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Introducing PancakeSwap v3
The dominant Decentralized Exchange (DEX) on BNB Chain has undergone a major upgrade, as PancakeSwap v3 is now live on BNB Chain and Ethereum.
1/14 🥞GM ev3ryone! The anticipated #PancakeSwapv3 is now LIVE on both BNB Chain and Ethereum!🥳
— PancakeSwap🥞Ev3ryone's Favourite D3X (@PancakeSwap) April 3, 2023
🚀Upgrade offers:
😍Lowest fees in the industry
💰Increased fee earnings for liquidity providers
🛠️New tools for seamless user experience
Read more : https://t.co/l7GQVxqVC3 pic.twitter.com/5G9TnFzxOb
PancakeSwap v3 incorporates the concept of concentrated liquidity pioneered by Uniswap v3. The license against forking Uniswap v3 expired April 1, meaning protocols are now free to use that code.
In a blog post, PancakeSwap focused on highlights of the v3 upgrade, including much lower trading fees compared to v2, “many times more fee earnings” for liquidity providers and much higher capital efficiency.
V3 has four separate trading fee tiers – 0.01%, 0.05%, 0.25% and 1% – compared to v2’s flat rate of 0.25%. That means traders will save on fees on the most popular and most liquid trading pairs.
Features that will be unveiled soon include native limit orders, a VIP trading rewards program, and automatic position managing.
“The launch of PancakeSwap V3 marks a significant milestone in our journey towards providing the best DeFi experience to our users,” the Chefs said.
With the upgrade, PancakeSwap also unveiled new v3 farms, starting with popular pairs including $ETH, $CAKE, $USDC and $USDT.
🌱 Keep the surprises coming! 🎉
— PancakeSwap🥞Ev3ryone's Favourite D3X (@PancakeSwap) April 3, 2023
🚜 #PancakeSwapV3 just rolled out V3 Farms, where emissions will gradually transition to V3 for selected pairs.
🌾 More farms will soon join the migration list, so get ready to reap the rewards of your work! 🥞 pic.twitter.com/m7iVRnYeYJ
The DEX also posted a guide on how to migrate to v3 LPs and farms.
🥞Are you ready for #PancakeSwapv3 era?
— PancakeSwap🥞Ev3ryone's Favourite D3X (@PancakeSwap) April 3, 2023
Here is a 3-mins v3 migration guide & Q&A for you to follow!
🚜v3 Farms is coming around 18:00 UTC
👉You can now migrate, stake in v3 Farms, start earning CAKE rewards once CAKE emissions start!
Details: https://t.co/l1P9tvfsX1 pic.twitter.com/WmLHrIRxgW
During the first day, PancakeSwap v3 attracted some $83 million in Total Value Locked on BNB Chain and $4 million Ethereum, according to DefiLlama, which identifies the protocol as a fork of Uniswap v3.
While PancakeSwap has had a slow go at penetrating the Ethereum market so far, the TVL of PancakeSwap v3 on BNB Chain already dwarfs the TVL of Uniswap v3 on BNB Chain, at $11 million.
PancakeSwap is also the top DEX on Aptos but has not rolled out v3 on that chain.
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.
Where to find PancakeSwap:
Website | Twitter | Medium | GitHub