Uniswap VS PancakeSwap | Data on TVL, trading volume and users

15d
LeoFinance
5 Min Read
913 words

Let’s compare the top DEXs side by side. Uniswap and Pancake are now the top two DEXs in all crypto. There are other big protocols like Curve, Aave, but those are not standard DEXs where users can swap all type of tokens.

Uniswap has started it all, but Pancake has made it accessible for a lot of small users and account. The fees for a swap are more expensive than a regular transaction. In the last year Uniswap fees were insanely high at some point making it almost unusable for smaller accounts. Pancake has been feeling up this gap ever since.
In the last period the fees are smaller on Uniswap, but Pancake has already established itself and has a regular user base and projects.

01.png

The pro and cons of these two are clear, Uniswap build on top of Ethereum is more decentralized (more secure) but expensive in terms of fees, while Pancake is cheep in fees at a cost of centralization, built on the Binance Smart Chain. BSC and Pancake has shown a steady level of reliability though, without any major issues in the past. They have also added new features like limit orders, IFOs etc, not just the simple copy/paste.

Here we will be looking at:

  • Total Value Locked TVL
  • Trading Volume
  • Numbers of users
  • Top pairs
  • Price

The period that we will be looking at is 2022.

Total Value Lock on Uniswap VS Pancake

Here is the chart.

image001.png

These two are following closely each other.
Uniswap started the year with almost 9B in liquidity and now it is around 4B. Pancake started with 5B an now it is at 3B. Interesting it seems that the Uniswap has dropped more than Pancake.

At the moment these two are quite close to each other with around 4B for Uniswap and 3B for Pancake in TVL.

Trading Volume

The trading volume is usually one of the most important metrics for an exchanged. Here is the chart for the DEXs trading volume.

image003.png

A lot of volatility here, especially from Uniswap.
Uniswap is leading here with trading volume at occasion up to 5B per day. On a regular days the trading volume seems to be between 1B to 2B.
Pancake has been in the range of 500M to 1B at the beginning of the year but now it is in the range of 100M to 200M.

Obviously the trading activity is much higher on Unsiwap then on Pancake, unlike the TVL where these two are now coming closer.

When we take a look at the monthly trading volume we have this:

Picture1.png

This is a bit clearer picture.
At the beginning of the year Uniswap was going for 100B monthly trading volume while Pancake 30B.
In October Uniswap is at 25B, while Pancake is around 4B. We can clearly notice the Uniswap lead here.

DEX VS CEX Volume

If we take a look at the data for the trading volume on the other exchanges provided by some of the aggregators like coingecko the numbers looks like this.
An example for the last 24 hours:

image005.png

Uniswap is now the third largest exchange in all of the crypto world, just behind Binance and Coinbase. Pancake is just outside of the top 10 ranking on the 13th spot in trading volume.

What’s interesting about these rankings is that the trading on Uniswap and Pancake is 100% verifiable, meaning for all the trades that has been a small fee paid and there is on chain data for the transactions. On the CEXs on the other hand you can’t claim that the trading volume is 100% accurate since it is happening in their databases. The numbers might be even better for the DEXs.

Numbers Of Users/Wallets

Here is the chart.

image007.png

On the number of users side, Pancake leads by a lot.
At the beginning of the year Pancake had around 500k DAUs, while Uniswap around 50k. A 10 to 1 ratio. Now Pancake is around 150k, while Uniswap is 30k. They have come closer but still Pancake is leading.

Top Pairs

Here is the chart for top pairs on Uniswap and Pancake.

image011.png

Stablecoins are now the number one pairs on Uniswap. Out of the top 10, five are stablecoins pairs.
The DAI-USDC is number one with almost 900M in liquidity combined from all the pools.

The chart for Pancake looks like this.

image009.png

The stabelcoin BUSD-USDT pair is on the top with 214M in liquidity. There is a total of three stabelcoin pair in the top 10. The BNB token is dominant in the top 10 pairs with 5 pools. The top one is the BNB-CAKE pool with 191M. The BNB-BUSD on the third spot with 171M.

Price

Here is the chart for the price of UNI and CAKE.

image013.png

The similarity in the price is amazing 😊.
At the beginning of the year UNI was trading at 18$ while CAKE at 12$. With the recent dip UNI is at $5 and CAKE at $3.5.

In terms of market cap UNI is at 3.7B and CAKE at 0.5B.


Overall, a clear lead for Uniswap that is to be expected. What’s interesting is that Pancake has now come close in terms of TVL, while in number of users it has been leading all the time. Uniswap is much more dominant in terms of trading volume.

All the best
@dalz

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1

let's do our own research

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0

Uniswap seems to be leading pancake by a wide margin, but with the current growth in pancake and the dip in the crypto world right now, pancake who allows smaller transactions would overtake uniswap surely.

Hands crossed though.

1

That user number comparison really gives you a perspective on the last bull run. BSC captured a ton of users that got priced out of ETH but they also got rekt in the process. People want crypto but they don't want to pay an arm and a leg in transaction fees and Binance was ready to capitalize on that.

Still can't believe that Uniswap can't go over 50k though...

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1
14d

Still can't believe that Uniswap can't go over 50k though...

On a daily basis yes, on a monthly the numbers are much higher something like 500k... so you can say they have a lot of users but they transact occasionally

1

Waiting for that time wen you'll do >> CubFinance vs Uniswap vs Pancakeswap fr in future.

Great report!

2

Each has its own advantages. Whales like uniswap and shrimps like pancakes

1
14d

Pretty much :)

0

excellent article. personally I think these two digital currency exchanges are the most important. from your article, however, I understood that pancakeswap is not as big as I thought

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