PancakeSwap, the largest decentralized exchange (DEX) on BNB Smart Chain with $2.5B in total value locked (TVL), plans to launch the latest version of its protocol, dubbed PancakeSwap V3, in the first week of April.
The latest iteration of PancakeSwap includes numerous improvements, including more competitive trading fees, trading incentives and improved capital efficiency.
In a bid to bolster liquidity on the platform, the team plans to airdrop over $100,000 worth of CAKE tokens to users who provide liquidity to selected pools on PancakeSwap V2 between March 5 and April 3.
These users will also receive non-transferable NFTs to commemorate the launch of Pancakeswap V3.
However, liquidity providers who withdraw assets before April 3 will not be eligible for the rewards.
PancakeSwap is backed by Binance, the world’s largest crypto exchange by trading volume, through a strategic investment that was announced in June 2022.
Competing With Uniswap
PancakeSwap will soon face off against DEX leader Uniswap, which is set to deploy its V3 protocol on BNB Smart Chain.
The decision was contentious, however, with leading crypto venture firm a16z voting against the deployment.
Uniswap has been moving to cement its position as a DeFi leader through the rapid implementation of new features.