Competition among decentralized exchanges (DEXs) will increase in the coming weeks. As of now, Uniswap is a clear leader in this space. It has already launched version 3 of its platform on several chains including Arbitrum, Polygon and Optimism.
Competition among decentralized exchanges (DEXs) will increase in the coming weeks. As of now, Uniswap is a clear leader in this space. It has already launched version 3 of its platform on several chains including Arbitrum, Polygon and Optimism. This is one of the reasons it currently ranks highest among DEXs, according to CoinMarketCap, with a 24-hour trading volume of $592 million.
In second and third place are dYdX and the Kine protocol, which brought in $389 million and $254 million in 24-hour trading volume, respectively. Finally, PancakeSwap comes in fourth with a daily trading volume of $101 million. However, that could soon change as PancakeSwap is ready to launch its V3 on the Binance Smart Chain.
This latest version is expected to bring many benefits and even give users the chance to participate in a $135,000 airdrop. But what is PancakeSwaps V3 and how to participate in the airdrop? Join us to find out.
What does PancakeSwap V3 have in store?
PancakeSwap V3 is a valuable addition to DEX’s existing features and an extension of its offering. The new version will come with competitive trading fees, improved liquidity provisioning, trading incentives, and a better yield farming experience, among other features.
“The new features we are rolling out will provide an even better experience for our users and help make DeFi accessible to more people than ever before,” said Mochi, PancakeSwap’s pseudonymous chef. This caused further excitement in the PancakeSwap community.
In his blog, PancakeSwap also mentioned that the new version will encapsulate everything a user needs in one convenient place with the most user-friendly interface. And to celebrate this milestone, the platform has also announced an early backers campaign, with $135,000 worth of CAKE tokens being airdropped to select users, as well as NFT loyalty badges.
PancakeSwap V3 campaign for early supporters
The PancakeSwap V3 Early Supporters Campaign is designed to reward loyal users. Therefore, at the end of this campaign, PancakeSwap will be airdropping $135 million worth of CAKE to eligible users, as well as providing them with exclusive loyalty badge NFTs. But how do you take part in the Early Supporters Campaign? let’s find out
First, PancakeSwap is planning two separate airdrops, one worth $105,000 and the other $30,000. To participate in the first campaign, you must have at least $500-$20,000 in BTCB/WBNB, BUSD/WBNB, USDT/WBNB, or ETH/WBNB liquidity pools on PancakeSwap’s MasterChef V2. Users must hold this amount of crypto on the exchange over a period from March 5th to April 3rd at 12:00 UTC. If you remove your liquidity from the selected liquidity pools, you will be excluded from the campaign.
As a second bump prize, PancakeSwap will airdrop an additional $30,000 worth of CAKE tokens to users. To participate in this airdrop, users must add $500 to $20,000 worth of liquidity to the ETH/WBNB, BUSD/WBNB, USDT/WBNB, or BTCB/WBNB liquidity pools on PancakeSwap’s Masterchef V2 platform. This deposit should be completed by March 18th and remain unchanged until April 3rd. This will allow new users to join the CAKE airdrop. But existing users can also participate. They can do this by adding $500 to $20,000 to the above liquidity pools using the same wallet they used for the $105,000 airdrop.
PancakeSwap will take liquidity snapshots in these pools on March 5th, March 18th, and April 3rd to determine which users are eligible for the airdrops. The airdrop amount is determined using a slab method based on the amount of liquidity that users contribute to the pool. For example, those who only deposit $500 worth of liquidity will receive the least amount of tokens. However, those who provide $20,000 to the liquidity pool will receive a much higher amount of CAKE. The winners and distribution method will be announced within 30 days of the end of the campaign. Winners will also receive a “Loyalty Badge” NFT. However, these NFTs are not tradable.
Diploma
According to CoinGecko, PancakeSwap has a market cap of $705 million and nearly $2.5 billion in total committed liquidity (TVL). At the time of writing, the platform’s native token, CAKE, was changing hands at $3.80 per unit after surging 1.60 percent over the past 24 hours. However, both CAKE’s trading volume and valuation could increase significantly due to PancakeSwap’s upcoming V3 launch in April. This could exacerbate the DEX race, which can only benefit end users.
Just remember that crypto markets are very volatile and could move against the strongest indicators. Therefore, it is always important to do your own research and only invest as much as you can afford to lose outright.
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