Aerodrome Finance 超越 PancakeSwap：DeFi 的策略轉變

多年來，PancakeSwap 一直是 BNB 鏈上占主導地位的去中心化交易所（DEX），擁有強大的用戶基礎和廣泛的採用率。

Aerodrome Finance, a decentralized exchange (DEX) on the BNB Chain, has recently made waves by surpassing PancakeSwap in market capitalization. This shift in the DeFi landscape is noteworthy as it marks a new era of competition.

BNB 鏈上的去中心化交易所（DEX）Aerodrome Finance 近期市值超越 PancakeSwap，引起轟動。 DeFi 格局的這一轉變值得注意，因為它標誌著一個新的競爭時代。

Aerodrome’s Rise and Impact on PancakeSwap

機場的崛起及其對 PancakeSwap 的影響

For years, PancakeSwap has been the dominant DEX on the BNB Chain, boasting a large user base and high adoption rates. However, Aerodrome’s rapid rise has changed the landscape, introducing a fresh wave of competition.

多年來，PancakeSwap 一直是 BNB 鏈上的主導 DEX，擁有龐大的用戶群和較高的採用率。然而，Aerodrome 的迅速崛起改變了格局，帶來了新一輪的競爭。

With a market capitalization of $1.07 billion, Aerodrome has outpaced PancakeSwap, which now stands at $758 million. This leap can be attributed to Aerodrome’s ability to attract liquidity, thanks to its innovative liquidity incentives and deep integration within the Layer-2 ecosystem.

Aerodrome 的市值為 10.7 億美元，超過了 PancakeSwap，後者目前的市值為 7.58 億美元。這一飛躍可歸因於 Aerodrome 憑藉其創新的流動性激勵措施以及與 Layer-2 生態系統的深度整合而吸引流動性的能力。

Aerodrome’s success lies in its unique approach to tokenomics and efficient fee structures. The platform has prioritized high adoption rates and attracting liquidity through its advanced features.

Aerodrome 的成功在於其獨特的代幣經濟方法和高效的費用結構。該平台優先考慮高採用率並透過其先進功能吸引流動性。

Meanwhile, PancakeSwap now faces pressure to adapt as competition intensifies. This shift signals a broader trend in DeFi, where platforms that are agile and capable of innovating may have a competitive advantage.

同時，隨著競爭的加劇，PancakeSwap 現在面臨著適應的壓力。這種轉變標誌著 DeFi 的更廣泛趨勢，敏捷且能夠創新的平台可能擁有競爭優勢。

Asset Dynamics and Comparison with PancakeSwap

資產動態以及與 PancakeSwap 的比較

While Aerodrome has surpassed PancakeSwap in market capitalization, the two platforms differ significantly in terms of their operational strategies.

雖然 Aerodrome 的市值超過了 PancakeSwap，但這兩個平台的營運策略有顯著差異。

Aerodrome has $1.398 billion in total value locked (TVL) across a single chain, while PancakeSwap holds $1.906 billion in TVL spread across nine chains. This focused strategy allows Aerodrome to achieve efficiency with a concentrated dominance, while PancakeSwap’s multi-chain approach provides broader liquidity coverage.

Aerodrome 在單一鏈上的總鎖定價值 (TVL) 為 13.98 億美元，而 PancakeSwap 在九個鏈上的總鎖定價值 (TVL) 為 19.06 億美元。這種集中的策略使 Aerodrome 能夠以集中的主導地位實現效率，而 PancakeSwap 的多鏈方法提供了更廣泛的流動性覆蓋範圍。

In terms of daily revenue, however, PancakeSwap still leads, earning $4.35 million compared to Aerodrome’s $698k. This disparity is reflective of the difference in transaction volumes and the overall maturity of the ecosystems. Aerodrome’s smaller operational scope results in leaner metrics, such as its $5.9 million in annualized revenue compared to PancakeSwap’s $6.14 million.

然而，就每日收入而言，PancakeSwap 仍然領先，收入為 435 萬美元，而 Aerodrome 為 698,000 美元。這種差異反映了交易量和生態系整體成熟度的差異。 Aerodrome 較小的營運範圍導致其指標更為精簡，例如其年化收入為 590 萬美元，而 PancakeSwap 的年化收入為 614 萬美元。

Despite this, the data shows that Aerodrome’s scalability remains untested, but its rapid growth and concentrated focus on Layer-2 technologies point to its potential for disruption in the coming years. If Aerodrome can continue to build on its momentum and gain further adoption, it could begin to rival other platforms that have more extensive networks.

儘管如此，數據顯示 Aerodrome 的可擴展性仍未經過測試，但其快速增長和對第 2 層技術的集中關注表明其在未來幾年具有顛覆性的潛力。如果 Aerodrome 能夠繼續發展勢頭並獲得進一步採用，它可能會開始與擁有更廣泛網路的其他平台競爭。

Can Aerodrome Challenge Uniswap in the Future?

Aerodrome 未來能否挑戰 Uniswap？

Among the leading DeFi platforms, Uniswap remains the top contender, with a market cap of $7.98 billion and a daily trading volume of $312.6 million. Its broad cross-chain reach and adoption by institutions have further strengthened its position.

在領先的 DeFi 平台中，Uniswap 仍然是最大的競爭者，市值為 79.8 億美元，每日交易量為 3.126 億美元。其廣泛的跨鏈影響力和機構的採用進一步鞏固了其地位。

However, Aerodrome’s success in surpassing PancakeSwap indicates that new contenders with a niche focus can disrupt the status quo.

然而，Aerodrome 成功超越 PancakeSwap 表明，專注於利基市場的新競爭者可以打破現狀。

Currently, Aerodrome has a market cap of $1.07 billion and a daily volume of $29.2 million. While impressive, these figures are still notably lower than Uniswap’s. To compete effectively with Uniswap, Aerodrome will need to grow its transaction volumes, expand its ecosystem, and attract institutional players.

目前，Aerodrome 的市值為 10.7 億美元，每日交易量為 2,920 萬美元。雖然令人印象深刻，但這些數字仍然明顯低於 Uniswap 的水平。為了與 Uniswap 進行有效競爭，Aerodrome 需要增加交易量、擴大生態系統並吸引機構參與者。

Uniswap has already expanded its Layer-2 operations on platforms like Optimism and Arbitrum, while also integrating advanced technologies such as miner extractable value (MEV)-resistant tools. These moves have helped solidify Uniswap’s market dominance.

Uniswap 已經在 Optimism 和 Arbitrum 等平台上擴展了其 Layer-2 操作，同時也整合了抗礦工可提取價值 (MEV) 工具等先進技術。這些舉措有助於鞏固 Uniswap 的市場主導地位。

Conclusion

結論

Aerodrome’s rise above PancakeSwap is an exciting development in the rapidly evolving DeFi sector. While the platform has yet to challenge Uniswap directly, its success in the Layer-2 ecosystem and innovative tokenomics make it a DeFi player to watch.

Aerodrome 超越 PancakeSwap 的地位是快速發展的 DeFi 領域的一個令人興奮的發展。雖然該平台尚未直接挑戰 Uniswap，但其在 Layer-2 生態系統中的成功和創新的代幣經濟使其成為值得關注的 DeFi 玩家。

The future of Aerodrome will depend on its ability to scale, expand its adoption, and maintain momentum. If these trends continue, Aerodrome could play a significant role in reshaping DeFi and potentially disrupting the market’s leaders in the years to come.

Aerodrome 的未來將取決於其擴展能力、擴大採用率和維持發展勢頭的能力。如果這些趨勢持續下去，Aerodrome 可能會在重塑 DeFi 方面發揮重要作用，並可能在未來幾年顛覆市場領導者。