Binance Smart Chain (BSC) led the charge for blockchains in May, as it had over 417,000 unique active wallets, but it’s PancakeSwap that took over the dApp chart with 350,000 daily active wallets.
PancakeSwap also registered a week in which over 1.1 million active wallets worked with smart contracts. During that week, PancakeSwap registered $278 billion in volume, which is more than any other competitor over the same period of time.
This means that PancakeSwap also defeated its biggest ETH-based competitors, Uniswap and Sushiswap. In total, for the month of May, PancakeSwap enjoyed over 3.3 million unique active wallets that interacted with smart contracts.
The success of PancakeSwap is attributed to the fact that it allows fast and cheap transactions while the Ethereum network continues to struggle with congestion and high gas fees (which have reached $280). The average fee for a BSC transaction, on the other hand, is worth $0.50, which represents a difference of 55,900% between those two numbers.