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PancakeSwap V3: Upgraded Features and Rewards for DeFi Enthusiasts

PancakeSwap V3: Upgraded Features and Rewards for DeFi Enthusiasts

PancakeSwap, a decentralized cryptocurrency exchange, has announced that it will launch a new version of its application, PancakeSwap V3, in the first week of April.

The updated exchange will be rolling out on BNB Smart Chain. According to a company press release, it will include several new features, such as more competitive trading fees and improved liquidity provisioning.

Mochi, the pseudonymous head chef of PancakeSwap, stated that the new features will offer users an even better experience and help make DeFi accessible to more people than ever before.

In addition to the launch of PancakeSwap V3, the company has detailed a rewards campaign that coincides with the updated exchange. Users who contribute a certain amount of funds to the platform’s liquidity pools will receive an airdrop of the exchange’s CAKE token.

Furthermore, users who provide liquidity within the campaign’s requirements will also receive an NFT as a symbol of loyalty towards PancakeSwap. However, a disclaimer states that the token is non-transferable and that the campaign can be modified or canceled at any time.

PancakeSwap’s CAKE token is currently ranked 71st in terms of market capitalization compared to other tokens, with a collective value of around $700 million.

PancakeSwap V2 is currently the fourth most popular choice among decentralized exchanges, with around $84 million in trading volume over the past day.

Its most popular trading pair among tokens was between Tether’s USDT stablecoin and BUSD, the Binance-branded token over which its issuer Paxos faces regulatory pressure.

READ MORE: Binance Accused of Stealing BNB Chain Hackathon Winner’s Idea

PancakeSwap was originally launched in September 2020 by anonymous developers. While other larger decentralized exchanges like UniSwap are built on Ethereum, PancakeSwap is built on BNB Chain, a standalone blockchain created by Binance that supports smart contracts.

The TVL on PancakeSwap has been in decline since digital asset prices peaked towards the end of 2021, falling to around $2.5 billion today from $6.5 billion in December of 2021, according to DefiLlama.

In June of last year, Binance made a “strategic investment” in PancakeSwap of an undisclosed amount, signaling its support for the project.

Decentralized cryptocurrency exchanges like PancakeSwap differ from their centralized counterparts by enabling people to trade cryptocurrencies directly with each other while maintaining the possession of their tokens the entire time.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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