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DeFi Exchange PancakeSwap to Deploy Version 3 on BNB Smart Chain in April
The project burned $27 million in its CAKE tokens on Monday.
Updated Mar 6, 2023, 3:24āÆp.m. Published Mar 6, 2023, 10:12āÆa.m.
PancakeSwap, a leading multichain decentralized exchange (DEX), will launch its version 3 in the first week of April, developers told CoinDesk on Monday.
- PancakeSwap, like other DEXs, relies on smart contracts to allow users to swap cryptocurrencies without intermediaries, earning revenue on each swap and distributing a cut of that revenue to liquidity providers in the form of rewards.
- V3 will be available only on BNB Smart Chain (BSC), which is known for its fast and low-cost transactions. PancakeSwap also is deployed on the Aptos and Ethereum networks.
- The upgrade adds features such as improved liquidity provisioning, competitive trading fees, trading incentives and yield-farming tools.
- Such products are expected to attract more capital, increase protocol revenue, and ultimately bolster PancakeSwap's value proposition among investors.
- The DEX held over $2.4 billion in locked tokens as of Monday. It has processed $438 billion in trading volume since its April 2021 launch, making it among the most widely used decentralized-finance (DeFi) protocols. Its native cake (CAKE) tokens have a market capitalization of $670 million.
- PancakeSwap burned $27 million on cake tokens in a planned event during European morning hours on Monday. Burns refers to the permanent deletion of tokens from the total supply, which may contribute to price increases if demand outstrips supply.
- The 7 million burned tokens were generated from fees earned from PancakeSwap's trading, lottery, non-fungible-token marketplace and prediction markets, the company said in a tweet.
š„ 7,153,999 $CAKE just burned - thatās $27M!
ā PancakeSwap š„ #Multichain (@PancakeSwap) March 6, 2023
š° Trading fees (Swap and Perpetual): 255k CAKE ($958k) +80%
š® Prediction: 84k CAKE ($315k) +31%
šļø Lottery&Pottery: 35k CAKE ($132k) +44%
š NFT Market, Profile & Factory: 560 CAKE ($2k) +4% pic.twitter.com/PFeMFxIN9c
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