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.
🚀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
— PancakeSwap 🥞 #Multichain (@PancakeSwap) March 4, 2023
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.
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.