PancakeSwap V4 Declines $3 Million CAKE Airdrop, Announces Innovations to Reduce Fees
Decentralized exchange PancakeSwap has recently unveiled PancakeSwap V4, along with plans for a CAKE airdrop campaign. The purpose of the airdrop is to incentivize both existing users and newcomers to explore the upgraded platform. It is important to note that the airdrop will be available on a first-come, first-served basis.
However, there has been an update regarding the airdrop. The PancakeSwap team has denied the existence of a $3 million airdrop, stating that it is misinformation from an unverified source. The team is currently investigating the matter. The original press release announcing the airdrop is no longer live, but it has been archived.
Instead of the airdrop, PancakeSwap will allocate $500,000 to a PancakeSwap Developer Program, aimed at promoting innovation, creativity, and collaboration within the developer community. The launch of PancakeSwap V4 is scheduled for the third quarter of this year on Ethereum and BNB Chain, with plans to expand to other chains in the future. More information about PancakeSwap V4 can be found in the team’s official announcement.
PancakeSwap V4 brings numerous technical advancements and features designed to enhance efficiency, reduce costs, and streamline the trading experience. One notable improvement is the implementation of a new contract architecture for pools. Unlike previous versions where each pool had its own contract, PancakeSwap V4 consolidates all pools into a single contract. Additionally, the introduction of a “flash accounting” system allows for more efficient and cost-effective asset transfers.
The DEX also offers enhanced fee tier flexibility, allowing pool creators to customize fee structures according to their needs. Native ETH support has been reintroduced to further enhance gas savings. Furthermore, PancakeSwap is considering the adoption of EIP-1153 with the upcoming Ethereum Cancun hard fork, which proposes “transient storage” for additional gas improvements and cleaner contract designs.
In terms of trading volume, PancakeSwap has seen significant growth. It currently ranks second in both the 7-day and 24-hour periods, with a trading volume of $10.705 billion in the past week. The total 24-hour trading volume for DEXes stands at $8.788 billion, according to DefiLlama. Uniswap remains in first place for cumulative volume, with $2.371 trillion, while PancakeSwap is in third place with $677.531 billion.
The project reported a total volume of $15.8 billion in February, with an average daily volume of $545.4 million. It also had 1.7 million unique traders and burned 1,079,517 CAKE tokens during that month. Currently, CAKE is trading at $4.16, showing positive growth in the past day, week, and month.
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