Upgrade of PancakeSwap set for first week of April on BNB Chain

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New features in PancakeSwap’s third version include improved liquidity provisioning, competitive trading fees and trading incentives, as well as a touch-up to yield farming.

PancakeSwap, a multi-chain DEX platform, will launch PancakeSwap v3, its third update, on the BNB Smart Chain. The launch, which will be available through a simplified interface, is planned for the first week of April. As part of its early backer program, PancakeSwap is offering 135k worth of CAKE and a non-fungible token (NFT) for early adopters.
With a trading volume of almost $84 million, PancakeSwap V2 is presently the fourth most popular option among decentralised exchanges. Recently, PancakeSwap V2 was also released on Ethereum and Aptos, where it has a $30.3 total value locked (TVL).

Built on Binance Smart Chain (BSC), PancakeSwap is a decentralised exchange (DEX) that makes use of an automated market making (AMM) technology. Although PancakeSwap is a derivative of SushiSwap and has a nearly identical codebase, it has the advantage of having BSC-based transactions, which are less expensive and faster. In comparison to SushiSwap, it also provides other features including yield farming using different protocols, lotteries, and starting farm offerings (IFO).

At the time of writing, PancakeSwap price is $3.76 USD with a 24-hour trading volume of $24,557,172 USD. CAKE has a live market cap of $705,538,106 USD.

a comparision between CEXs and DEXs. pancakeswap is and example of DEX
While centralised exchanges have been the dominant force in the cryptocurrency industry for many years, the rise of decentralised exchanges is changing the game. photo credits: Mudrex

Centralised exchanges vs Decentralised exchanges

When it comes to cryptocurrency exchanges, there are two main types: centralise and decentralised.Centralised exchanges(CEXs) are run by a single entity or company, and they act as the middleman between buyers and sellers. The exchanges often require users to go through a lengthy KYC process, and typically charge high fees for their sevices.
Decentralised exchanges(DEXs) operate on a blockchain network, which means that they don’t rely on a central authority to facilitate transactions. Instead, they use smart contracts to execute trades automatically. DEXs also typically have lower fees compared to their centralised counterparts, and they provide users with more control over their funds.

One of the main benefits of decentralised exchanges that they are more secure and resistant to mallicious activities. This is because the assets are not held in a central location that can be targeted by outer entities. The assets remain in user wallets until a trade is executed. Additionally, there’s more transparency with DEXs, as all transactions are recorded on the blockchain and can be verified by anyone.

While centralised exchanges have been the dominant force in the cryptocurrency industry for many years, the rise of decentralised exchanges is changing the game. DEXs offer greater security, transpency, and control over funds, making them a better option for users. As the cryptocurrency industry continues to evolve, it’s likely that we’ll see more and more users turning to decentralised exchanges as the preferred way of trading.

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