Decentralized exchanges continued to gain market share, supported by higher Ethereum gas prices, the rapid release of decentralized token sales, and the creation of two networks encouraging developers to make protocols available to users across different networks.
The latest results from Cointelegraph Consulting’s weekly newsletter show that the hottest DEXs on Binance Smart Chain, Avalanche C-Chain, and Polygon (formerly Matic) are starting to rise in volume as Ethereum gas prices soar.
PancakeSwap was the first DEX on BSC to exceed $ 1 billion in volume in a 24-hour period, even though it was only making about $ 75 million a day in February. Pangolin on Avalanche C-Chain and Quickswap on Polygon also set new 24-hour sales highs of $ 35 million and $ 6 million, respectively.
Taking a closer look at the state of Ethereum’s gas fees, the average cost of gas per transaction on Uniswap for the first five pairs during February was over $ 60. By comparison, Pancakeswap’s transactions average only $ 0.75. In terms of efficiency, gas fees on Uniswap averaged 0.52% of transaction value, while Pancakeswap users spent only 0.026% on average.
However, most major retailers still favor a stable Ethereum presence, with an average transaction amount for February on Uniswap close to $ 17,000. The closest competitor in this category was Pangolin at $ 6,000 per transaction. Pancakeswap users transacted more often, but at a much lower cost.
After switching to BTC, daily trading volume on all central and decentralized exchanges rose to an all-time high by the end of February. Global sales reached $ 350 billion on February 26, three times the previous record set on January 29, when the world peaked at $ 110 billion.
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