Zoltan Vardai12 hours agoPancakeSwap integrates Zyfi for gas-free DeFi tradingThe simplified trading experience could help PancakeSwap attract a larger market share from centralized exchanges.1269 Total views5 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksPancakeSwap has enhanced its user experience by introducing gas-free transactions through its recent integration with Zyfi on zkSync Era.
Following the integration, users of the decentralized exchange (DEX) will be able to benefit from gasless transactions on certain token pairs that will get transaction fees sponsored by PancakeSwap, zkSync or other decentralized finance (DeFi) protocols.
Gasless transactions will make DeFi more accessible to mainstream users and potentially bolster adoption. Chef Brownie, the marketing lead at PancakeSwap, told Cointelegraph:“Gas-free transactions remove a major hurdle for new DeFi users and simplify the trading process. By allowing gas payments with various ERC-20 tokens, we make transactions smoother and more accessible, enhancing user satisfaction and promoting wider adoption.”
Previously, new DeFi users first needed to buy Ether (ETH) before executing trades, as ETH is the token used to pay transaction fees on the Ethereum network.
The new integration allows PancakeSwap users to pay gas fees using over 10 ERC-20 tokens, eliminating the need to hold the main gas token.
PancakeSwap is currently the sixth-largest DEX with over $311 million in daily trading volume, according to CoinMarketCap data.Top decentralized exchanges by trading volume. Source: CoinMarketCap
Related:UwU Lend hit by $20M crypto hackA simplified trading experience can bolster DEX adoption
Decentralized exchanges continue to struggle to attract mainstream users away from centralized exchanges (CEXs), which offer a more intuitive interface and easier usability.
However, PancakeSwap’s simplified trading experience could attract more traders to the DEX, according to Chef Brownie:“Simplifying trading, especially through features like paying gas fees with various ERC-20 tokens, makes DEXs more appealing. A user-friendly interface and seamless transactions can attract users from CEXs while also inheriting DEXs’ benefits like self-custody wallet.”
According to Dune, cumulative trading volume on DEXs reached a total of $3.86 billion in the past 24 hours. This is just a small fraction, or nearly five times less than the $17.6 billion trading volume amassed by Binance, the world’s largest CEX.DEX metrics, 24h. Source: Dune
Related:Nvidia outperforms Apple by 25x, ahead of 10-to-1 stock splitUser experience remains the main adoption hurdle for DeFi protocols
Simplifying user experience is a top priority for most emerging DeFi protocols, added Chef Brownie:“Yes, UX and user-friendliness are still challenges everyone is trying to overcome. At PancakeSwap, we continually improve our platform’s usability, aiming to make it as intuitive as possible.”
PancakeSwap plans to introduce more user-centric features, including payments with more ERC-20 tokens, to create a smoother trading experience.
Following the integration, the zkSync team will sponsor $5,000 worth of gas fees on a first-come, first-served basis for users of the zkSync Era PancakeSwap.
Traders who use Zyfi’s paymaster on zkSync Era PancakeSwap will amass gas points that will boost their chance of receiving a Zyfi token airdrop with each transaction.
Magazine:Roaring Kitty’s GME shares hit $1B, BTC open interest soars, and other news: Hodler’s Digest, June 2-8# Blockchain# Decentralization# Ethereum# Adoption# Cryptocurrency Exchange# Decentralized Exchange# DeFi# Exchanges# Bitcoin AdoptionAdd reaction