On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
PancakeSwap takes advantage of lower costs on the Binance Smart Chain to become the second-ranked DEX by volume.
PancakeSwap (CAKE) has emerged as a rising star in the decentralized finance (DeFi) sector with the recent surge in price helping the food-themed token become the first billion-dollar project on the Binance Smart Chain (BSC).
Data from Cointelegraph Markets and Tradingview shows that the price of CAKE has risen 520% since reaching a low of $1.89 on Feb. 3 to establish a new all-time high of $11.12 on Feb. 17. This propelled its total market cap above $1 billion for the first time.
As DeFi has grown in prominence with a majority of top projects currently operating on the Ethereum network, protocols that are based on other networks such as the BSC are beginning to see an increase in active users seeking respite from high transaction costs and delayed confirmation times.
The recent decision by the BSC community to lower the gas fee from 15 Gwei to 10 Gwei in response to a rise in the price of Binance Coin (BNB) has further incentivized traders who are looking for more stability when it comes to transaction costs.
According to data from Defistation, the total value locked on the PankcakeSwap protocol has continued to increase from $150 million on Jan. 23 to a new high of $2.477 billion on Feb. 17 as increases in token values as well as the addition of new farming opportunities has led to a rapid rise in the total value locked (TVL).
Trading volume on the platform has also seen a steady rise in recent weeks with data showing that CAKE is now the second-ranked DEX by trading volume behind Uniswap (UNI).
Bullish momentum in the cryptocurrency market and the rapid expansion of DeFi point to further increases in network transactions for the blockchains involved. With no end in sight for high transaction costs on Ethereum and a growing number of projects positioning themselves as cheaper alternatives, PancakeSwap likely has even more upside potential as the cryptocurrency sector continues to go mainstream.
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