On April 3, decentralized exchange (DEX) platform Pancakeswap launched the third version (V3) of the protocol on the BNB chain and Ethereum. The new application aims to improve the performance of the DEX protocol and reduce fees by implementing four transaction fees.
New features and improved efficiency for Pancakeswap V3
Yesterday, following an announcement in the first week of March, Pancakeswap launched V3 of the protocol on the Ethereum and BNB chains.
“Here’s the launch date for Pancakeswap V3. Let us know how excited you are,” said the platform’s official Twitter account tweet.
According to the developers of Pancakeswap, the latest version improves capital efficiency, allowing liquidity providers to pool funds more effectively.
While Pancakeswap V2 has a standard fee of 0.25%, Pancakeswap V3 users can choose from four different fees including 0.01%, 0.05%, 0.25%, and 1%. According to Pancakeswap’s developers, V3’s VIP rewards program will launch soon, and traders on the DEX will be able to enjoy reduced VIP transaction fees. So far, the transaction volume of the V3 platform and BNB Chain on Ethereum is relatively small.
At the time of writing, Pancakeswap V3 transaction volume on Ethereum is very small, recording only $3,672 since launch. Currently, Pancakeswap V3 on Ethereum pairs WETH with stablecoins USDC and USDT. In comparison, Pancakeswap V3 on the BNB Chain has seen much larger volumes, recording a swap volume of $1.02 million at press time. Currently, the BNB Chain version has 7 currencies and 14 different trading pairs.
At 64.83%, the majority of transactions on Pancakeswap V3 BNB Chain instances are pegged to WBNB/USDT. Meanwhile, Pancakeswap V2 is currently the third largest DEX platform with a 24-hour trading volume of $106.61 million. Pancakeswap V2 has more coins and trading pairs, including 3,286 cryptocurrencies and 5,728 different trading pairs. The second version of Pancakeswap has received approximately 5,477.351 hits in the past 30 days.
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