According to CoinDesk, PancakeSwap, a popular decentralized exchange (DEX) that operates across multiple chains, is set to launch its version 3 (V3) in early April. The upgrade will be available exclusively on BNB Smart Chain (BSC), which offers fast and cost-effective transactions. The new version will bring enhancements such as better liquidity provisioning, competitive trading fees, trading incentives, and yield farming tools. These improvements are expected to attract more capital and increase protocol revenue, further boosting PancakeSwap's appeal to investors.
The DEX currently holds over $2.4 billion in locked tokens and has processed $438 billion in trading volume since its launch in April 2021. In addition, PancakeSwap recently burned $27 million worth of its native CAKE tokens in a planned event, which will result in a permanent decrease in the token's total supply. The burned tokens were generated from fees earned through PancakeSwap's various services, including trading, lottery, NFT marketplace, and prediction markets.