The situation is less favorable for Binance Smart Chain (BSC) as the failure maintains DeFi’s momentum overtaking Ethereum for the second quarter of 2021.
In the Messari report, the rate of speculation that drove was one of the reasons for the decline in activity on the DeFi protocol in the second half of the quarter.
For the record, the volume recorded by all decentralized exchanges (DEXs) for the period April through June, showed a jump from $ 221 billion to $ 405 billion. However in the last quarter, which was May, the amount recorded was $ 203.5 billion before declining to $ 95 billion.
Binance Smart Chain recorded the worst performance, even having an impact on its related DeFi app: PancakeSwap, a competitor to Uniswap developed on Ethereum.
Excluding some of the hacking and exploitation activities at BSC resulted in losses of millions of dollars, coupled with speculation that ‘dead’ caused PancakeSwap’s record to plummet by 69% in June.
So far, Uniswap still dominates the DEX market with a transformation to Uniswap V3, making it the only platform that accounts for over 40% of the total DEX volume.
At the same time, the collapse of BSC’s position was a victory for Polygon as the protocol introduced a new set of tokens, which was an opportunity to create speculation and space for farming investors.
