PancakeSwap V3 was launched on Ethereum and BNB Chain.
CAKE price surged $3.83 to a high of $3.83 following the news.
The upgraded platform will offer the cheapest fees for on-chain trades.
At press time CAKE price was up 2.13% to trade at $3.77 a day after PancakeSwap announced the launch of its version 3 on Ethereum and BNB Chain.
The upgraded platform will offer users the cheapest fees for on-chain trades among its competitors like Uniswap and SushiSwap. It will also offer increased returns for liquidity providers.
Features introduced by the PancakeSwap V3
The upgraded platform allows liquidity providers to concentrate their capital on smaller ranges leading to higher returns.
PancakeSwap V3 also introduces four different trading fee tiers for users. The fee tiers are 0.01%, 0.05%, 0.25%, and 1% compared to the general 0.25% tier that PancakeSwap V2 was offering. Additionally, each token pair can have a liquidity pool for each fee tier.
The PancakeSwap team also plans to introduce two new features in future. These features include a VIP trading reward program and a position manager feature. The exchange’s VIP program is a tired system that rewards traders with things like up to 5% trading fee rebates depending on their trading volume.
The position manager feature will enable traders to easily deposit liquidity and optimize their positions based on rewards and fees over time. This feature will eliminate the need for manual calculations from third-party integrations thus allowing users to automatically adjust their positions to optimize on returns.
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