The decentralised finance protocol (DeFi) PancakeSwap announces the launch of its third version for the first week of April. This version should bring a lot of new features, including a redesign of the interface, but also of the returns and the cash deposit system. We also explain how you can participate in its airdrop
PancakeSwap V3 coming in April
The popular decentralised exchange (DEX) PancakeSwap is planning to release its V3 in early April, according to a new release. Although PancakeSwap is available on the BNB Chain, Ethereum (ETH) and Aptos (APT) blockchains, V3 will only be deployed on the first of these, the Binance blockchain.
PancakeSwap V3 is launching on the 1st week of April!
Early supporters will receive an exclusive NFT and a share of the $135K airdrop
⏰Don’t miss out on this opportunity and join us now by adding liquidity on BSC PancakeSwap
Full details here: https://t.co/5QjGWOxd3g pic.twitter.com/2dpFKZwcms
– PancakeSwap Ev3ryone’s Favourite D3X (@PancakeSwap) March 4, 2023
According to the article, the third version of PancakeSwap is expected to include a redesign of its interface, an optimisation of transaction fees, but also a significant improvement regarding its key tools, including liquidity provision and yield farming, the latter allowing to generate returns on deposited cryptocurrencies.
Thus, in broad terms, PancakeSwap V3 should considerably improve the user experience and participate in the democratization of decentralized finance (DeFi) via a simplification of the services offered.
To celebrate this new version, DEX is organising an airdrop for its “early adopters”, although it is still possible to participate until 18 March. To participate, you will need to deposit at least $500 in one of the following pools: BUSD/WBNB, USDT/WBNB, BTCB/WBNB and ETH/WBNB.
The deposited amount will have to be tied up until at least April 3, and the airdrop amount will be calculated per cash tranche. Note that the amount of CAKE tokens allocated to airdrop will be higher for users considered “old”. This refers to those who deposited the previously listed cash before 5 March.
Will PancakeSwap get a boost
Although PancakeSwap has enjoyed some seniority, the total locked value (TVL) hosted on the platform has been steadily declining since the end of the year 2021. At the time of writing, just over $2.4 billion is locked on PancakeSwap, well below the peak of $7.8 billion in 2021.
Evolution of total value locked on PancakeSwap in billions of dollars
In addition, although PancakeSwap will soon receive an upgrade, DEX will have to contend with the upcoming arrival of competitor Uniswap, which is expected to roll out its V3 on the NBB Chain shortly following a unanimous governance vote.
PancakeSwap is currently the 8th largest DeFi protocol in all blockchains. Its token, CAKE, has seen a 91% drop since its peak of $43.96 in April 2021. It is now worth only $3.74, with a 14.5% decline over the past 30 days.
