PancakeSwap v3 Boosts Trading Volumes, Plans Expansion to Other Chains

 

PancakeSwap, a popular decentralized exchange, held an Ask Me Anything (AMA) session on Twitter Spaces, where the team discussed the recent launch of v3, insights on the Q2 roadmap, and answered community questions. Key participants included Head Chef Mochi, Product Manager Chef Bun, Ops Analyst Chef Mustard, and Community Manager Chef Fran.

The launch of PancakeSwap v3 has seen trading volumes shift significantly towards the new version, breaking new highs on Ethereum. Chef Mochi highlighted that v3 is a bit more challenging to understand, but the team is committed to making it more accessible for users.

One major development on the roadmap is the Position Manager, which aims to offer automation strategies for users to manage their liquidity positions on v3 more efficiently. Chef Bun revealed that the team is also working on expanding CAKE utilities, including locked CAKE utilities, on other promising blockchains. The aim is to capture more market share and leverage multichain development opportunities.

As part of their expansion plans, PancakeSwap is looking to introduce popular products like lottery, perpetuals, and prediction on multiple chains. The team is also working on a liquid staking integration and simple staking integration, which will allow users to stake single-sided assets for returns. These new products will generate additional revenues to burn more CAKE and reward CAKE stakers.

Addressing the community’s concerns about CAKE inflation, Chef Mochi stated that the team is focused on managing inflation aggressively. Trading volumes have increased by over 20% with v3, leading to increased revenues and CAKE burn. The team plans to make further aggressive cuts to lower inflation and introduce new ways for CAKE stakers to participate in PancakeSwap’s trading volume growth.

Regarding PancakeSwap’s SDK, Chef Bun confirmed that all of their code is open source and publicly published on npm or GitHub. The team is working on providing documentation shortly, and users are encouraged to ask technical questions on the Frontend Github discussion tab.

The PancakeSquad Telegram Group and its admins have played a vital role in supporting the PancakeSwap community, and Chef Fran suggested that they apply as official ambassadors to access exclusive benefits and opportunities to collaborate with other community members.

Chef Mochi reassured users that projects developed using PancakeSwap v2 do not need to change contracts, as v2 will continue to operate and be supported. However, the team encourages projects to try out v3 for more flexibility.

The team is also considering the possibility of integrating a locking option beyond 52 weeks and offering an unlocking feature after one year. Chef Mochi acknowledged the interest in adding more locked staking options for popular tokens and mentioned that the liquid staking and simple staking integrations would allow for this.

In response to a question about creating triple or quadruple pools/farms using stableswap, like the Curve pool system, Chef Mochi explained that while stableswap has increased capital efficiency and fee structure against PancakeSwap v2, it is still relatively capital-inefficient compared to v3. The team’s priority is to maintain capital efficiency and minimize CAKE emissions.

The team is working on bringing farm auctions back and setting higher standards for IFO candidates. The aim is to introduce better projects, benefiting both IFO participants and CAKE locking.

Chef Mochi clarified that PancakeSwap is not slow in acquiring users and expanding to new chains. The platform is currently the largest DEX on Aptos and BNB Chain, and has already broken into the top 10 DEXs by volume on Ethereum within ten days of v3’s expansion.

Finally, the team is working on a governance system to allow more community involvement in PancakeSwap’s decision-making process. The system aims to give CAKE stakers voting rights, increasing transparency and decentralization. Chef Mochi mentioned that a community-driven proposal system is in development, allowing users to pitch ideas and contribute to the platform’s growth.

As PancakeSwap continues to grow and expand its offerings, the team remains committed to addressing user concerns and optimizing the platform’s efficiency. PancakeSwap v3 has already shown its potential to increase trading volumes and market share, and the upcoming developments promise to make the platform even more user-friendly and versatile.

With a focus on aggressive CAKE burn, managing inflation, and expanding the platform’s utility across multiple blockchains, PancakeSwap is set to maintain its position as a leader in the decentralized exchange space. By fostering community engagement through governance systems and ambassador programs, PancakeSwap ensures that its users remain at the core of its mission to create an inclusive and thriving ecosystem.

PancakeSwap v3’s successful launch has boosted trading volumes and efficiency, and the team’s Q2 roadmap includes ambitious expansion plans to other chains, new products, and increased CAKE utility. The platform’s commitment to transparency and community involvement positions it well for sustained growth and success in the rapidly evolving world of decentralized finance.

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Maria Irene
Maria Irenehttp://ledgerlife.io/
Maria Irene is a multi-faceted journalist with a focus on various domains including Cryptocurrency, NFTs, Real Estate, Energy, and Macroeconomics. With over a year of experience, she has produced an array of video content, news stories, and in-depth analyses. Her journalistic endeavours also involve a detailed exploration of the Australia-India partnership, pinpointing avenues for mutual collaboration. In addition to her work in journalism, Maria crafts easily digestible financial content for a specialised platform, demystifying complex economic theories for the layperson. She holds a strong belief that journalism should go beyond mere reporting; it should instigate meaningful discussions and effect change by spotlighting vital global issues. Committed to enriching public discourse, Maria aims to keep her audience not just well-informed, but also actively engaged across various platforms, encouraging them to partake in crucial global conversations.

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