DeFi
PancakeSwap adds Zyfi: fee-free DeFi trading
Pancake swap recently joined Zyfi to facilitate fee-free DeFi trading. This simplified trading experience could allow PancakeSwap to capture a larger market share through centralized exchanges.
Let’s see all the details below.
DeFi: PancakeSwap aims to capture greater market share through centralized exchanges with Zyfi
As expected, PancakeSwap has improved its user experience by introducing fee-free transactions through integration with Zyfi on The zkSync era.
With this integration, DEX users will be able to benefit from free transactions on certain token pairs, with fees sponsored by PancakeSwap, zkSync or other DeFi protocols.
Fee-free transactions will make DeFi more accessible to mainstream users, boosting its adoption. Chef’s Browniemarketing manager of PancakeSwap, said the following on this subject:
“Gasless transactions remove a significant barrier for new DeFi users and simplify the trading process. By allowing fees to be paid with various ERC-20 tokens, we are making transactions smoother and more accessible, improving user satisfaction and driving broader 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 more than 10 ERC-20 tokens, eliminating the need to hold the primary token.
PancakeSwap is currently the sixth largest DEX, with a daily trading volume of over $311 million, according to data from CoinMarkandCap.
Simplify trading to attract mainstream users
The landscape of exchange decentralized exchange (DEX) has a constant struggle to attract mainstream users, luring them away from the centralized exchange (CEX) with its intuitive interface and simplified usability.
According to Chef Brownie, PancakeSwap’s simplified trading experience could be the key to attracting more traders to the DEX. THE simplification of trade, including paying gas fees with various ERC-20 tokens, makes DEXs more attractive.
PancakeSwap aims to inherit the advantages of DEX, such as self-custodial wallet, while providing a user-friendly interface and transparent transactions.
Despite the progress of the DEX, the cumulative trading volume on these markets is still only a small fraction of that of the CEX.
However, user experience remains a top priority for emerging DeFi protocols, with PancakeSwap committed to constantly improving the usability of the platform.
PancakeSwap plans to introduce additional user-focused features, including payments with multiple ERC-20 tokens, to make the trading experience even smoother.
Additionally, the zkSync team will provide 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 large 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 unrest in the market.
According to on-chain data reports, approximately 1.623 million CAKE tokens, worth $4.48 million, were transferred to Binance for sale. This move happened quickly, causing the price of CAKE to drop 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 around one million CAKE tokens, currently worth $2.65 million, deposited on the Venus platform.
Market analysts believe that these tokens could also be liquidated, which would further influence the CAKE price and market dynamics.
The precise motivations for this sale remain a matter of speculation, with theories ranging from profit-taking to possible market manipulation.