PancakeSwap Launches New v3 Upgrade on BNB Chain and Ethereum
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PancakeSwap, the leading decentralized exchange (DEX) on the BNB Chain, announced today the launch of its much-anticipated version 3 (v3) ecosystem upgrade. The update will be available on BNB Chain and Ethereum.
PancakeSwap Debuts V3
The protocol’s last upgrade to v2 occurred in April 2021. In the latest modification, PancakeSwap lives up to its promise to deliver a competitive trading fee in four tiers – 0.01%, 0.05%, 0.25%, and 1%. These fees are 25 times lower than v2 fee grades, which sat at 0.25%.
The DEX regards the fee ranking as a suitable balance “between traders paying the lowest fee tier” and incentivizing the highest liquidity from LPs.
Another updated feature of the latest v3 upgrade is capital efficiency. Unlike the v2 modification that generated low yield as liquidity was evenly distributed, the newest version will allow liquidity providers to concentrate their assets in sections where more trading activities occur. In other words, liquidity providers will see more gains from yield farming, making their funds work harder for them.
Other features unveiled in the latest upgrade include an improved smart router, automatic APR display and ROI calculator to improve trading activities.
The developers behind PancakeSwap also added that the v3 upgrade would see two new features in the future, a built-in limit order that will allow for the creation of effective limit orders and a VIP trading rewards program that will introduce a 5% trading fee rebate.
PancakeSwap v3 is Available on Two Blockchains
The decentralized exchange is integrated with three blockchains, BNB Chain, Aptos, and Ethereum. However, the latest ecosystem improvement will be BNB Chain and Ethereum.
Interestingly, PancakeSwap’s v3 upgrade was built on top of Uniswap’s v3 launched in May 2021. It makes the exchange compatible with tools on Uniswap v3 while giving more refinements. Note that Uniswap is the leading DEX with a total value locked (TVL) of $3.93 billion, while PancakeSwap has $2.47 billion, as shown on the analytics platform DeFiLlama.
Meanwhile, the v3 upgrade had minimal effect on the protocol’s native token CAKE. The asset traded at $3.71 at press time.
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Nwani Mishael
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