PancakeSwap, a decentralized cryptocurrency exchange, has announced the upcoming release of a new version of its application on BNB Smart Chain. The new version, known as PancakeSwap V3, is set to launch in the first week of April and will bring a suite of upgrades to the platform, including more competitive trading fees and improved liquidity provisioning. The head chef of PancakeSwap, known as Mochi, expressed excitement for the new features, stating that they will offer users an even better experience and help make DeFi more accessible to a wider audience. The announcement was made, in a company press release.
PancakeSwap announced a rewards campaign
PancakeSwap has announced a rewards campaign that will coincide with the launch of its updated exchange. Users who contribute a specific amount of funds to the platform’s liquidity pools will receive an airdrop of the exchange’s CAKE token. In addition, participants meeting the campaign’s requirements will also receive a non-transferable NFT symbolizing their loyalty to PancakeSwap. However, the exchange has disclosed that it reserves the right to modify or cancel the campaign at any time.
According to CoinGecko data, PancakeSwap’s CAKE token holds the 71st spot in the market capitalization ranking, with a total value of approximately $700 million. Over the last 30 days, the token has seen a decline of roughly 9%, trading at $3.79, which is a 91% drop from its previous all-time high of approximately $44 in April 2021.PancakeSwap V2, currently the fourth most popular decentralized exchange, has registered around $84 million in trading volume over the past day, per CoinGecko. Its most popular trading pair is between Tether’s USDT stablecoin and BUSD, the Binance-branded token.
PancakeSwap V2 has recently launched on Aptos and Ethereum, with a total value locked of $30.3 million according to DefiLlama.Launched in September 2020 by anonymous developers, PancakeSwap is built on BNB Chain, a standalone blockchain that supports smart contracts, created by Binance. In June 2020, Binance made a strategic investment in PancakeSwap, indicating its long-term support for the project.
The April upgrade promises more competitive trading fees and improved liquidity provisioning.