• PancakeSwap V3 was recently deployed on the BNB smart chain, sparking an increase in unique active wallets (UAWs).
• The update offers wider range of tools and lower trading fees compared to the previous iteration.
• PancakeSwap experienced a surge in daily active addresses and volume, likely due to unlocking more trading activity and liquidity through the BNB chain.
PancakeSwap V3 Launched On BNB Chain
PancakeSwap [CAKE] v3 was recently deployed on the Binance Smart Chain (BNB), allowing users to benefit from its features such as wider range of tools, lower trading fees, and higher returns for liquidity providers. This rollout has sparked a surge in unique active wallets (UAWs) transacting on the new platform compared to before.
Surge In User Activity
The surge in UAWs is supported by recent on-chain observations related to user activity. PancakeSwap observed a spike in daily active addresses with slightly over 18,000 active addresses registered this week – up from just 67 two days prior. Additionally, there has been an overall increase in volume since yesterday, likely due to unlocking more trading activity and liquidity through the BNB chain.
Sentiment Around PancakeSwap
Weighted sentiment around PancakeSwap has also been growing steadily since Tuesday according to Santiment’s data feeder. Furthermore, the launch of the new version has been acknowledged by Crypto exchange giant Binance’s CEO Changpeng Zhao who noted that more DEXs are necessary given current pressure from regulators in the West regarding centralized exchanges.
UNI Bulls Gain An Edge Over Bears
Following news of PancakeSwap’s launch on BNB chain UNI bulls have gained an edge over bears with some profit-taking hindering extended upside movement seen earlier this week when it hit its all time high at $45 per token . However despite profit taking UNI continues its upwards trajectory due to continuous investments into DeFi protocols like Uniswap which is currently ranked 5th largest crypto project with market cap of $20 billion according to CoinGecko data .
Conclusion
Overall ,the deployment of Pancake Swap V3 onto Binance Smart Chain has had positive implications for users as it offers them wide range of tools ,lower trading fees and higher returns for liquidity providers while UNI bulls have also taken advantage but are being hindered by profit takers .