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

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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.

Messari

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

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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%

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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

ICO

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.”

Binance Smart Chain DeFi PancakeBunny Suffers Flash Loan Exploit

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Another day, another flash loan attack on a defi protocol.

A Binance Smart Chain [BSC] decentralized finance [defi] yield optimizer project called PancakeBunny, has supposedly suffered an “economic exploit”. According to the PancakeBunny team’s official post on Twitter, the protocol was subjected to a flash loan attack from an external actor.

However, the platform clarified that none of the vaults on the platform were compromised.

“We would like to remind the community that no vaults have been compromised. The exploit was an economic exploit that attacked the price of BUNNY, using flash loans. We repeat, no vaults have been breached.”

The malicious entity reportedly borrowed “a huge amount” of Binance Coin [BNB] on DEX Pancakeswap and went on to manipulate the price of USDT/BNB as well as BUNNY/BNB. Subsequently, the hacker dumped all of the acquired BUNNY in the market which led to the crash in the token’s price.

PancakeBunny rebuffed reports that claimed that the attacker siphoned off with $1 billion worth of tokens but has not revealed the actual figures yet. According to calculations, the exploit drained over $200 million from the yield platform’s smart contracts. However, the blockchain security firm Certik said that the losses were around $40 million. Its tweet regarding the same read,

“An alert was published at Certik over an incident on PancakeBunny, which suffered from a FlashLoan attack and resulted in a loss of ~$40M (114K WBNB & 697K BUNNY). An illustration of exploited asset movements is presented & we are actively monitoring further TXs.”

Certick

Further making the situation worse, the hacker left a rabbit-related pun as a note after the execution of the transaction that read “Aren’t Flashloans Earitating”

Notably, the BSC-based defi project is led by Mound, a startup that secured $1.6 million from the exchange’s venture capital and incubator arm, Binance Labs recently.

DeFi Token, BUNNY Free Falls

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The native token, BUNNY was trading above $230 before the incident. However, it slashed its gains by more than 80% over the past 24-hours and was currently trading at $31.48, according to CoinGecko.

Binance Smart Chain DEX, Pancakeswap Welcomes Injective Protocol Under the Hood

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Pancakeswap, the decentralized exchange on Binance Smart Chain welcomed Injective Protocol [INJ] as the fourth Syrup Pool project on its platform. According to a previous announcement, Pancakeswap was planning for INJ farming for SYRUP stakers to start shortly. Following this, INJ Syrup Pool became a part of the DEX.

Additionally, Pancakeswap further revealed that INJ farming went live on the 21st of October.

This news comes hours after Binance announced the completion of the Injective Protocol lottery draw. Following this development, the crypto exchange listed INJ token and initiated trading for INJ / BTC, INJ / BNB, INJ / BUSD and INJ / USDT trading pairs.

 

Injective in Brief:

Injective Chain is basically a decentralized sidechain relay network that functions as a second layer derivatives platform, a trade execution coordinator [TEC], and a decentralized order book. The core consensus is Tendermint-based. Similar to how CAKE fuels PancakeSwap, INJ is the token used by Injective Labs to unlock many functions, including governance, staking rewards, liquidity mining, etc.

Backed by a prominent group of stakeholders including Pantera Capital, Injective Labs was recently selected as the next project to launch on Binance Launchpad, the exchange’s selective public sale platform. With this, Injective became the first Binance Labs incubated project to debut on Binance Launchpad.

Talking about the introduction of INJ on Pancakeswap, Eric Chen, co-founder and CEO of Injective stated,

“My team has been following the rapid growth of PancakeSwap for quite some time. We were thoroughly impressed by what Chef Hops and the team have built here for the DeFi community. We are excited to introduce INJ to this network in order to fuel its next phase of growth”

Pancakeswap’s Growth

The popular food-themed DeFi platform became one of the six blockchain projects, including AnySwap, Arkane Network, BakerySwap, Bitquery, and Proxima, which is set to receive $350,000 in grants through the firm’s $100 million funds. The Malta-based platform had previously noted Pancakeswap was the “number one liquidity provider” on its smart chain with respect to volume, number of active users, and contribution to gas fees.

PancakeSwap Announces Integration With Binance’s Panama Bridge

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Popular cryptocurrency exchange, Binance has been enjoying its position as not only a trusted marketplace for CeFi but has also made a name for itself in the decentralized world by unveiling several products to attract the DeFi crowd, a space that has been dominated by Ethereum.

In the latest development, Binance Smart Chain-based decentralized exchange [DEX], PancakeSwap announced its integration with Panama bridge on the 12th of October. With this development, users will be able to swap ERC20 and TRC20 tokens to BEP20 tokens on PancakeSwap.

The official announcement by the food-themed DeFi platform read,

Binance had previously rolled out the Panama project on the 30th of September to help Binance Smart Chain and Binance Chain with more efficient, cross-chain bridging services, as it continued to work towards catering diversified audience. The latest news comes a day after the Binance Chain Panama service announced the addition of pegged tokens like Chainlink [LINK], Bitcoin Cash [BCH], Ontology [ONT], Litecoin [LTC], and Cosmos [ATOM].

The Panama project is essentially a small part of the Malta-based exchange’s bigger Token Canal Project. With Panama, Binance aims to utilize the bridging services of Binance Smart Chain [BSC] for cross-chain asset circulation and to “realize a connected blockchain world”.

EkGMqj VoAACagL scaled

Decentralized pools such as PancakeSwap on the Binance Smart Chain have continued to see an increase in traffic and volume, which in turn, has propelled intensified activity on BSC. According to a recent update, the total distinct addresses as of the 11th of October on BSC stood at 124,511, more than 6,200 increase since the previous day. One of the crucial catalyzing agents for this was the facilitation of cross-chain circulation of different network assets by the Panama project.

The rising popularity of Panama can be attributed to the liquidity that it brings for BSC Dapps and value assets such as BTC, BCH, and ETH to the BSC community. The cross-chain transfer takes only 2-3 minutes and faster transfer time gives an edge over Ethereum. Meanwhile, there is no transaction fee and the users are only required to pay the network fees.