10 Surprising Facts on the State of DeFi on BNB Chain
Did you know, PancakeSwap’s dApp dominance shrunk, or the average gas fees on BNB Chain was reduced by 40%?
We take a deeper look at 10 surprising facts on the state of DeFi dApps on BNB Chain with the help of important metrics such as TVL, number of users, total transactions, fees, and recent listings.
The DeFi dApps used in this analysis include PancakeSwap, Venus Protocol, 1Inch Network, Alpaca Finance, Tranchess, Wombat, ApolloX, Uniswap, Trader Joe, Sushiswap, Thena, Radiant Capital, Ribbon Finance, and Uniwhale.
TVL or Total Value Locked is the average value of digital assets staked and locked by users in a dApp in April 2023.
1. The TVL (of assets) on BNB Chain is currently at $4.61 billion, representing 9.54% of the total TVL across all chains. BNB Chain’s blockchain dominance in TVL increased from 7.49% to 9.54% from April 2022 to April 2023.
2. PancakeSwap accounts for $2.2 billion in TVL or a dApp dominance of 46.51% on BNB Chain. However, PancakeSwap’s TVL dominance shrunk from +55% in September 2022 to 46.5% in April 2023.
3. Venus is the second-biggest dApp according to TVL on BNB Chain with over $818 million in Total Value Locked and a dApp dominance of 17.35%. Venus has also announced the integration of PancakeSwap on Venus Protocol.
4. Alpaca Finance comes in third with $231.3 million in Total Value Locked and a dApp dominance of 5.01%.
5. Thena ($86.45 million), Radiant ($68.81 million), Tranches ($56.2 million), Wombat ($47.2 million), and ApolloX ($36.94 million) also contribute towards a significant portion of the Total Value Locked on BNB Chain.
The total number of users is the total number of unique smart wallets that interact with a dApp’s smart contract in the last 30 days according to DappBay.
6. In April 2023, BNB Chain registered 8.03 million MAUs across all dApp categories, while the 14 DeFi dApps in this list amassed over 1.12 million MAUs (or 13.9% of the total users on BNB Chain). The average daily active addresses on BNB Chain grew by 30% according to Messari's report on the State of BNB Chain dApps in Q1 2023.
7. PancakeSwap continues to be one of the most used DeFi dApp on BNB Chain with over 900K MAUs. PancakeSwap also announced the launch of PancakeSwap v3 in April 2023 introducing lower trading fees, higher earnings for LPs, higher capital efficiency, a trading rewards program, and more.
However, consider that most users tend to swap and trade crypto (services offered by PancakeSwap), while fewer users may need to use option vaults or lending (services offered by Ribbon Finance).
Transactions represent the number of actions between a user and a dApp through smart contract interactions in the last 30 days according to DappBay.
8. BNB Chain recorded an average of 3.3 million daily transactions across all dApps according to Dune in April 2023. DeFi dApps accounted for 9.25% of all those transactions.
9. 1Inch with +270K monthly transactions and Venus Protocol with +57K monthly transactions account for the most number of transactions (after PancakeSwap) among DeFi dApps on BNB Chain.
10. The average gas fee per transaction is 0.00051 BNB with BSC validators voting to slash gas fees by 40% on BNB Chain transactions.
2023 Q1 saw the addition of several top DeFi protocols on BNB Chain including Uniswap (leading exchange by trade volume), Trader Joe (trade, lend and leverage), Radiant Capital (omni-chain money market), Ribbon Finance (option vaults and lending), Uniwhale (perpetual trading exchange), and Thena (native liquidity layer and DEX). Explore this list of most recently listed BNB Chain dApps.
DeFi campaigns can also contribute to more users participating in a protocol, higher transactions, and an increase in TVL. A few examples of DeFi campaigns on BNB Chain include staking campaigns, lending, voting on proposals, providing liquidity, and more (such as the three campaigns featured below by Trader Joe, Uniwhale, and Alpaca).
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Disclaimer: DappBay is an open platform for all developers building on BNB Chain to display their projects. Description and information on dApps listed on DappBay are directly provided by the developers of the respective project. Projects featured on DappBay are not recommended, vetted or endorsed by BNB Chain Labs, BNB Foundation or any other affiliated entity. Do your own research - you are solely responsible for your investment decisions and your use of any project featured on DappBay is at your own risk. The material available in DappBay should not be construed as financial advice.