Decentralized exchange PancakeSwap, which has more than $438 billion in total trading volume and over $2.5 billion in total liquidity locked, is set to upgrade to its third iteration in the first week of April.
- New Features to Improve Liquidity Provisioning, Trading Fees, and Yield Farming Experience
- Uniswap V3 Set to Deploy on BNB, May Target Half of PancakeSwap’s Market Share
- Previous Version Deployed on Ethereum and Aptos
- Market Maker Integration Live on BNB Chain
- PancakeSwap Based on a Fork from Uniswap V2
- Conclusion
New Features to Improve Liquidity Provisioning, Trading Fees, and Yield Farming Experience
PancakeSwap V3 will offer new features to the multi-chain DEX. These include improved liquidity provisioning, competitive trading fees, trading incentives, and a touch-up to its yield farming experience, according to an announcement by the exchange.
PancakeSwap Head Chef Mochi said, “The new features we’re introducing will offer our users an even better experience and help make DeFi accessible to more people than ever before,” in the release.
The new version will be available on BNB Smart Chain, which currently hosts the PancakeSwap DEX.
Uniswap V3 Set to Deploy on BNB, May Target Half of PancakeSwap’s Market Share
While PancakeSwap is currently the dominant decentralized exchange on the BNB Smart Chain, Uniswap V3 is set to deploy on BNB after its DAO voted in favor of the move. The governance proposal said Uniswap might target over half of PancakeSwap’s market share.
Previous Version Deployed on Ethereum and Aptos
PancakeSwap’s previous version was deployed on Ethereum and Aptos. In October, the Decentralized exchange passed a governance proposal for deploying it on the Layer 1 blockchain founded by former Meta employees.
The chefs at PancakeSwap are facing severe competition with the anticipated deployment of Uniswap v3, the arrival of Trader Joe, the presence of BiSwap and DODO, and the emergence of native protocols such as Thena, Baby Doge Swap, and Wombat Exchange.
Market Maker Integration Live on BNB Chain
Following a successful deployment on Ethereum, PancakeSwap’s Market Maker Integration is now live on BNB Chain. The feature provides additional liquidity for swaps involving two major coins, $BNB, and $ETH, reducing slippage and lowering traders’ costs.
In even bigger news, the DEX is teasing the launch of PancakeSwap v3 for the first week of April. In preparation for the upgrade, the dev team said there would be an airdrop and suggested that users “Add liquidity on BSC PCS now.”
PancakeSwap Based on a Fork from Uniswap V2
PancakeSwap is the largest of many projects based on a fork from Uniswap v2. The “business source license” for Uniswap v3 is set to expire in April. Currently, the features of PancakeSwap v3 and Uniswap v4 remain more in the realm of possibilities rather than demanding answers.
Conclusion
As PancakeSwap prepares to launch its V3 upgrade, the decentralized exchange is looking to stay ahead of the competition with new features and improved liquidity provisioning. However, with the anticipated deployment of Uniswap V3, Trader Joe’s arrival, and BiSwap and DODO’s presence, PancakeSwap faces a tough battle to maintain its market share on the BNB Smart Chain.
