Aerodrome Finance 超越 PancakeSwap：DeFi 的战略转变

多年来，PancakeSwap 一直是 BNB 链上占主导地位的去中心化交易所（DEX），拥有强大的用户基础和广泛的采用率。

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 链上的去中心化交易所（DEX）Aerodrome Finance 近期市值超越 PancakeSwap，引起轰动。 DeFi 格局的这一转变值得注意，因为它标志着一个新的竞争时代。

Aerodrome’s Rise and Impact on PancakeSwap

机场的崛起及其对 PancakeSwap 的影响

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.

多年来，PancakeSwap 一直是 BNB 链上的主导 DEX，拥有庞大的用户群和较高的采用率。然而，Aerodrome 的迅速崛起改变了格局，带来了新一轮的竞争。

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 的市值为 10.7 亿美元，超过了 PancakeSwap，后者目前的市值为 7.58 亿美元。这一飞跃可归因于 Aerodrome 凭借其创新的流动性激励措施以及与 Layer-2 生态系统的深度整合而吸引流动性的能力。

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 的成功在于其独特的代币经济方法和高效的费用结构。该平台优先考虑高采用率并通过其先进功能吸引流动性。

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.

与此同时，随着竞争的加剧，PancakeSwap 现在面临着适应的压力。这种转变标志着 DeFi 的更广泛趋势，敏捷且能够创新的平台可能拥有竞争优势。

Asset Dynamics and Comparison with PancakeSwap

资产动态以及与 PancakeSwap 的比较

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

虽然 Aerodrome 的市值超过了 PancakeSwap，但这两个平台的运营策略存在显着差异。

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 在单个链上的总锁定价值 (TVL) 为 13.98 亿美元，而 PancakeSwap 在九个链上的总锁定价值 (TVL) 为 19.06 亿美元。这种集中的策略使 Aerodrome 能够以集中的主导地位实现效率，而 PancakeSwap 的多链方法提供了更广泛的流动性覆盖范围。

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 仍然领先，收入为 435 万美元，而 Aerodrome 为 69.8 万美元。这种差异反映了交易量和生态系统整体成熟度的差异。 Aerodrome 较小​​的运营范围导致其指标更为精简，例如其年化收入为 590 万美元，而 PancakeSwap 的年化收入为 614 万美元。

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.

尽管如此，数据显示 Aerodrome 的可扩展性仍未经过测试，但其快速增长和对第 2 层技术的集中关注表明其在未来几年具有颠覆性的潜力。如果 Aerodrome 能够继续发展势头并获得进一步采用，它可能会开始与拥有更广泛网络的其他平台竞争。

Can Aerodrome Challenge Uniswap in the Future?

Aerodrome 未来能否挑战 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.

在领先的 DeFi 平台中，Uniswap 仍然是最大的竞争者，市值为 79.8 亿美元，日交易量为 3.126 亿美元。其广泛的跨链影响力和机构的采用进一步巩固了其地位。

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，专注于利基市场的新竞争者可以打破现状。

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 的市值为 10.7 亿美元，日交易量为 2920 万美元。虽然令人印象深刻，但这些数字仍然明显低于 Uniswap 的水平。为了与 Uniswap 进行有效竞争，Aerodrome 需要增加交易量、扩大生态系统并吸引机构参与者。

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 已经在 Optimism 和 Arbitrum 等平台上扩展了其 Layer-2 操作，同时还集成了抗矿工可提取价值 (MEV) 工具等先进技术。这些举措有助于巩固 Uniswap 的市场主导地位。

Conclusion

结论

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 的地位是快速发展的 DeFi 领域的一个令人兴奋的发展。虽然该平台尚未直接挑战 Uniswap，但其在 Layer-2 生态系统中的成功和创新的代币经济使其成为值得关注的 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 的未来将取决于其扩展能力、扩大采用率和保持发展势头的能力。如果这些趋势持续下去，Aerodrome 可能会在重塑 DeFi 方面发挥重要作用，并可能在未来几年颠覆市场领导者。