DeFi Exchange PancakeSwap to Deploy Version 3 on BNB Smart Chain in April

PancakeSwap, a leading multichain decentralized exchange (DEX), will launch its version 3 in the first week of April, developers told CoinDesk on Monday.

PancakeSwap, like other DEXs, relies on smart contracts to allow users to swap cryptocurrencies without intermediaries, earning revenue on each swap and distributing a cut of that revenue to liquidity providers in the form of rewards.
V3 will be available only on BNB Smart Chain (BSC), which is known for its fast and low-cost transactions. PancakeSwap also is deployed on the Aptos and Ethereum networks.
The upgrade adds features such as improved liquidity provisioning, competitive trading fees, trading incentives and yield-farming tools.
Such products are expected to attract more capital, increase protocol revenue, and ultimately bolster PancakeSwap's value proposition among investors.
The DEX held over $2.4 billion in locked tokens as of Monday. It has processed $438 billion in trading volume since its April 2021 launch, making it among the most widely used decentralized-finance (DeFi) protocols. Its native cake (CAKE) tokens have a market capitalization of $670 million.
PancakeSwap burned $27 million on cake tokens in a planned event during European morning hours on Monday. Burns refers to the permanent deletion of tokens from the total supply, which may contribute to price increases if demand outstrips supply.
The 7 million burned tokens were generated from fees earned from PancakeSwap's trading, lottery, non-fungible-token marketplace and prediction markets, the company said in a tweet.

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Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.

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