PancakeSwap has recently integrated Zyfi to facilitate fee-free DeFi trading. This simplified trading experience could enable PancakeSwap to capture a larger market share from centralized exchanges.
Let’s see all the details below.
Summary
DeFi: PancakeSwap aims to capture greater market share from centralized exchanges with Zyfi
As anticipated, PancakeSwap has improved its user experience by introducing fee-free transactions thanks to the integration with Zyfi on zkSync Era.
With this integration, users of the DEX will be able to benefit from fee-free transactions on certain token pairs, with the fees sponsored by PancakeSwap, zkSync, or other DeFi protocols.
Transactions without fees will make DeFi more accessible to mainstream users, boosting its adoption. Chef Brownie, marketing manager of PancakeSwap, stated the following about it:
“Gasless transactions remove a significant barrier for new DeFi users and simplify the trading process. By allowing the payment of fees with various ERC-20 tokens, we make transactions smoother and more accessible, enhancing user satisfaction and promoting wider adoption.”
In the past, new DeFi users had to purchase Ether (ETH) to pay transaction fees on the Ethereum network.
Now, the new integration allows PancakeSwap users to pay gas fees using over 10 ERC-20 tokens, eliminating the need to hold the main token.
PancakeSwap is currently the sixth largest DEX, with a daily trading volume of over 311 million dollars, according to data from CoinMarketCap.
Simplify trading to attract mainstream users
The landscape of exchange decentralized (DEX) is in constant struggle to attract mainstream users, diverting them from centralized exchange (CEX) with their intuitive interface and simplified usability.
According to Chef Brownie, the simplified trading experience of PancakeSwap could be the key to attracting more traders to the DEX. The simplification of trading, including the payment of gas fees with various ERC-20 tokens, makes DEXs more attractive.
PancakeSwap aims to inherit the advantages of DEX, such as the self-custody wallet, while offering a user-friendly interface and seamless transactions.
Despite the progress of DEX, the cumulative trading volume on these markets is still a small fraction of that of CEX.
However, the user experience remains a top priority for emerging DeFi protocols, with PancakeSwap committed to constantly improving the platform’s usability.
PancakeSwap plans to introduce additional user-focused features, including payments with multiple ERC-20 tokens, to make the trading experience even smoother.
Furthermore, the zkSync team will offer a unique opportunity to PancakeSwap users, sponsoring gas fees and offering Zyfi token airdrops through the use of the Zyfi paymaster on zkSync Era PancakeSwap.
Market fluctuations: massive sale of PancakeSwap tokens on Binance
Recently, a significant sale of PancakeSwap (CAKE) tokens on Binance by a crypto whale triggered notable market fluctuations. This action led to a 4.6% drop in the price of CAKE, causing widespread agitation in the market.
According to on-chain data reports, approximately 1.623 million CAKE tokens, equivalent to 4.48 million dollars, were transferred to Binance for sale. This movement happened quickly, causing a decrease in the price of CAKE from $2.765 to $2.637.
The whale had previously accumulated these tokens between November 2023 and May 2024, at an average price of $2.83 per token, indicating a well-thought-out entry and exit strategy.
After the sale, the whale still holds about one million CAKE tokens, whose current value is 2.65 million dollars, deposited on the Venus platform.
Market analysts speculate that these tokens could also be liquidated, further influencing the price of CAKE and market dynamics.
The precise motivations behind this sale remain a subject of speculation, with theories ranging from profit-taking to possible market manipulation.
