CAKE is growing despite UNI!
#PancakeSwap ( #CAKE) Begins To Leave Its Biggest Rival Behind
The DeFi breakthrough of Binance, the world's largest crypto currency exchange by trade volume, continues at full speed. The Binance Smart Chain network and the network's decentralized cryptocurrency exchange PancakeSwap continue to grow at record speed. With this growth, CAKE managed to catch up with Uniswap, the largest decentralized exchange in the DeFi sector.
🚨PancakeSwap Breaks Volume Records
According to the information provided by Delphi Digital, PancakeSwap recently reached over $ 17 billion in transaction volume and actually broke a record. The biggest reason why users choose PancakeSwap over Uniswap for now is seen as the high transaction fees on the Ethereum network.
As the price of Ethereum is rising and the network is already limited, it also raises gas fees, making it almost impossible for users to even make transactions. Looking at the transaction volume on PancakeSwap, it can be seen that transactions on PancakeSwap actually increased on the days when transaction fees on the Ethereum network increased.
🚨CAKE and UNI Competition
In the statement made by Delphi Digital experts, it was emphasized that CAKE could soon seize the throne of UNI and it was emphasized that individual investors are currently using PancakeSwap. Delphi Digital stated that CAKE's token model is also capable of contributing to its growth in the coming days.
Unlike UNI and SUSHI, there is no cap for the supply of CAKE tokens, which can lead to "vampire attacks" and liquidity absorption on other networks, according to experts. The current inflation rate of CAKE is set at 3.78% weekly, and the reason why this is more than UNI 's annual inflation rate of 2% is actually not hard cap.
🚨Critical Levels for the CAKE Price
After the CAKE price shot nearly $ 20, it was hit hard by the general market decline. The holding of support for CAKE signals a return to the old price levels. Binance's DeFi ecosystem has continued to grow steadily lately, and the first cryptocurrency to affect will certainly be CAKE.
The CAKE price is trading at $ 16.74 as of the time of this writing, and has fallen by 6% in the past 24 hours. It appears that the critical threshold for CAKE is $ 18 and support is $ 14. Overtaking the volume of UNI, CAKE may soon make a name for itself with a great record.