On April 3, Pancakeswap, a decentralized exchange platform, unveiled version 3 of its protocol (v3) on the Ethereum and Binance Coin (BNB) blockchains. The new application promises to improve the performance of the dex protocol and lower trade fees by introducing four pricing tiers.
Pancakeswap Unveils Version 3 With Enhanced Capital Efficiency And Upgraded Features
On Monday, Pancakeswap announced the launch of its v3 protocol on the Binance Coin (BNB) and Ethereum blockchains. The announcement was made in the first week of March, and the platform’s official Twitter account posted about the launch, asking users to share their excitement. According to developers, the updated version of Pancakeswap features enhanced capital efficiency, enabling liquidity providers to concentrate capital more effectively.
Pancakeswap v2 has a standard fee of 0.25%, whereas Pancakeswap v3 offers four fee tiers: 0.01%, 0.05%, 0.25%, and 1%. According to Pancakeswap’s developers, a VIP rewards program for v3 will be inducted, and VIP trading fee rebates will be available to dex traders. Slim volumes have emerged on both the v3 Ethereum platform and the Binance Coin (BNB) platform.
As of this writing, Pancakeswap v3 on Ethereum has a relatively low volume, with only $3,672 recorded since its inception. Ethereum-based Pancakeswap v3 pairs wrapped Ethereum (WETH) with USDC and USDT stablecoins. Pancakeswap’s v3 protocol on Binance Coin (BNB) has recorded significantly higher trading volume, with settled swaps reaching $1.02 million. Presently, the BNB version consists of seven coins and fourteen distinct trading pairings.
The stablecoin tether (USDT) and wrapped BNB (WBNB), which account for the majority of trades on Pancakeswap v3 Binance Coin (BNB) transactions. With a daily trade volume of $106.61 million, Pancakeswap v2 is presently the third-largest dex platform. Pancakeswap v2 contains 3,286 crypto assets and 5,728 different trading pairs, which is a considerable increase in coins and pairs. In the past 30 days, there have been roughly 5,477,351 visits to the second version of Pancakeswap’s dex.