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PancakeSwap V4 Unveils $3 Million CAKE Airdrop

PancakeSwap, the decentralized exchange, has unveiled PancakeSwap V4 along with a CAKE airdrop initiative to mark the occasion. In an effort to encourage both existing users and newcomers to discover the enhancements of the updated platform, PancakeSwap has announced a $3 million CAKE airdrop, as stated in their press release. Notably, this airdrop operates on a first-come, first-served basis.

Reducing Fees

The PancakeSwap team highlighted that PancakeSwap V4 introduces a multitude of technical advancements and features aimed at improving efficiency, reducing costs, and streamlining the trading experience. One notable enhancement is the implementation of a new contract architecture for pools. Unlike previous versions where each pool was held in a separate contract, PancakeSwap V4 consolidates all pools into a single contract. According to the announcement, this innovative approach not only simplifies pool creation but also results in significant gas savings, with initial estimates indicating a remarkable 99% reduction in pool creation gas costs.

Furthermore, the team is introducing a “flash accounting” system to complement this singleton architecture.

Traditional methods typically involve transferring assets in and out of pools after each swap. However, the flash accounting system operates on net balances, resulting in a more efficient and cost-effective process.

“PancakeSwap V4 significantly reduces gas consumption by minimizing unnecessary token transfers, providing tangible benefits for users,” stated the DEX.

Moreover, PancakeSwap V4 has introduced enhanced fee tier flexibility, allowing pool creators to customize fee structures to suit their specific requirements. Additionally, native ETH support has been reintroduced to further enhance gas savings.

Looking ahead, with the Ethereum Cancun hard fork on the horizon, PancakeSwap is contemplating the adoption of EIP-1153. This proposal introduces “transient storage,” which promises additional gas improvements and cleaner contract designs.

Hitting Nearly $11 Billion in Weekly Sales

According to DefiLlama, the total 24-hour trading volume for DEXes is currently $8.788 billion.

Over the past 7 days, the total trading volume has reached $67.15 billion, indicating a notable weekly change of +26.35%.

PancakeSwap has experienced a significant surge in volume over the past week, with an increase of nearly 74% to $10.705 billion. Its daily volume stands at $1.339 billion.

In both the 7-day and 24-hour periods, PancakeSwap holds the second position, trailing behind Uniswap.

When considering cumulative volume, Uniswap leads the pack with $2.371 trillion, while PancakeSwap ranks third with $677.531 billion.

During February, the project reported a total trading volume of $15.8 billion, showing an increase of $351 million from January’s $15.5 billion.

The average daily volume for the month was $545.4 million.

Moreover, the project recorded a total of 1.7 million unique traders.

In February, the project burned 1,079,517 CAKE tokens.

As of the current writing, CAKE is trading at $4.16, marking a 2.6% increase within a day, a 25% increase over the week, and an impressive 62% increase over the month.

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