Decentralized exchange PancakeSwap recently announced the launch of PancakeSwap V4 along with a CAKE airdrop campaign to commemorate the occasion. The press release revealed that PancakeSwap is conducting a $3 million CAKE airdrop to incentivize both existing users and newcomers to explore the upgraded platform. The airdrop is available on a first-come, first-served basis.
Enhancements in PancakeSwap V4 aim to improve efficiency, reduce costs, and enhance the overall trading experience. One notable advancement is the consolidation of all pools into a single contract, resulting in a significant reduction in gas costs for pool creation. Early estimates suggest a remarkable 99% decrease in gas costs due to this innovative approach.
Additionally, PancakeSwap V4 introduces a “flash accounting” system that operates on net balances, eliminating the need for unnecessary token transfers and further reducing gas consumption. This system offers a more efficient and cost-effective process for users.
The latest version of PancakeSwap also offers enhanced fee tier flexibility, allowing pool creators to customize fee structures according to their specific requirements. Furthermore, native ETH support has been reintroduced to enhance gas savings.
In anticipation of the Ethereum Cancun hard fork, PancakeSwap is considering adopting EIP-1153, which proposes “transient storage” for additional gas improvements and cleaner contract designs.
PancakeSwap has seen significant growth in trading volume, with the total 24-hour trading volume for DEXes reaching $8.788 billion. The 7-day trading volume stands at $67.15 billion, with a weekly change of +26.35%. Over the past week, PancakeSwap’s volume surged by nearly 74% to $10.705 billion, with a daily volume of $1.339 billion.
In terms of cumulative volume, Uniswap leads with $2.371 trillion, while PancakeSwap follows in third place with $677.531 billion. PancakeSwap reported a total volume of $15.8 billion in February, up from $15.5 billion in January, with an average daily volume of $545.4 million and 1.7 million unique traders.
At the time of writing, CAKE is trading at $4.16, reflecting a 2.6% increase in a day, 25% in a week, and 62% in a month. PancakeSwap continues to demonstrate growth and innovation in the decentralized exchange space, with a focus on improving user experience and reducing costs for traders.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
