On Monday, April 3, decentralized exchange (dex) platform Pancakeswap launched version 3 of its protocol (v3) on the Binance Coin (bnb) and Ethereum blockchains. The new app aims to improve the performance of the dex protocol and reduce fees by implementing four tiers of trading fees.
New features and improved capital efficiency offered in version 3 of Pancakeswap
On Monday, Pancakeswap launched version three of its protocol on Ethereum and Binance Coin (bnb) blockchains, following an announcement in the first week of March. “It’s Pancakeswap v3 day. Tell us how excited you are”, the official Twitter account of the dex platform. aware. According to the developers of Pancakeswap, the latest iteration features improved capital efficiency, allowing liquidity providers to focus capital more efficiently.
While Pancakeswap v2 features a standard fee of 0.25%, users of Pancakeswap v3 can choose from four different fee tiers, including 0.01%, 0.05%, 0.25%, and 1%. The developers at Pancakeswap explained that a VIP rewards program will be introduced soon for v3, and dex traders will be able to earn VIP trading fee rebates. So far, both v3 platforms on Ethereum and Binance Coin (bnb) have seen small volumes emerge.
At the time of writing, Pancakeswap v3 on Ethereum it has very little volume, with only $3,672 registered since its launch. Currently, the Ethereum-based Pancakeswap v3 pairs wrap ethereum (WETH) with the stablecoins USDC and USDT. Unlike, Pancakeswap v3 on Binance Coin (BNB) has significantly higher volume, with $1.02 million in settled swaps recorded as of this writing. Currently, the bnb The version has seven currencies and 14 different trading pairs.
At 64.83%, the majority of transactions on Pancakeswap v3 Binance Coin (bnb) version are associated with wrapped bnb (WBNB) and the stablecoin strap (USDT). Meanwhile, Pancakeswap v2 is currently the third largest dex platform, with $106.61 million in 24-hour trading volume. Pancakeswap v2 has significantly more coins and pairs, with 3,286 crypto assets and 5,728 different trading pairs. The second version of the Pancakeswap dex has received approximately 5,477,351 views in the last 30 days.
What do you think the future holds for Pancakeswap v3 and decentralized exchanges in general? Share your thoughts in the comments section below.
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