If the new swap gives a good user experience, its use by the huge Baby Doge community may make it a major DEX player.
PancakeSwap, BNB DEX King
Can any platform possibly dethrone PancakeSwap as the top Decentralized Exchange (DEX) on BNB Chain? Backed by its huge meme-loving community, Baby Doge Coin is going to take a shot.
PancakeSwap has long reigned as the most popular DEX on BNB. The platform leads other BNB Chain Decentralized Applications (dApps) in terms of Total Value Locked (TVL), trade volume and the number of users.
The massive hype in the early days of BNB Chain was largely due to the success of PancakeSwap. At one point, Pancakeswap seemed synonymous with BNB Chain. Not a few people incorrectly thought that PancakeSwap was the native DEX of BNB Chain at the time.
At the time of writing, data from DappRadar shows that PancakeSwap has a 30-day incoming transaction volume of more than $2.5 billion, and at least 2 million users each month. (Second is BiSwap with $1.1 billion in volume and 1inch Network with 73,000 users.)
Data from DefiLlama shows that PancakeSwap has $3.3 billion in TVL, accounting for about half of the value on the entire BNB Chain. (Second is Venus Protocol with $713 million in TVL.)
Arguably, there is hardly any BNB Chain user who does not swap tokens on PancakeSwap now and then.
New Competition From Baby Doge
It’s a tall order, but if anybody is going to challenge PancakeSwap for its top position on BNB, maybe it’s leading meme project Baby Doge Coin.
During an Ask-Me-Anything (AMA) Telegram session on Aug. 5, the Baby Doge team gave details of features on its upcoming swap procol.
On Aug. 10, Baby Doge announced in a Tweet that the Baby Doge Swap testnet will go live on Aug. 15 or possibly a day earlier.
As shared during the AMA, some of the swap’s features will include:
- A percentage of swap fees will be used to buy back and burn $BabyDoge.
- Access to the web-based dApp via TrustWallet, Metamask, etc.
- Decentralized Finance (DeFi) utilities such as swapping, yield farming, staking, voting, migrating, NFT staking, and more.
- Swap fees as low as 0% for smaller partner projects who set up farms. However, normal fees will apply to blue-chip pairs.
- An integrated fiat-on-ramp Simplex widget which will enable users to purchase crypto with debit cards.
- Wallet connections with popular providers such as Metamask, Trustwallet, Mathwallet, Coin98, Safepal, Wallet Connect, etc.
- Projects that deploy farms can adjust lock times and withdrawal fees.
- The swap protocol is audited by Certik.
- At launch, users will be able to swap top tokens on BNB Chain, while additional pairs for BNB, BTC, BUSD, USDT, ETH, etc will be added soon after.
The Baby Doge team will embark on an aggressive marketing drive preceding the launch of its swap.
For the complete summary of the AMA, here is the Reddit recap.
Baby Doge Coin currently has 1.6 million token holders and a Twitter followership of 1.5 million. If those numbers translate to a real-world strength, could the support of the meme project’s massive and boisterous community give Baby Doge Swap an edge over PancakeSwap?
It remains to be seen if Baby Doge’s native swap will provide enough of a smooth and seamless experience to alter the loyalties of PancakeSwap’s immense user base and shake up the DEX rankings on BNB Chain.
What Is Baby Doge Coin:
Baby Doge Coin is the acclaimed ‘son’ of the popular meme token, DOGE. Baby Doge Coin has a hyper-deflationary system that progressively increases its scarcity and increases its liquidity. The project team hopes to ride the momentum of its ‘father’ coin but with faster transactions and enhanced cuteness.
The Baby Doge Coin project looks out for the welfare of dogs and is actively reaching out to dog shelters & organizations that benefit dogs. Helping rescue as many dogs as possible is its goal.
Where to find Baby Doge Coin:
Website | Twitter | Discord | Telegram | TikTok | YouTube | Instagram | Facebook
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