According to developers who spoke with CoinDesk on Monday, PancakeSwap, a well-known multichain decentralized exchange (DEX), will release its version 3 (V3) in the first week of April.
- PancakeSwap, like other DEXs, uses smart contracts to let users trade cryptocurrencies without the involvement of middlemen. It generates revenue from each trade and gives a portion of that revenue as a reward to the liquidity providers.
- Only the speedy and inexpensive BNB Smart Chain (BSC), renowned for its transactions, will support V3. Currently, the BSC, Aptos, and Ethereum networks support PancakeSwap.
- Features including enhanced liquidity provisioning, competitive trading costs, trading incentives, and yield farming tools are included with the upgrade.
- These goods should raise funding, boost protocol revenue, and ultimately strengthen investors’ perceptions of PancakeSwap’s worth.
- As of Monday, the DEX has approximately $2.4 billion in locked tokens. Since its April 2021 introduction, it has processed $438 billion in trade volume, ranking it among the most popular DeFi protocols. The market value of its native cake (CAKE) tokens is $670 million.
- PancakeSwap torched $27 million worth of cake tokens at a pre-planned event on Monday morning in Europe. The term “burns” refers to the irreversible removal of tokens from the available supply, which could lead to price increases as demand grows.
- The fees from PancakeSwap’s trading, lottery, NFT market, and prediction markets were used to create the 7 million burned tokens.