PancakeSwap V3 launches on BNB Smart Chain
PancakeSwap happens to be a decentralized cryptocurrency exchange. It has made the official announcement that it is all prepared for the launching of its very latest version of the application, the PancakeSwap V3, sometime in the month of April 2023. This is going to take place on the BNB Smart Chain.
According to the pseudonymous head chef of PancakeSwap, Mochi, this will be accompanied by freshly introduced features that will be responsible for the enhancement of overall user experience, along with more users being able to connect with DeFi. There will also be the factor of lessening trading fees, along with better liquidity provisions.
The entity has divulged the fact that there will be an organized rewards campaign, which will be run concurrently with the launch. This will witness an airdrop of its CAKE token for its connected users, provided that they are able to make suitable contributions pertaining to the liquidity pool of the platform. In that scenario, the users will also be the beneficiaries of an NFT, which will play the role of loyalty for the entity. The token, however, will be non-transferable.
The CAKE token of PanckeSwap happens to be presently holding the 71st position, so far as the market capitalization is concerned, and has a value amounting to $700 million. Incidentally, the value has dropped over the period of one month.
The entity also happens to be the fourth in line in terms of overall popularity amongst all decentralized exchanges. It has a trading volume amounting to $84 million. The most sought-after trading pair in the case of tokens happens to be Tether’s USDT stablecoin, along with BUSD, which happens to be the Binance-branded token.
The newest version, the PancakeSwap V3, was, of late, positioned on Aptos. In this space, it happens to have a total value of $30.3 locked (TVL). The entity happened to have been launched sometime in the month of September 2020 by some unknown developers. Pancakeswap happens to have been created on the BNB Chain, which in actuality, happens to be a standalone blockchain built by Binance and backs smart contracts. In the year gone by, Binance had made a substantial investment in the entity.
Unlike centralized cryptocurrency exchanges, the decentralized ones provide the opportunity for users to be able to carry out the trading in cryptocurrencies directly amongst each other and simultaneously in the position of holding on to their tokens. However, all said and done, PancakeSwap’s TVL has witnessed a downslide with the peaking of digital asset prices sometime towards the end of the year 2021. It has reached a low of the amount of $2.5 million currently. This is from the figure of $6.5 billion in the month of December 2021.