The April upgrade promises more competitive trading fees and improved liquidity provisioning.
PancakeSwap, a decentralized cryptocurrency exchange, announced on Saturday that users are able to access a new version of its application on BNB Smart Chain starting next month.
The head chef of PancakeSwap under the pseudonym Mochi said, “The new features we’re introducing will give our customers an even better experience. And help make DeFi available to more people than ever before.
According to a press statement from the business, PancakeSwap V3 will go live in the first week of April. And will bring a number of improvements to the service, including more competitive trading fees and better liquidity support.
In conjunction with the launch of its updated exchange, PancakeSwap announced a rewards program that will grant users an airdrop of the platform’s CAKE token in return for making a minimum contribution to its liquidity pools.
Users who contribute liquidity in accordance with the campaign’s requirements will also get an NFT as a token of their loyalty to PancakeSwap. The token, however, is not transferrable and cannot be sold. And the campaign may modify or cancel at any moment, according to a disclaimer.
🚀PancakeSwap V3 is launching on the 1st week of April!
🎁Early supporters will receive an exclusive NFT and a share of the $135K airdrop
⏰Don’t miss out on this opportunity and join us now by adding liquidity on BSC PancakeSwap
📕Full details here: https://t.co/5QjGWOxd3g pic.twitter.com/2dpFKZwcms
— PancakeSwap 🥞 #Multichain (@PancakeSwap) March 4, 2023
According to CoinGecko statistics, the CAKE token from PancakeSwap is currently in position 71 in terms of market capitalization when compared to other tokens, with a total market cap of about $700 million. It has decreased by about 9% over the past 30 days to a $3.79 91%. It is declining from its previous all-time peak of approximately $44 in April 2021.
With $84 million in selling activity over the last day, PancakeSwap V2 is presently the fourth most popular option among decentralized exchanges, per statistics from CoinGecko. Its most popular trading pair between tokens was the Binance-branded token BUSD. Also, Tether’s USDT stablecoin, over which its issuer Paxos is under regulatory oversight.
Recently, PancakeSwap V2 also deploy on Ethereum and Aptos. Where, according to DefiLlama, it has a $30.3 total value sealed (TVL).
The first version of PancakeSwap was released in September 2020 by unnamed developers. PancakeSwap is based on BNB Chain, a standalone blockchain developed by Binance that allows smart contracts. As opposed to other, bigger decentralized exchanges like UniSwap that are built on Ethereum.
Binance announced a secret “strategic investment” in PancakeSwap in June of last year. Signaling that it would continue to back the venture going forward.
Decentralized cryptocurrency exchanges, such as Coinbase or Binance, stand out from their controlled competitors. It is by allowing users to transact directly with each other while maintaining possession of their tokens at all times.
Using an automated market maker (AMM) method, which enables users to lock up their tokens and earn rewards. It is a core element of how many decentralized exchanges operate.
According to DefiLlama, the TVL on PancakeSwap has been declining since the high in digital asset values near the end of 2021. It is now only about $2.5 billion, down from $6.5 billion in December of that year.
Source: decrypt.co
