Although Uniswap still sits as the king of DEXs (Decentralized Exchanges), a considerable number of new DeFi participants cut their teeth on PancakeSwap, a BSC (Binance Smart Chain) based DEX. Although PancakeSwap was launched in September 2020 and Uniswap on November of 2018, PancakeSwap quickly rose through the ranks, creating a new class of DeFi degens and a bustling altcoin economy during the last bullrun. In fact, despite the market downturn, PancakeSwap still has a 24h transaction volume of over $10m as of time of writing.
But what made PancakeSwap so popular in the first place?
Compared to Ethereum-based Uniswap, PancakeSwap is faster and cheaper to use thanks to the relative efficiency of the Binance Smart Chain. This means that traders are able to trade in large volume and frequency at lower costs. But more pertinently, developers are able to deploy new coins on BSC more cheaply than on Ethereum. In fact, Binance Smart Chain was sometimes referred to as the 'BSC Casino' during the frenzied heydays of the last bull market, thanks to the incredibly huge number of shitcoins launched on the chain. It goes without saying that PancakeSwap benefited tremendously from the thriving coin-creator economy.
If you're an Internet Computer enthusiast, you can probably connect the parallels between what happened with PancakeSwap and our own future here at InfinitySwap. Not only is the Internet Computer Protocol lightning fast, but transaction costs are negligible even compared to BSC.
As we get ready for the InfinitySwap launch, developers and project founders alike should strongly consider launching their tokens through our DEX. In addition to the upper hand that the Internet Computer's speed and low cost provides, InfinitySwap will make use of bootstrap liquidity pools, which solves some core issues with launching a new token, such as stable initial liquidity.
Project founders, especially those without coding knowledge or working without developers, should be excited to know that they'll be able to deploy their own tokens without any technical expertise, thanks to InfinitySwap's self-minting feature. This means that anyone can use InfinitySwap to create their own coin, whether it's to finance a startup, create a coin specifically for use within a dapp, or just have fun making a meme coin--like how Dogecoin was started.
Unlike with both Uniswap and PancakeSwap, there is no need to create a smart contract for your token elsewhere and then list it on a DEX. Everything can be handled intuitively through InfinitySwap.
Over the past few months, the Bitfinity wallet has increasingly become the community's choice for a secure hot wallet on the Internet Computer. With InfinitySwap's vast improvements on the DEX/AMM model currently in existence, there is no doubt that it will become the IC (and the rest of the crypto) community's mostly widely used DEX. And given how anyone will be able to easily and quickly launch and manage their own tokens, InfinitySwap is poised to kickstart a fresh wave of DeFi activity. We dare you to not be bullish!