UPDATED: PancakeSwap V4 Denies $3 Million CAKE Airdrop

Decentralized exchange PancakeSwap has announced PancakeSwap V4 and a CAKE airdrop campaign to celebrate it.

According to the press release, PancakeSwap is conducting a $3 million CAKE airdrop to incentivize both current users and newcomers to explore the benefits of the upgraded platform.

Notably, the airdrop is available on a first-come, first-served basis.

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Update on the airdrop with PancakeSwap comment (March 18, 10:25 UTC):

In an email to Cryptonews regarding the article published on March 12, the PancakeSwap team has stated that:

“There has been some misinformation circulating this week regarding a “$3M airdrop from PancakeSwap”, stemming from an unverified source, that we are still investigating. Any information about us unveiling a “$3M airdrop” is false.”

The above-cited press release is no longer live. However, it has been archived.

“PancakeSwap will allocate $500,000 to a PancakeSwap Developer Program to encourage innovation, creativity, and collaboration within the developer community,” the latest press release stated.

The DEX is scheduled to launch in the third quarter of this year on Ethereum and BNB Chain. It will expand to additional chains in the future.

You can read the team’s full PancakeSwap v4 announcement here.

Original article below.

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Reducing Fees

The team noted that PancakeSwap V4 has brought “a plethora” of technical advancements and features. They aim to enhance efficiency, reduce costs, and streamline the trading experience.

The features include the implementation of a new contract architecture for pools. In previous versions, each pool was held in a separate contract. But PancakeSwap V4 consolidated all pools into a single contract.

Per the announcement,

“This innovative approach not only simplifies pool creation but also delivers substantial gas savings, with early estimates suggesting a remarkable 99% reduction in pool creation gas costs.”

Moreover, the team introduces a “flash accounting” system to complement this singleton architecture.

Traditional methods involve transferring assets in and out of pools after every swap. However, the flash accounting system operates on net balances, producing a more efficient and cost-effective process.

“By minimizing unnecessary token transfers, PancakeSwap V4 significantly reduces gas consumption, leading to tangible benefits for users,” the DEX said.

Furthermore, PancakeSwap V4 introduced enhanced fee tier flexibility, enabling pool creators to customize fee structures according to their specific needs.

Additionally, it reintroduced native ETH support to enhance gas savings further.

Finally, with the incoming Ethereum Cancun hard fork, PancakeSwap is considering the adoption of EIP-1153.

The proposal introduces “transient storage” for additional gas improvements and cleaner contract designs.

🐰Last week at PancakeSwap

– Largest DEX by 24h trading volume
– v3 daily + weekly volume ATH: Base, Ethereum & BNB Chain
– Perpetual monthly volume ATH (Feb)
– The sixth consecutive month of CAKE total supply reduction, -1,372,017 CAKE
– Announced ETH London Event Attendance

— PancakeSwap v4🥞 (@PancakeSwap) March 11, 2024

Hitting Nearly $11 Billion in Weekly Sales

Currently, the total 24-hour trading volume for DEXes stands at $8.788 billion, according to DefiLlama.

Total 7-day trading volume is $67.15 billion, with a +26.35% weekly change.

Over the past week, PancakeSwap’s volume increased by nearly 74% to $10.705 billion.

Its daily volume is $1.339 billion.

Both in the 7-day and 24-hour periods, PancakeSwap is in second place, behind Uniswap.

Moreover, looking at the cumulative volume, Uniswap is in first place with $2.371 trillion, while PancakeSwap is in third place with $677.531 billion.

Meanwhile, the project reported that its total volume in February was $15.8 billion, up $351 million from $15.5 billion recorded in January.

The average daily volume last month was $545.4 million.

Additionally, it had 1.7 million unique traders.

Meanwhile, it burned 1,079,517 CAKE in February.

At the time of writing, CAKE is trading at $4.16, up 2.6% in a day, 25% in a week, and 62% in a month.

https://twitter.com/PancakeSwap/status/1767248477455532375