Blockchain
PancakeSwap Upgrades for Battle of the DEXes
Ladies and gentlemen, circle April 3 on your calendars: PancakeSwap, the dominant Decentralized Finance (DeFi) protocol on BNB Chain, is going live with its v3 upgrade on that date.
🥞Ev3ryone’s Favourite D3X
🐰PancakeSwap V3 Coming April 3 pic.twitter.com/19l0e5hpYE— PancakeSwap 🥞 #Multichain (@PancakeSwap) March 28, 2023
The date conforms to the earlier announcement from PancakeSwap, reported by BSC News, that v3 would launch during the first week of April.
In a video tweeted by PancakeSwap, the team said the upgraded version of the Decentralized Exchange (DEX) will have:
- “Lowest trading fees in the industry”
- “Higher capital efficiency”
- “More rewards”
With the launch of v3, PancakeSwap is bringing out the heavy artillery in the Battle of the DEXes on BNB Chain, which entered a serious new phase with the expansion of Uniswap v3 to the network.
Since Uniswap entered the battlefield in mid-March, it has been growing its numbers but is not yet near the DEX leaders on BNB Chain.
For context, in terms of Total Value Locked (TVL), PancakeSwap maintains a dominant share of 45% on the chain, with $3.4 billion in TVL, compared to $10 million for Uniswap.
Other top DEXes for TVL include Biswap ($240 million), Thena ($100 million), BabyDogeSwap ($60 million) and Wombat Exchange ($55 million).
In terms of exchange volume, PancakeSwap again is in a class of its own, with $1.44 billion in volume over the past week, compared to $45 million for Uniswap.
Other leading DEXes are Wombat ($119 million), DODO ($89 million), Level Finance ($88 million), Biswap ($73 million) and Thena ($68 million).
Uniswap v3 carries a license against forking for two years after its launch. That license expires April 1.
In addition to the above cast of competitors, it will be interesting to see if new challengers emerge on BNB Chain that are based on the newly available Uniswap v3 code.
What is PancakeSwap:
PancakeSwap is a Decentralized Exchange (DEX) built on BNB Chain. It offers users various features such as Liquidity Pools (LPs), swapping, yield farming, Syrup Pools, an Automated Market Maker, Initial Farm Offerings (IFOs), an NFT profile system, and other tools.
In addition, the protocol helps users make the most out of their crypto assets by trading, earning through yield farming, and winning via lottery, prediction, and NFT collectibles. With the highest trading volumes in the market, PancakeSwap is the leading DEX on BNB Chain.
