“Use More Gas” Says PancakeSwap As It Slows Down Due To Binance Smart Chain (BSC) Overload
Running into data storage problems just as Ethereum has been into scaling problems.
Automated market maker (AMM) PancakeSwap is seeing a lot of activity, and with that comes the issues, as users have been reporting it being slow.
Described as a fast and cheap protocol that allows anyone to participate on BSCscan, PancakeSwap said late on Tuesday that their project isn’t slow, but “BSC is just overloaded right now.”
This, the team further tweeted, is because of the all-time high they are seeing in people using the site, transactions, and volume on Binance Smart Chain (BSC).
Use more gas.
— PancakeSwap 🥞 #BSC (@PancakeSwap) April 21, 2021
Over the last 24 hours, the AMM reported 2 million transactions compared to 1.55 million on Ethereum, said the team. “The craziest part? Looks like things are just getting started.”
If things are just getting started, as the team says, this may affect the project more and make it even slower.
In 2021, as the usage of Binance Smart Chain gained traction due to high activity on Ethereum blockchain causing congestion and high fees has led to now people reporting issues on BSC as well. ETH 6.76% Ethereum / USD ETHUSD $ 4,105.30
$277.526.76% Volume 56.13 b Change $277.52 Open $4,105.30 Circulating 115.87 m Market Cap 475.69 b 1 h Ether Flippining Bitcoin a Real Possibility But What’s the Caveat 1 h Samsung Updates Galaxy Smartphones With New Support for Crypto Hardware Wallets 2 h Southeast Asia’s Largest Bank, DBS Starts Offering Trust Services for Cryptocurrencies
Much like BSC advertised itself as a fast and cheaper alternative to Ethereum, now new projects are trying the same with PancakeSwap.
As derivatives platform, Deribit noted in its report last week,
“at present, PancakeSwap has much of the retail active users and attention, but this could shift as BSC runs into scaling problems with data storage just as Ethereum is running into scaling problems with the delay of EIP 1559 and the likely liquidity fragmentation that will result from Layer 2 adoption.”
In terms of TVL at $5.4 billion, PancakeSwap is the second most popular project on BSC while boasting 87k addresses.
Its native token CAKE, which has an infinite mint and burn token mechanism, is also enjoying an uptrend in tandem with the protocol usage, up 4,745% YTD, making a new ATH today at $28.50. CAKE 2.81% PancakeSwap / USD CAKEUSD $ 32.28
$0.912.81% Volume 501.28 m Change $0.91 Open $32.28 Circulating 164.9 m Market Cap 5.32 b 1 w Cryptocurrency Related Stocks Tumbling in a Massive Divergence from Crypto Assets 1 w Ethereum Fork ETC Trading 12% Higher on Coinbase, CAKE Wicks Down Over 13.5% on Binance 1 w Binance Smart Chain (BSC) Is Feeling the Pressure of the Heightened Network Demand
PancakeSwap’s liquidity, volume, and daily users are clearly outpacing the popular DEX Uniswap, which is not fake and very much real. This engagement comes from “a new segment of users who are less ideological and experienced than Ethereum participants.”
BSC’s overall usage is actually more skewed towards new retail participants with distinct behavior from Ethereum users.
This real and undeniable traction, according to Deribit report, “is ultimately bound to BSC, the success of which depends on managing tradeoffs between throughput and decentralization.”