- PancakeSwap V3 has launched on Ethereum and BNB chains.
- Following this news, CAKE’s price surged by $3.83 to a new all-time high of $3.83.
- The upgraded platform offers the lowest fees for on-chain transactions.
After PancakeSwap announced the launch of version 3 on the Ethereum and BNB chains, the price of CAKE was up 2.13% at the time of writing, trading at $3.77 per day.
The upgraded platform offers users the lowest on-chain transaction fees among competitors such as Uniswap and SushiSwap. It also increases returns for liquidity providers.
Features introduced in PancakeSwap V3
The upgraded platform will allow liquidity providers to focus their capital on a narrower range leading to higher returns.
PancakeSwap V3 also introduces 4 different transaction fee levels for users. The commission levels are 0.01%, 0.05%, 0.25% and 1% compared to the popular 0.25% level that PancakeSwap V2 was offering. Additionally, each token pair can have a liquidity pool for each fee tier.
The PancakeSwap team plans to introduce two new features in the future. These features include a VIP trading rewards program and position manager functionality. The exchange’s VIP program is a tired system that offers traders things like trading fee rebates of up to 5% depending on trading volume.
The Position Manager feature allows traders to easily deposit liquidity and optimize their positions based on rewards and commissions over time. This feature removes the need for manual calculations from third-party integrations, allowing users to automatically adjust positions to optimize returns.