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Can Uniswap (UNI) dethrone PancakeSwap’s (CAKE) dominance on BSC?

Uniswap – which has dominated the world of decentralized finance and the whole gamut of decentralized exchanges so much – that it is a force to reckon with. However, the bear market which began at the start of 2022 hasn’t been kind to the largest DEX by total-value-locked (TVL). From the beginning of 2022 – Uniswap’s TVL has been steadily going down – from around $8.8 billion to now around $3.3 billion – registering a fall of about 62%

On the other hand – according to a recent tweet by PancakeSwap’s official Twitter page – CAKE’s total-value-locked (TVL) has been holding on far stronger than Uniswap’s – especially in the last couple of weeks – when it has managed to gain and more than double its TVL on the Aptos chain!

Additional Read: Uniswap Vs PancakeSwap

And, if we were to look at the data from the entire year – CAKE’s overall TVL has fallen too, but lesser than Uniswap’s. It has gone from around $5.5 billion at the start of the year to about $2.25 as of writing – registering TVL loss of about 59%.

Also, according to latest data from Defillama – PancakeSwap is the undisputed leader in the decentralized exchange space on the Binance Smart Chain. However, there has been a proposal to consider deploying its own platform on the BSC blockchain. This proposal was published on their website, earlier in December 2022.


Now this is a difficult proposition for the PancakeSwap – who are currently the undisputed leaders on the BSC blockchain network. However, despite it being the largest player on BSC – Uniswap has a history of successfully overshadowing existing players in an ecosystem that it joins.

For example – when Uniswap was deployed on the Polygon (MATIC) network – it quickly rose up the ranks to outperform other existing DEXes which were already running on the network such as SushiSwap (SUSHI) and Quickswap in terms of volume too. Crypto on-chain analytics platform, Dune Analytics depicts it clearly below:

Source: Dune Analytics

Hence if Uniswap Labs is able to replicate its successful strategy as it did on the Polygon network – it is very much possible that it could push PancakeSwap and its investors into a tough corner. Thus it will be interesting to see how this pans out.

However on a on-chain metrics front – PancakeSwap’s indications look positive and optimistic as of writing this article. For example – according to data sourced from crypto analytics platform, Santiment – the daily active addresses on PancakeSwap has been holding very strong ever since the month of May 2022. It has fallen from the highs back during the peak of the bull run back in November 2021 – but since June, despite the raging bear market and multiple major FUD causing incidents in the market – PancakeSwap’s daily active addresses metric has remained strong.

Read More: Price Predictions

CAKE Daily Active Addresses | Source: Santiment

A healthy sustained range of the daily active addresses indicate that there is a good amount of activity on the DEX and thus there is a strong possibility that despite Uniswap’s foray into BSC – PancakeSwap may be able to hold on to its edge in the space. But that is yet to be seen as further developments come out.

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