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.
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 ETHGlobal London (@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.
Source: DefiLlama
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.
PancakeSwap February Recap
Sixth consecutive month with negative mint!
PancakeSwap Affiliate Discussion
veCAKE now Live on Base
Nemesis Downfall Beta Launch
PancakeTalks Podcast
Read more: https://t.co/5ByDNlQGN1
What’s coming up next?
ETH GLOBAL… pic.twitter.com/qrTg0Ox6UG
— PancakeSwap ETHGlobal London (@PancakeSwap) March 11, 2024
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