More Tapping On Binance Smart Chain Technology To Tackle Real World Problems
Decentralised exchanges such as PancakeSwap, SushiSwap and SafariSwap have dominated the decentralised finance scene. As of August 2021, PancakeSwap has accumulated 38 million trades in just the last 30 days of its operation, with over 2 million users. SushiSwap has reached $98.91 billion in total trading volume. An up and coming exchange with a nature theme, SafariSwap, is set to mimic its predecessors’ growth with a multi-fold increase in value of its own token, the $Nature.
Many of the decentralised exchanges today are based on cryptocurrency juggernauts Binance Smart Chain or Ethereum’s technology, which provides the infrastructure and security to build their exchanges upon. These high-tech exchanges, or otherwise known as automated market makers, provide the liquidity and semblance of stability in an otherwise highly volatile environment of crypto trading. While the risks that come with crypto trading would have put off ordinary investors traditionally, more are now open to exploring the potential upsides to owning these digital assets. The total locked value in decentralised finance exchanges has skyrocketed 6900% in the short span of a year, from $1.1 billion in June 2020 to $69.1 billion in June 2021. PancakeSwap’s token has seen a 1800% increase in its price movement over the same period. Another popular exchange, UniSwap, saw an astounding 6900% increase in value of its token between September 2020 and June 2021. In dollar terms, $10,000 of bought UniSwap token in September 2020 would have been worth $690,000 in less than a year. In contrast, for the same period, the S & P 500 would have only returned less than 50% for stock market investors.
With such figures in mind, it is of little surprise that more funds are being shifted to cryptocurrency exchanges for a share of the action, even in light of the highly volatile nature.
More projects are also appealing to greater segments of people and using blockchain technology to tackle real problems of the world. In the case of SafariSwap, it is promising to utilize at least 5% of their own token for nature conservation and other charitable causes. More exchanges like PancakeSwap are also gamifying their applications to cater to the increased demand for home entertainment, in light of the greater number of people staying at home due to Covid. Such a move not only appeals to some financially, but also appeals to the personal tendencies of its users. SafariSwap, for example, is set to appeal more to animal rights activists and animal and nature lovers. Another gamified cryptocurrency, CryptoKitties, has over 250,000 registered users, many of them cat lovers who enjoy the cat-themed project.
While it may be too early to tell which cryptocurrency or decentralised finance application will triumph in the long run, it seems for now that cryptocurrencies and decentralised exchanges are not just here to stay, but also to thrive. In the not so distant future investing in cryptocurrencies and tokens may just be an undisputed part of a conventional investment plan.
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