ApeSwap Surpasses Uniswap V3 in Terms Of Users

ApeSwap, one of the prominent AMM and yield farm on Binance Smart Chain has surpassed Uniswap V3 in terms of user retention, in last 30 days. In the said period, number of unique active wallets on ApeSwap increased by more than 90% to 344.47K leaving behind Uniswap's 215.9K users.

One of the main reason behind this is, despite of London Hardfork Ethereum chain still suffers with high transaction cost, pushing users to look for cheaper and faster alternative like BSC, Polygon or Avalanche. As per DappRadar data, two top defi dapps in terms of users belong to BSC, with Ethereum's Uniswap V3 sitting at third position.

It can also be noted among top 5 protocols in terms of users, 4 happens to be belonging to BSC. Whereas all BSC protocol are showing a decent increase in users, Ethereum's UniSwap V3 has been struggling to retain its user base. This is a clear indicator of the ease of convenience BSC ecosystem offers in terms of transaction cost & speed.

However when it comes to TLV, Ethereum still is the leader with $107.64b worth assets held across its protocols, in comparison to $18.87b on BSC protocols. This can easily be explained as users with small wallet balances feel more easy to interact with protocols deployed on BSC.

Despite of a rapid increase in its userbase, ApeSwap is still no way near PancakeSwap. However increased userbase from other protocol like ApeSwap, still gives BSC ecosystem a nice boost, as the ecosystem continues expanding and challenging Ethereum in terms of various matrices.