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The RanchiMall is basically an enterprise based on blockchain technology and applying it on a larger scale for use by the masses, including the application of smart contracts and much more. Despite being started up in India, it has significantly grown with a short aspiring and ambitious team though. In spite of this, the team from RanchiMall depicts the top three Decentralized Applications (DApps) based on the Decentralized Finance (DeFi). In addition, their depiction is based on the number of users on the platform for the past 7 days on the account.
The PancakeSwap
In spite of RanchiMall’s 7 days observations on depicting the best DeFi based platform based on the number of users in the platform, the PancakeSwap tops the chart. Accordingly, the platform has seen profuse traffic of about more than 999.5K users for the past 7 days.
Moreover, it’s true fact that PancakeSwap is the most used decentralized platform. In spite of this, the overall market value of the platform corresponds to funds of more than $10 billion.
In addition, PancakeSwap operates upon the Binance Smart Chain platform as its blockchain provider. Also, it’s Trust Wallet which is a DApp provides the users the most simple and easy way to connect themselves to the PancakeSwap platform. Furthermore, they provide efficient swapping of tokens to other BEP20 based assets.
The ApeSwap
The second in line next to the PancakeSwap with the most number of users for the past 7 days is the ApeSwap. This makes the ApeSwap DApp the second-best DeFi based application in the market. In spite of this, ApeSwap has seen about 161.9K users visiting their platform actively for the past 7 days.
Besides, the ApeSwap is similar to the PancakeSwap as it too operates on the Binance Smart Chain technology. In addition, it also serves as a proficient staking platform too. Moreover, the ApeSwap competes itself with the UniSwap, determining itself as more efficient, cheaper, and faster.
In addition, its native token is the $ BANANA which stands for about $3 with an overall market cap of $740,523.
The Autofarm
Finally, the third in the line is the Autofarm. This DApp has seen traffic of about 109.4K active users upon their platform for the past 7 days. Likewise, this DApp also works upon the Binance Smart Chain (BSC) technology. Accordingly, all this relates that the most used DApps for DeFi services platforms are all working on the BSC technology. Therefore, this contradicts BSC being the most user-friendly and highly adaptive blockchain technology in recent times.
In addition, Autofarm is also a staking platform upon which the users could gain profits by simply staking in their yielding pools. Apart from BSC, the Autofarm also uses the Huobi ECO chain (HEco) and also the Polygon chain (MATIC).
Furthermore, apart from being just a Swapping platform, this DApp consists of the Vault attribute, which enables the investors to pool out their profits directly to their vaults.