- PancakeSwap has announced the launch of its V3 upgrade on BNB Chain in the first week of April.
- The fiat value of the protocol’s transaction volume and its TVL have decreased in the last month.
BNB Chain’s leading decentralized finance (DeFi) protocol PancakeSwap [CAKE], has announced that it will be launching its third iteration in the first week of April, marking a significant milestone for the popular decentralized exchange (DEX).
?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 ? #Multichain (@PancakeSwap) March 4, 2023
According to the press release, the DEX announced an Early Supporter Campaign as part of its V3 upgrade. As part of the campaign, $135,000 in CAKE tokens and exclusive PancakeSwap V3 NFTs will be airdropped to early supporters.
Regarding what the V3 iteration has to offer:
“PancakeSwap V3 will come with a variety of exciting features, including competitive trading fees, trading incentives, improved liquidity provisioning, and yield farming experience. Plus, everything you need will be easily accessible in one convenient location with the most user-friendly interface,” the press release confirmed.
In February, despite opposition from its major investor Andreessen Horowitz (a16z), Uniswap V3’s proposed deployment on the BNB chain received approval from community members.
Read PancakeSwap’s [CAKE] Price Prediction 2023-24
BNB Chain’s large user base also underlines PancakeSwap’s decision to launch its V3 upgrade on the network. However, as competition in the DeFi sector intensifies, it remains to be seen how the two V3 deployments will perform once they are floated on the highly regarded BNB Chain.
PancakeSwap in the last month
According to DappRadar, the DEX saw increased user activity in the last 30 days. During that period, 1.45 million unique active wallets (UAWs), interacted with or performed a transaction on PancakeSwap. This UAW count represented a 9.5% bump in the figure logged in the previous month.
As the number of UAWs on the DEX climbed, the total number of transactions completed rallied as well. Within the 30-day period under review, the number of transactions completed on PancakeSwap totaled 10.71 million, representing an 8% jump in transactions count on the protocol in the last month.
How much are 1,10,100 CAKEs worth today?
However, while PancakeSwap’s transactions count increased, the fiat value of all these transactions dropped by 80% in the last month.
According to DappRadar, the volume of transactions completed on the DEX in the last 30 days totaled $5.12 billion.
Source: DappRadar
Lastly, the DEX’s total value locked (TVL) was not spared from decline. While user activity on the protocol increased in the last month, the value of assets deposited onto its smart contracts dropped by 12%, per data from DefiLlama. At press time, PancakeSwap’s TVL stood at $2.5 billion. On a year-to-date, the protocol’s TVL has increased by 5%.
Source: DefiLlama
