PancakeSwap significantly impacted the DeFi market in its early days. However, due to a lack of innovation and market saturation, it has witnessed a decline in user activity and trading volume over the years.
Elluminex aspires to become the next leader in the DeFi space by transforming the sector and solving the underlying issues. Let’s understand what steps it is taking to achieve its goal.
What you'll learn 👉
Is The PancakeSwap (CAKE) Price Correction Over?
In 2021, CAKE had a great rally and reached the All-Time High (ATH) of $44.18. However, the price declined drastically from this level, and CAKE has been stuck in the $1.5-$5 range for over two years.
The price reached the resistance of this range in March 2024 but failed to break out and dropped further below to trade in the $1.5-$2.1 range. With last month’s rally, CAKE moved above this range and gained over 170% to the $4.25 price level, which rejected the price uptrend.
CAKE fell to the $3 support level, which it consolidated for over a week. The price fell below this support on Wednesday, and CAKE now trades at $2.77. It has dropped to the 50-day SMA line and is taking support from it, which might mark the end of the price correction and continuation of the previous trend.
Elluminex (ELX): Creating The Best TON DeFi Platform
Global DeFi participation is increasing at a very high rate, with the total market cap of DeFi coins surging from $70 billion to $130 billion in the previous year, according to data from Coingecko. However, the sector is still in its infancy and is expected to grow to be worth over $400 billion by 2030.
Unlike PancakeSwap, which is based on the Binance blockchain, Elluminex is leveraging the TON blockchain’s strengths to create a highly efficient layer-1 platform superior to the existing projects in the market. TON is the fastest-growing network, but its capabilities are still untapped.
Elluminex aims to unlock TON’s full potential and become the first all-in-one DeFi hub on the network. Fragmented liquidity, high fees, complex interfaces, and limited access to early-stage projects hinder the DeFi sector’s growth.
Because investors have been facing these challenges, the adoption of the DeFi market has been heavily impacted. Elluminex plans to revolutionize the industry and address these issues through its platform.
How Elluminex Is Revolutionizing DeFi
Elluminex is developing its platform to integrate all DeFi functionalities investors need in an efficient decentralized economy. It includes a Decentralized Exchange (DEX), cross-chain bridge, staking, farming, an advanced portfolio tracker, and pre-market access.
This platform will streamline the DeFi experience by providing access to all features needed to manage finances under a single platform. This collection of essential functionalities eradicates inefficiencies and security risks while improving accessibility.
The Elluminex DEX will leverage TON’s highly scalable architecture and unparalleled transaction speeds to offer users asset-swapping with low slippage and high liquidity. The DEX will offer advanced trading features such as LP trading and limit orders, but the interface will be designed to remain beginner-friendly to help newcomers adapt to it quickly.
The cross-chain bridge will ensure the DEX is interoperable across multiple chains, allowing users to make seamless transfers between different blockchains. Thus, traders will benefit from a non-custodial environment through which they can manage all their digital assets.
Moreover, the AI-powered portfolio tracker will offer real-time data with minimal lag and also provide market insights and portfolio performance analysis. Using these reports, the market participants will be positioned to make data-driven investment decisions and develop better strategies.
The platform will be powered by Elluminex’s native token, ELX, which will soon be available to acquire in the upcoming token presale. This presale will offer an excellent opportunity for market players as Elluminex is destined to become the next DeFi leader.
For more information about Elluminex (ELX) visit the links below:
Website | Twitter/X | Telegram
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