TronWeekly

Crypto World News

You are here: Home / Archives for pancakeswap

pancakeswap

Stars Arena Security Breach: Crypto Vulnerability Exposed

by

In the crypto sphere, Stars Arena stands at the forefront of security concerns in the dynamic landscape of digital platforms and online transactions. In this rapidly evolving environment, ensuring the integrity of these platforms is paramount for businesses and users alike. Despite their robustness, even the most fortified systems encounter challenges daily.

According to a recent report, Stars Arena suffered a major security breach, resulting in a substantial loss of $2.9 million. A thorough investigation revealed that the breach stemmed from a reentrancy vulnerability. PeckShield Inc., a distinguished cybersecurity firm specializing in scrutinizing potential weaknesses in digital platforms, unveiled this crucial finding.

Reentrancy attacks occur when an external contract seizes control of its state, allowing it to make unanticipated calls into the contract before the initial function invocation concludes. In more straightforward language, think of it as a virtual loophole that empowers malicious actors to siphon funds or exploit a system continuously.

Stars Arena Breach And DeFi’s Vulnerability Alert

PeckShield’s exhaustive analysis pinpointed the vulnerability within the Stars Arena Shares contract. This discovery is a testament to the importance of ceaseless vigilance and periodic system updates. It’s a stark reminder that no matter how robust a system appears, it remains susceptible to lurking threats. Timely assessments and proactive measures are the armor against potential financial devastation.

The Stars Arena incident is a compelling reminder of online platforms’ persistent challenges in the crypto landscape. It underscores the critical need for proactive rather than reactive digital security measures and highlights the vital role of vigilant users in ensuring secure platform interactions.

Just a fortnight ago, Linear Finance, a decentralized finance (DeFi) platform rooted in blockchain technology, bore the brunt of a devastating attack that wiped out the entire $LUSD liquidity from prominent exchanges such as PancakeSwap and Ascendex.

The aftermath was nothing short of catastrophic, with the value of $LUSD plummeting to zero, resulting in substantial financial casualties for investors. This unfortunate event, akin to Stars Arena’s breach, spotlights the frailties within the DeFi realm while casting a shadow of doubt upon the cryptocurrency market’s overall reliability.

PEPE Token Makes Waves: Bitfinex Listing & PancakeSwap Staking Opportunities

by

Bitfinex, a well-known digital asset trading platform, has made a significant announcement that is bound to catch the attention of crypto enthusiasts and meme aficionados.

On May 22nd, the platform revealed its plans to list the Pepe token, paying homage to the famous internet meme character Pepe the Frog.

The announcement, made earlier today, showcased Bitfinex’s commitment to embracing the evolving crypto landscape by offering its users access to the token.

This ERC-20 token, built on the Ethereum blockchain, has been rapidly gaining popularity since its creation in April 2023. Designed as a tribute to Pepe the Frog, a meme that gained internet fame in the early 2000s, the token brings unique features to the cryptocurrency trading ecosystem.

One of the standout features of the token is its no-tax policy, which aims to make the token accessible to a wider audience. Bitfinex hopes to encourage increased adoption and participation in the token ecosystem by avoiding additional taxes. 

Henry Child, Head of Tokens at Bitfinex, expressed his excitement about introducing PEPE tokens to the platform’s ecosystem. 

He acknowledged the surging popularity of meme-coins, making it a timely addition to Bitfinex’s portfolio. With the listing announcement, Bitfinex aims to cater to the growing demand for unique and meme-inspired digital assets.

Deposits for the token on Bitfinex opened on May 22nd, 2023, at approximately 10 a.m. UTC. Trading of the token, available in trading pairs against the US Dollar (USD) and Tether tokens (USDt), will commence on May 24th, 2023, also at approximately 10 a.m. UTC.

PancakeSwap Launches Pepe v3 Farm: Staking Token To Earn CAKE

Meanwhile, PancakeSwap, a decentralized exchange operating on the Binance Smart Chain (BSC), along with Multichain on BNB Chain, ETH & Aptos, made an announcement via Twitter about the launch of the Pepe v3 Farm. 

The Pepe v3 Farm is now live on BSC PancakeSwap, providing an additional avenue for the token holders to stake their tokens and earn rewards in the form of CAKE, PancakeSwap’s native cryptocurrency. 

Interested users can find more details on how to stake their PEPE tokens and earn CAKE on the PancakeSwap website, according to the tweet.

Nevertheless, Bitfinex’s decision to list the token and PancakeSwap’s introduction of the Pepe v3 Farm highlights the increasing integration of meme-coins into the crypto space. 

As these digital assets continue to gain popularity, it will be interesting to see how the market responds to the launch of PEPE on Bitfinex and the subsequent staking opportunities on PancakeSwap’s platform.

Related Reading | Crypto Exchange Hotbit’s Farewell: Unexpected Suspension Amidst Turbulent Times 

Profiting From DeFi: Unlocking the Potential of Collateral Network (COLT), Aave (AAVE) and PancakeSwap (CAKE)

by

Collateral Network (COLT) is currently in its presale phase with a token price of only $0.01, and is generating a lot of buzz among investors. Along with Aave (AAVE) and PancakeSwap (CAKE), Collateral Network (COLT) has the potential to unlock the full potential of DeFi and offer investors a chance to profit, especially with discounted COLT tokens.

>>BUY COLT TOKENS NOW<<

Aave (AAVE)

Aave (AAVE) is a decentralized finance (DeFi) platform that enables users to borrow and lend cryptocurrencies without the need for intermediaries. Aave (AAVE) was launched in 2017 as ETHLend, but it was later rebranded as Aave (AAVE) in 2018.

One of the key advantages of Aave (AAVE) is its focus on user control and transparency. Unlike traditional financial institutions, Aave (AAVE) does not require users to go through a lengthy approval process to provide liquidity or borrow funds.

Another advantage of Aave (AAVE) is its governance model, which is based on a token-holder voting system. This means that Aave (AAVE) token holders have a say in how the platform is run, including the ability to propose and vote on changes to the platform’s governance structure and features.

Pricewise, Aave (AAVE) is up 50% since the start of January 2023. With its current price at $78.14, Aave (AAVE) is expected to approach the $100 milestone by the conclusion of 2023.

>>BUY COLT TOKENS NOW<<

PancakeSwap (CAKE) 

PancakeSwap (CAKE) is Binance Smart Chain’s (BSC) first decentralized exchange (DEX) which provides users with an intuitive, low-cost and secure way to trade crypto assets without the need for a middleman. PancakeSwap (CAKE) employs innovative blockchain technology to enable cross-chain trading and liquidity pooling.

The main offering of PancakeSwap (CAKE) is the Syrup Pools, which allows users to stake their crypto assets and earn rewards in the form of CAKE tokens. As such, PancakeSwap (CAKE) provides investors with an opportunity to earn passive income by staking their tokens.

In terms of value, PancakeSwap (CAKE) made a remarkable surge during the 2021 bull market, soaring by 8,000% within just four months. Despite the subsequent decline in its price, investors maintain a positive outlook on its long-term prospects.

Industry analysts anticipate that PancakeSwap (CAKE) will eventually return to its record price of $44, especially with centralized exchanges under intensifying scrutiny. PancakeSwap (CAKE) is well-positioned to capitalize on the growing demand for secure and decentralized exchanges, making PancakeSwap (CAKE) an attractive investment opportunity.

Collateral Network (COLT)

Obtaining the necessary funds can be a daunting task, especially when traditional financial institutions require lengthy approval processes and credit checks. Fortunately, Collateral Network (COLT) has emerged as a reliable solution for accessing loans without the hassle – all borrowers need is an asset as collateral which can be anything from vintage wines to supercars to expensive watches.

Collateral Network (COLT) operates by minting fractionalized, 100% asset-backed NFTs that represent the asset that is being held as collateral. This means that the NFT is broken down into smaller pieces, allowing anyone to become a lender with Collateral Network (COLT).

For borrowers, fractionalization increases liquidity and capital accessibility by reducing the need to liquidate a single large asset. No longer will borrowers need to wait days, weeks, or even months for a loan to be approved. Collateral Network (COLT) borrowers can receive loans in as little as 24 hours. For lenders, it is a method of earning a passive income by lending small amounts of money to the NFT fractions with a fixed interest rate and time scale, resulting in fractional lending, in order to raise the funds for the loan required by the borrower with no possibility of losing out as the loan will be repaid back to them by the borrower, and in the eventuality that the borrower fails to do this, the asset will be sold at auction at a below market price in order to recoup the lenders’ funds.

Collateral Network (COLT) smart contracts also provide a layer of security and transparency. The collateral is recorded on the blockchain, allowing lenders to see that it is being held as security for the loan.

The Collateral Network (COLT) presale is now underway, and the project has already received significant interest from investors. With discounted COLT tokens released during this period with a $0.01 token price and 35x forecasted price increase for the token, investors can get in early and stand to benefit from the project’s growth.

Find out more about the Collateral Network presale here:

Website: https://www.collateralnetwork.io/

Presale: https://app.collateralnetwork.io/register 

Telegram: https://t.me/collateralnwk

Twitter: https://twitter.com/Collateralnwk 

Can VeChain (VET) and PancakeSwap (CAKE) Regain Their All-Time Highs? Collateral Network (COLT) Brings Crowdlending to the Blockchain

by

Collateral Network brings crowdlending to the blockchain and has turned into one of the most important token presales of this year. Meanwhile, VeChain (VET) and PancakeSwap (CAKE) struggle to maintain investor interest, making their holders wonder if they will ever regain their all-time highs. 

The price of Collateral Network (COLT) is currently $0.01. Analysts predict the value can reach $0.35 by the end of 2023 (a growth of 3500%).

>>BUY COLT TOKENS NOW<<

VeChain (VET) to Solve World’s Sustainability Issues

VeChain bears seem to win their fight against bulls, despite the main use cases of this crypto project. Used to solve supply chain and logistics issues for businesses, VeChain’s token VET has been in a downtrend lately. 

VeChain announced that it actively works on solutions for luxury brands that often find fake items being sold illegally. One way to do this is VeChain implanting a chip in the luxury brands’ products, allowing the businesses to track their goods and monitor sales in real-time on the blockchain. 

VeChain is partnering with other institutions and businesses in an attempt to solve challenges like ethical sourcing and economic empowerment. However, VET is still about 92% below its all-time high of $0.27 and is unlikely to recover all of this lost ground without a major catalyst. 

PancakeSwap (CAKE) Rolling Out a New Version 

In mid-April, PancakeSwap (CAKE) is set to roll out its latest version, which may revive its price action in the favor of bulls. However, despite the good news regarding the integration with SpaceIDProtocol at the end of March, the CAKE price has yet to benefit. 

The project experiences a mix of bullish signs and decreasing faith, but a trend reversal is still possible. However, it seems like the next version’s hype may not be enough for this to happen in the near future. 

At the time of writing, the price of PancakeSwap (CAKE) stands at $3.68 and is down over 50% on the yearly chart.

>>BUY COLT TOKENS NOW<<

Collateral Network (COLT) Brings Crowdlending to the Blockchain 

Using blockchain technology, Collateral Network (COLT) decentralizes the lending industry. This is the first platform of its kind that turns credit options into accessible, flexible, and transparent opportunities that attract both new and veteran investors. 

Users of the platform can use illiquid assets, such as luxury watches, fine wine, or artwork as collateral. These physical assets are minted to fractionalized NFTs and are a 1:1 representation of the physical asset on the blockchain. The NFT is then broken down into smaller pieces which means anybody from across the world can become a lender and contribute to the overall loan and still receive the same rate of interest. 

The platform comes with real-world utility and benefits to both sides. On the one hand, borrowers get access to cash within 24 hours, and investors now enjoy more opportunities to generate passive income. COLT is the native token of the platform and provides holders with a number of benefits. These benefits include governance rights on future developments of the platform and staking rewards. 

Summary

Collateral Network is the perfect way to generate passive income if you have valuable but illiquid assets. Crowdlending is transparent, and cost-efficient, and there is no impact on the credit score of the borrower. Thanks to these many benefits, experts expect the platform’s COLT token to explode, with an estimated price increase of 3,500% during the presale, the price is currently at $0.01 per token. 

>>BUY COLT TOKENS NOW<<

Find out more about the Collateral Network presale here:

Website: https://www.collateralnetwork.io/

Presale: https://app.collateralnetwork.io/register 

Telegram: https://t.me/collateralnwk

Twitter: https://twitter.com/Collateralnwk

Can Snowfall Protocol (SNW) Outperform Pancakeswap (CAKE) And Aptos (APT) In 2023?

by

The world of decentralized finance (DeFi) is always changing. New projects and protocols are coming on board daily. It’s a new year, and many investors are looking for which project to invest in.

Experts in the cryptocurrency market believe that PancakeSwap (CAKE), Aptos (APT), and Snowfall Protocol (SNW) are going to experience significant growth in the years to come. But can Snowfall, being a new project, outperform PancakeSwap and Aptos? Here is the market experts’ answer to this.

  Why is PancakeSwap trending?

The PancakeSwap team developed their marketplace using the PancakeSwap (CAKE) token and other foundational elements of the decentralized finance (DeFi) ecosystem. Users have access to increased transparency as a result of the open-source nature of the platform.

PancakeSwap (CAKE) has emerged as one of the most prominent decentralized exchanges (DEXes) on the Binance Smart Chain (BSC). The popularity of PancakeSwap (CAKE) will only continue to rise as more and more people start using Web3. PancakeSwap (CAKE) is one of the few DEXes that let users trade various digital assets, placing it as a leading choice among traders and investors.

  Why is Aptos (APT) trending?

Aptos (APT) provides a fast induction process by using identifiers accessible by humans. On Web3, users can be identified by the names they use for their Aptos (APT) accounts. As such, Aptos’ (APT) identities lower the likelihood of fraud and human error while simplifying sending and receiving monetary transactions.

The fact that Aptos (APT) was initially developed by several employees working for Meta is the primary reason for its current popularity. This lends a great deal of credibility to Aptos (APT) in the crypto industry. In addition, Aptos (APT) has millions of dollars worth of venture capital money supporting it, which provides it with the resources it needs to be successful.

  Snowfall Protocol (SNW) will outperform them all.

Snowfall Protocol (SNW) is a multi-chain co-operability protocol that enables blockchains to connect securely. Snowfall Protocol (SNW) is dedicated to delivering a cross-chain experience that is secure, high-performing, and friendly to users.

Snowfall Protocol (SNW) is already being adopted by top investors, which is an excellent sign of its future success because it shows that people are interested in using it.

The early success of Snowfall Protocol (SNW) can be attributed to its innovative co-operability model, which has resulted in more than 30% growth since the presale phase began. Many industry experts predict that the value of Snowfall Protocol (SNW) may increase by over 5000% once it is launched.

  Bottom Line

Market experts predict that Snowfall Protocol (SNW) could experience a 1,000% price surge. And it is significantly higher than what can be accomplished by Aptos or PancakeSwap. At this time, one Snowfall Protocol (SNW) token can be purchased for $0.015. Before it gets listed on exchanges, now is the time to buy.

Find out more about the Snowfall protocol:

Presale: https://presale.snowfallprotocol.io

Telegram:https://t.me/snowfallcoin

Website:https://snowfallprotocol.io

Twitter:https://twitter.com/snowfallcoin

Can Snowfall Protocol (SNW) Outperform Pancakeswap (CAKE) And Aptos (APT) In 2023?

by

The world of decentralized finance (DeFi) is always changing. New projects and protocols are coming on board daily. It’s a new year, and many investors are looking for which project to invest in. Experts in the cryptocurrency market believe that PancakeSwap (CAKE), Aptos (APT), and Snowfall Protocol (SNW) are going to experience significant growth in the years to come. But can Snowfall, being a new project, outperform PancakeSwap and Aptos? Here is the market experts’ answer to this.

  Why is PancakeSwap trending?

The PancakeSwap team developed their marketplace using the PancakeSwap (CAKE) token and other foundational elements of the decentralized finance (DeFi) ecosystem. Users have access to increased transparency as a result of the open-source nature of the platform.

PancakeSwap (CAKE) has emerged as one of the most prominent decentralized exchanges (DEXes) on the Binance Smart Chain (BSC). The popularity of PancakeSwap (CAKE) will only continue to rise as more and more people start using Web3. PancakeSwap (CAKE) is one of the few DEXes that let users trade various digital assets, placing it as a leading choice among traders and investors.

  Why is Aptos (APT) trending?

Aptos (APT) provides a fast induction process by using identifiers accessible by humans. On Web3, users can be identified by the names they use for their Aptos (APT) accounts. As such, Aptos’ (APT) identities lower the likelihood of fraud and human error while simplifying sending and receiving monetary transactions.

The fact that Aptos (APT) was initially developed by several employees working for Meta is the primary reason for its current popularity. This lends a great deal of credibility to Aptos (APT) in the crypto industry. In addition, Aptos (APT) has millions of dollars worth of venture capital money supporting it, which provides it with the resources it needs to be successful.

  Snowfall Protocol (SNW) will outperform them all.

Snowfall Protocol (SNW) is a multi-chain co-operability protocol that enables blockchains to connect securely. Snowfall Protocol (SNW) is dedicated to delivering a cross-chain experience that is secure, high-performing, and friendly to users.

Snowfall Protocol (SNW) is already being adopted by top investors, which is an excellent sign of its future success because it shows that people are interested in using it.

The early success of Snowfall Protocol (SNW) can be attributed to its innovative co-operability model, which has resulted in more than 30% growth since the presale phase began. Many industry experts predict that the value of Snowfall Protocol (SNW) may increase by over 5000% once it is launched.

  Bottom Line

Market experts predict that Snowfall Protocol (SNW) could experience a 1,000% price surge. And it is significantly higher than what can be accomplished by Aptos or PancakeSwap. At this time, one Snowfall Protocol (SNW) token can be purchased for $0.015. Before it gets listed on exchanges, now is the time to buy.

Find out more about the Snowfall protocol:

Presale: https://presale.snowfallprotocol.io

Telegram:https://t.me/snowfallcoin

Website:https://snowfallprotocol.io

Twitter:https://twitter.com/snowfallcoin

Superalgos launches open-source crypto trading automation platform, lists native token on PancakeSwap

by

Superalgos, an open-source community-owned trading intelligence project, announces the official launch of its free platform for designing, testing, and deploying crypto trading bots. The launch comes after four years in development with tens of thousands of downloads during the open beta phase as the community builds up liquidity pools for its native Superalgos token on PancakeSwap, trading under the ticker $SA.

The Superalgos Platform provides the tools required to produce sophisticated trading intelligence. Equipped with a visual strategy designer and debugger, integrated data-mining and charting system, multi-exchange, multi-market, and multi-machine execution, AI model optimization, and TradingView integration, the platform enables scalable operations starting from a single Raspberry Pi deployment to industrial-grade trading farms.

The Superalgos project pairs state-of-the-art technology with a talent acquisition model incentivized with the native token. The #1 position in the trading bots category in Github generates an inflow of talented algorithm traders with various specialties: developers, data scientists, AI engineers, hardware techs, OS admins, etc.

The community uses the token to incentivize contributions that add value to the common good: code, strategies, AI models, processed data, and even business and project development activities in general. Contributors get token rewards, aligning community-wide interests towards a common goal of growing the network.

Superalgos

When surrounded by top specialists, traders soon realize that they are not the best at everything. The synergy among the mix of experts results in spontaneous collaboration at multiple levels.

“We’re building a whaler fleet to hunt whales in crypto markets,” says Julian Molina, Marketing Lead and Co-Founder of Superalgos.

“The project is like a naval academy with its own shipyard! The community builds the tools and puts top crews together to go out hunting. You can’t expect to be successful when you have to do the work of the captain, the deck officer, the seamen, and be the top-shot harpoon sniper at the same time! Instead, you collaborate to work the markets together, armed to the teeth!”

The 2022 roadmap adds a new dimension to the project: Crypto users will be able to copy the trades of top teams in the community using free social trading apps and leveraging free trading signals disseminated over a censorship-resistant permissionless peer-to-peer network.

“It’ll be like a decentralized WallStreetBets,” says Luis Molina, Lead Developer and Co-Founder of Superalgos.

“It took several weeks for a Reddit crowd to coordinate to take a position in GameStop (GME). Everything was going well until someone decided to pull the plug, acting against users’ interests. Replace manual trading with automation, and Robinhood with the Superalgos Network. In a matter of minutes, millions of crypto users will be able to coordinate to take positions, with no intermediaries, pseudonymously, over a p2p network with no plugs to pull! Superalgos will disrupt trading as we know it.”

Here are the 3 DeFi protocols generating over $100M in annualized revenue

by

September has been a tough month for the crypto industry. The DeFi protocols, on the other hand, are seeing increased activity. Market participants remained cautioned as a result of the regulatory clampdown from China and elsewhere.

Hence, many users have now that some buyers have changed their focus away from Bitcoin [BTC] and have instead resorted to decentralized finance [DeFi] tokens. As a matter of fact, DeFi protocols have seen more activity as Chinese FUD sent shockwaves across the industry. According to the latest data compiled by Messari, there are now three DeFi protocols generating over $100 million in annualized revenue – DYDX, PancakeSwap, and Yearn Finance.

DeFi’s incredible traction

In the wake of China’s crypto crackdown, many centralized exchanges scrambled to conform to new regulations. The derivatives DEX DYDX’s trading volume, on the other hand, even eclipsed Nasdaq-listed centralized crypto exchange Coinbase. Messari revealed that DYDX generated revenue of a little under $500 million annualized in the past month. To put things into perspective, DYDX has amassed well over 80% in two days as many speculated that Chinese crypto users are converging on the decentralized margin trading protocol.

Next up was PancakeSwap with a monthly revenue that stood at $219 million. PancakeSwap is a leading DEX at Binance Smart Chain. However, the latter has taken a substantial hit of late. But according to Messari’s analyst Ryan Watkins, PancakeSwap continues to be a “cash machine” for BSC. He stated,

“Despite BSC activity having fallen off a cliff since Q1 PancakeSwap remains a cash machine. Most profitable spot exchange in DeFi. Although I will note that if UNI flipped on its fee switch it would be producing far more income than PancakeSwap.”

Additionally, Yearn Finance happens to be the only protocol earning more than $100 million a year without paying out token incentives.

Overall, decentralized exchanges [DEXs] have held their position as the most profitable protocols in the decentralized finance sector by a huge margin. This is true for centralized counterparts as well, since CEXs remain the most profitable centralized crypto businesses. According to Watkins, the clampdown of centralized venues from certain jurisdictions will further catalyze the growth of DEXs.

DEX volumes see explosive growth in Q2; increases by 117x YoY

by

DEX landscape is growing irrespective of losses in the wider market.

It has been a trying time for the entire cryptocurrency market as the incessant rangebound price action continues to exhaust the bulls in lower rallies. Well, maybe not for the entire market. Decentralized exchange [DEX] volumes have been roaring despite market-wide rout, thanks to DeFi which continues to astonish with billions of dollars entering this new economy.

According to the latest report by Messari, DEX volume has not just increased a great deal in the second quarter of the year but has also outperformed the first quarter despite Bitcoin slashing half of its gains. As a matter of fact, DEX volumes in Q2 jumped to $405 billion, an increase of 117x year-over-year and an 83% increase since Q1 2021. To put things into perspective, May alone witnessed more than half the volume in the quarter.

Since then, the figures have halved. DEX volume in the month of June plummeted all the way to $95 billion. Despite the fall, June was still the third-highest all-time.

Race for the biggest DEX

Over the past several months, many decentralized exchanges have emerged. But Uniswap still takes the cake away. Its dominance over the rest of the market has reached a record-breaking 54% share of weekly volume, the platform’s highest level since November 2020. While its Binance Smart Chain-based PancakeSwap witnessed a dramatic spin as well with many speculating that it could soon flip Uniswap, the hype fizzled out with the launch of the latter’s V3.

Polygon plays its part

Polygon had humble beginnings. But today, it is a leading second-layer solution based on Ethereum. This rise to prominence has been crucial in devouring Binance Smart Chain’s [BSC] share of decentralized exchange volumes. Messari’s report also stated,

“As the party shifted towards Polygon, with its new set of tokens to speculate on and farms to harvest, BSC was squeezed out of the picture. The activity provided a great glimpse into the developing liquidity wars between blockchains, showing that when token incentives are the primary reason why capital enters a blockchain ecosystem, it will also be the primary reason capital leaves when incentives fall or incentives are more attractive elsewhere.”

Binance, Coinbase web traffic takes a hit as collective figures slump by 42%

by

June has been quite an unsettling month for users. Web traffic to cryptocurrency exchanges such as Binance, Coinbase has taken a massive hit. According to the latest stats by blockchain analysis firm, ICO Analytics, the figures for cumulative web traffic to crypto exchanges in June have decreased by 42%.

This includes some of the most prominent centralized cryptocurrency exchanges [CEX] as well as the decentralized ones [DEX]. Thailand-based platform, Bitkub recorded the most decline of 59%, followed by Seychelles-based, OKEx with 57%, California-based Binance US with 56%, and Kraken at 51%.

Following the development, Binance CZ tweeted,

“June is a down month, nothing new there. What stood out is that PancakeSwap, a DeFi on BSC, is ranked 4th of all exchanges. Bigger than many CEX. Amazing”

DEXs outpace CEXs as DeFi continued to scale

Cayman Islands-based, Binance’s remained at the top of the game with 150 million visits in June, a decline of 40% since the previous month. Nasdaq-listed Coinbase followed suit with 71 million visits. Binance Smart Chain-based DEX PancakeSwap amassed a weekly monthly visit of 18 million. Uniswap, on the other hand, slipped to the 10th position with 9 million, down by 44% since May.

In addition, popular derivatives exchange FTX fell to 25% this June to 8.4 million.

On the contrary, the web traffic for cryptocurrency exchanges had hit an all-time high in May this year. As the cumulative figures surged to 638.2 million visits owing to the market’s unpreceded rally.

Binance’s Regulatory Snub

Binance, for one, has come under a raft of criticism and clampdowns from regulators across the world. The cryptocurrency exchange ash witnessed not just the wrath of the UK’s Financial Conduct Authority [FCA] but also from countries across the world such as Canada, Japan, among others. CZ had recently penned down a letter regarding the same,

“I believe a well-developed legal and regulatory framework in the long term will be a solid foundation that truly makes crypto essential in everyone’s daily life.”