befindet. Insgesamt bleiben sie jedoch positiv dafür, wie der DeFi-Markt im Moment aussieht.

Die Zukunft von Ethereum und vieler seiner Entwicklungsinstrumente ist nach wie vor ungewiss. Es ist jedoch unbestreitbar, dass sie die Grundlage für die zukünftige Entwicklung verschiedener Industrien auf der ganzen Welt ist.

The South Korean telecommunications company, SK Telecom, announced a blockchain-based document submission process for mobile phone insurance. This new protocol will eliminate the company’s current outdated paper processing methods.

Elrond believes he has defeated Cardano, EOS and Algorand
Previously, users had to visit a technical repair office to receive insurance benefits for their damaged equipment, according to Itbiznews. Successful visits concluded with a claim receipt, which then had to be emailed or faxed to the insurance company.

Cooperation with Samsung

SK Telecom’s new system will allow the telecommunications giant’s customers to bypass this archaic process, and now do it completely online in a fast and secure manner.

Binance Charity donates masks and protective suits against Coronavirus in Spain
The announcement states that replacing paperwork with electronic certificates will help the company to handle inquiries sent to insurance companies in a much more secure manner. They also hope that this new method will help prevent document forgery.

Saving money by adopting Blockchain
SK Telecom expects mobile phone service centers and insurance Bitcoin Rejoin companies to reduce costs and improve processing speed, allowing them to resolve customer complaints in a much more efficient manner.

The company says Samsung’s Galaxy series will be the first phone model to support this new service.

Algorand joins Blockchain Gaming Alliance after combining chess with DLT

Kim Seong-soo, sales manager of SK Telecom, said that the adoption of Blockchain technology will expand to „several areas of service in the future.

On May 26, Samsung announced a turnkey standalone security solution that secures crypto-currency transactions on smartphones and tablets.

As Cointelegraph previously reported, South Korea’s NongHyup (NH) Bank will introduce a mobile identification system based on Blockchain, developed by a technology consortium between companies such as Samsung Electronics and LG Uplus.