PancakeSwap, a decentralized cryptocurrency exchange, has officially announced that its most recent application version, PancakeSwap V3, will be released during the month of April 2023. The transaction will occur on the BNB Smart Chain.
Mochi, the head chef of PancakeSwap, a decentralized exchange, announced that new features would be introduced to enhance the user experience and allow more users to connect with DeFi. The update will also aim to reduce trading fees and improve liquidity provisions.
The company has disclosed that a rewards campaign will run concurrently with the product’s introduction. This will result in an airdrop of its CAKE token to its connected users if they are able to make adequate contributions to the platform’s liquidity pool. In this situation, the users will also receive an NFT, which will serve as a loyalty incentive for the business. However, the token will not be transferrable.
The CAKE token of PanckeSwap is now ranked 72nd in terms of market capitalization, with a value of $680 million. Interestingly, the value has decreased during the past month.
Also, the entity ranks fourth in terms of overall popularity among all decentralized exchanges. It has a total trading volume of $84 million. In the case of tokens, the most popular trading pair consists of Tether’s USDT stablecoin and Binance’s BUSD token.
The most recent version, PancakeSwap V3, was recently installed on Aptos. This location has a total value of $30.6 million that is locked (TVL). The entity was launched by unknown developers sometime in September 2020. Pancakeswap was developed on the BNB Chain, which is a blockchain built by Binance that supports smart contracts and is a separate blockchain. In the previous year, Binance made a significant investment in the firm.
In contrast to centralized cryptocurrency exchanges, decentralized ones allow users to trade cryptocurrencies directly with one another while simultaneously holding their tokens. In spite of this, PancakeSwap’s TVL has declined in tandem with the price peak of digital assets, which is projected to occur by the end of 2021. Currently, the value has fallen to a low of $2.5 million. This estimate is based on the December 2021 amount of $6.5 billion.