Decoding PankcakeSwap V3 deployment on BNB smart chain
PancakeSwap [CAKE] v3 was recently deployed on the BNB smart chain and the timing could not have been more ideal. The rollout underpins the expanding DeFi horizon especially now that crypto is facing a lot of pressure from regulators in the West.
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The newly launched PancakeSwap V3 is already off to a healthy start. According to a DappRadar analysis, the number of unique active wallets (UAWs) drastically grew after the PancakeSwap V3 rollout on the BNB smart chain.
<p lang=«en» dir=«ltr» xml:lang=«en»>3/ DappRadar Ranking shows that this announcement brought a wave of more UAW transacting on the new PancakeSwap platform than in the previous one.The #DEX may obfuscate counterparts SushiSwap and Uniswap, or at least contribute to a fair market ⚔️ pic.twitter.com/v30Q0WnLEV
— DappRadar (@DappRadar) April 4, 2023
The same analysis highlights incentives that might be fueling the UAW surge. The new platform reportedly offers a wider range of tools and lower trading fees compared to the previous iteration.
The upgrade will also favor liquidity providers in the form of higher returns. This particular development may attract more LPs to the network, a benefit that is expected to boost PancakeSwap’s TVL.
Binance CEO CZ acknowledged the PancakeSwap V3 launch on the BNB chain and stated that more DEXs are necessary. His take is likely in response to the initially highlighted point that regulators in the West are targeting centralized exchanges. This may lead to a large flow of users from centralized exchanges to decentralized exchanges in the near future.
The surge in UAWs is in line with the latest on-chain observations related to user activity. For instance, PancakeSwap
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