DeFi
PancakeSwap integrates Zyfi for transparent, gas-free DeFi
PancakeSwap, a leading decentralized exchange (DEX), has taken a major step towards improving its user experience by introducing gasless transactions.
This new feature results from its recent integration with Zyfi on zkSync Era, aiming to reduce barriers for new users and streamline the trading process.
Gasless Transactions for a More Accessible DeFi Experience
The integration allows PancakeSwap users to perform gas-free transactions on selected token pairs, with transaction fees sponsored by PancakeSwap, zkSync, or other decentralized finance (DeFi) protocols.
The move aims to make DeFi more accessible to mainstream users and encourage broader adoption by simplifying the financial expenses associated with transaction fees.
Chef Brownie, Marketing Manager at PancakeSwap, highlighted the benefits of this initiative. He noted that removing the cost of gas fees alleviates a significant barrier for new users and simplifies the business process.
He explained that the ability to pay gas fees with various ERC-20 tokens not only facilitates transactions, but also improves user satisfaction and promotes wider adoption.
Leaders in decentralized exchanges by transaction volume. Source: CoinMarketCap
Previously, DeFi users had to purchase Ether, the primary token used to pay transaction fees on the Ethereum network, before they could execute transactions.
Recent changes eliminate the need to hold Ether for gas payments, allowing over 10 different ERC-20 tokens to be used for this purpose.
PancakeSwap is the sixth largest DEX, with a daily trading volume of over $311 million according to CoinMarketCap. This integration could further strengthen its position in simplify the trading experiencepotentially attracting more centralized exchange (CEX) users.
Centralized platforms generally offer friendlier interfaces and ease of use, factors that have traditionally attracted mainstream users.
Chief Brownie also pointed out that by making DEXs more user-friendly through features like various gas payment options and a simplified interface, decentralized platforms could become more attractive.
He emphasized that these improvements help DEXs compete with CEXs while maintaining benefits such as the security of self-custody wallets.
The road ahead for PancakeSwap
Despite these advances, the gap between decentralized and centralized exchanges remains significant. Data from Dune Analytics indicates that the cumulative trading volume on DEXs reached $3.86 billion in the last 24 hours, almost five times lower than the recorded trading volume of $17.6 billion. by Binance, the largest CEX in the world.
Addressing user experience is a priority for many emerging DeFi protocols, as Chief Brownie noted. He confirmed that PancakeSwap is committed to continually improving the usability of the platform to make it as intuitive as possible.
Plans are in place to introduce more user-centric features, including the ability to pay with an expanded range of ERC-20 tokens, which could further facilitate users’ trading experience.
Additionally, the collaboration with zkSync includes a $5,000 gas fee sponsorship on a first-come, first-served basis for zkSync Era PancakeSwap users. Traders using Zyfi Payer on this platform will accumulate Gas Points, increasing their chances of receiving an airdrop of Zyfi tokens with every trade.
This strategy not only encourages usage, but also promotes a more attractive and profitable business environment.