Pancakeswap Announces Release of Version 3 on Binance Smart Chain
Pancakeswap, a multichain decentralized exchange (dex) platform, has recently announced the release of its third version, Pancakeswap v3, on March 4. The application is set to launch on the Binance Smart Chain (BSC) during the first week of April, offering new features such as increased yield farming, improved liquidity provisioning, competitive trading costs and incentives, all available through a user-friendly interface.
Apart from BSC, Pancakeswap v2 also supports Aptos and Ethereum in its decentralized finance (defi) protocol. In terms of trading volume over the past 24 hours, Pancakeswap v2 is currently the second-largest dex platform, with a total of $1.47 billion in dex transaction volume. The platform has reported $97,179,718 settled on the previous day, with trades available for 3,223 tokens, which is considerably higher than Uniswap's reported 955 coins.
To commemorate the launch of Pancakeswap v3, the platform is offering an early supporter program with CAKE valued at $135,000 and a non-fungible token (NFT) for users. The NFT aims to reward users and encourage the adoption of version three. Mochi, the chief chef of Pancakeswap, expressed his excitement in an email, stating that "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."
Uniswap, currently the largest dex by trade volume over the previous 24 hours, is among Pancakeswap's rivals. However, Uniswap's recently announced mobile application launch has yet to receive approval from Apple. Other competitors include Shibaswap, Sushiswap, Balancer, Trader Joe v2, and Dex.
Pancakeswap currently has a total value locked of $2.49 billion, with $2.45 billion from the Binance Smart Chain (BSC) network, and $17.27 million in Ethereum and $29.72 million in Aptos.
In conclusion, Pancakeswap v3's launch marks an exciting milestone for the platform, with the new features and improvements it offers. As a leading dex platform, Pancakeswap faces strong competition from rivals such as Uniswap, but it remains optimistic about bringing defi to more people.
CBW - External Analyst
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