Pancake Swap DEX Version 3 on BNB Chain and Ethereum
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Pancake Swap DEX Version 3 on BNB Chain and Ethereum
It seems like the few core survival defi platforms such as Pancake swap and Uniswap etc are starting to expand and grow. This has been a combination of building along with voting from within the community to take such actions.
Pancake swap is one of the biggest ones I use myself and it's been awesome in terms of generating some seriously large amounts of passive crypto.
Pancake Swap and DeFi
As of today PancakeSwap launches V3 of their DEX which is now on BNB Chain and Ethereum! This is a huge move for the token and company as before it was only on the BNB chain. Let's take a look at the changes.
V3 issues in a new fee tier system which seems to be becoming popular lately.
0.01%
0.05%
0.25%
1%
Compared to the V2 system which charged a base fee of 0.25%
The core focus of this update is to offer some of the cheapest fees for on-chain trades compared to other defi platforms currently and offer up increased returns for liquidity providers.
This change also is designed to both provide fast transactions and low fees for people wanting to make trades but still offer a balance to those providing liquidity and encourage higher liquidity to be added to the platform.
In a future update new features such as VIP rewards program and a position manager feature.
The VIP program will be tiered and rewards based on trading volume.
The position manager feature allows for easier liquidity deposits while optimizing the based fees and rewards over time.
Ethereum is now in the mix of this all with new pools such as LDO-ETH and wstETH-ETH
Also with this update you'll need to change and update your current farms to the new V3 they give you a few days to do this for the migration. ETH also has ETH-USDC and ETH-USDT which goes to show us yet again what a critical path stablecoins have been for the defi network and will most likely remain.
These stablecoin pairs for swaps will most likely see the lowest of fees which are the 0.01% which could make pancake swap a hub for transferring bulk amounts of stablecoins from one blockchain to antoher.
Web 3
We are also starting to see a heavy shift again towards offering up rewards from other blockchains to start development work on web3 applications. Call then grants or start up funds they are mainly the DAO funds of that blockchain to encourage others to come develop on their blockchain and what these funds should be used for.
The reason I bring this up with this post is because many of these startups I feel will start to implement large DEX featured into their systems in order to build funds and startup projects. These now V3 could allow Pancake swap to start reaping huge rewards from new startups again and the ecosystem grows and thrives.
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