The popularity of decentralized finance products has been growing and many estimate it to reach new levels in 2022. Among the popular products was PancakeSwap [CAKE], a decentralized exchange on the Binance Smart Chain. Despite the consolidation phase taking shape in the spot market, the DeFi market was seeing a relatively active market.
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According to Binance Smart Chain, despite the volatility in the market, PancakeSwap has remained the world’s most used decentralized application [dApp]. The DEX recorded close to 1.54 million users over the past seven days.
This value was moving south, at the time of press by 9.43% through the past seven days. There were currently close to 1.49 million users on the desk currently.
Despite the popularity of the DEX among users, its total value locked [TVL] remained at $4.07 billion, as per DeFi Llama. With this TVL the DEX stood at the fourth position in the DeFi Llama list, and followed Curve [$19.07b TVL], Uniswap [$6.22b TVL], and SushiSwap [$4.72b TVL].
As visible in the data above, the TVL has been falling across the board. Uniswap was the worst sufferer among the top four DEXes with a 21.93% decline in the past seven days, followed by Curve noting a downtrend of 15.98%. PancakeSwap losses were almost equal to Curve’s with 15.70%, and SushiSwap took the least hit with a 10.59% change in the TVL during this correction season.
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In fact, among the top 10 DEXes, most TVLs were in red except one- Synapse. The DEX was moving away from the common downtrend and its TVL was up by 9.87%. However, its TVL remained restricted to $1.08b.
As for the PancakeSwap, the DEX may not be the top, go-to DEX for users compared to the others in the top four. This was mainly because PancakSwap was only available on Binance Smart Chain for now, while the other three were present on at least four more chains. Meanwhile, its token CAKE was on a downtrend. The BEP20 token has dropped by 42.64% year-to-date and was valued at $7.36, at the time of press.