Launched in September 2020, PancakeSwap (CAKE) has become the first to exceed a billion dollars in volume on the Binance Smart Chain (BSC) and its exchange as of February 19, 2021 overtook Uniswap in terms of volume: $2.1 vs $1.2 billion. PancakeSwap is an automated market maker* and token, much like Uniswap, but on the Binance Smart Chain. Outrageous gas fees on the Ethereum network are pushing more projects and volume onto the much cheaper but more centralized Binance Smart Chain.
One concerning issue with CAKE is its infinite supply; however, there is a burning mechanism that should limit supply: "an embed burning mechanism includes 9.1% of all the farmed CAKE tokens, 10% of the lottery tickets and 100% of the fees raised in its Initial Farm Offerings (IFO)." Other BEP20 tokens on the Binance Smart Chain (BSC) such as BRY are doing extremely well: BRY has increased 79% in price in the last 24 hours. BNB is also now the 3rd largest cryptocurrency by market cap. With transaction fees on BSC less than a $1 compared to > $100 on the Ethereum network and with its smart contract capability, BEP20 tokens are only going to become more popular.
*Automated Market Maker (AMM) are smart contracts that act as a type of decentralized exchange (DEX) protocol that does not rely on traditional order books but on liquidity pools that are automatically traded by an algorithm.