PancakeSwap Partners with Zyfi to Simplify Trading with Gas-Free Transactions
Summary:
PancakeSwap, a decentralized exchange (DEX), has partnered with Zyfi on zkSync Era to offer gas-free transactions. This upgrade allows users to settle transaction fees using over 10 ERC-20 tokens, eliminating the need for Ether (ETH), the primary gas token on the Ethereum network. The move is aimed to attract mainstream users to decentralized finance (DeFi) and simplify the trading process. The collaboration also promises patrons the chance to receive a Zyfi token airdrop for each transaction.
Decentralized exchange (DEX) platform, PancakeSwap, has recently upgraded its user interface to offer gas-free transactions through its partnership with Zyfi on zkSync Era. With this integration, PancakeSwap's users will now enjoy transaction fee-free trades on select token pairs, with these transaction fees being footed by either PancakeSwap, zkSync or any other participant decentralized finance (DeFi) protocols. This introduction of gasless transactions stands to spur mainstream user engagement significantly and also amplify the uptake of DeFi. PancakeSwap's marketing head, Chef Brownie, shared with Cointelegraph that the absence of gas fees breaks down a major barrier for new entrants in the DeFi scene while simultaneously simplifying trade protocols.
Traditionally, new DeFi users were required to purchase Ether (ETH), the primary gas token, to cover transaction costs on the Ethereum network ahead of executing any trades. Now, this new integration enables PancakeSwap's user base to settle transaction charges using 10+ ERC-20 tokens, thereby cancelling the necessity to own the main gas token. As reflected by CoinMarketCap data, PancakeSwap stands as the sixth-largest DEX, boasting a daily trading volume exceeding $311 million.
It's no secret that decentralized exchanges are still struggling to draw in users from centralized exchanges (CEXs) due to the comparative lack of a user-friendly interface and simple usability. However, PancakeSwap's recent simplification of its trading experience might contribute to an upsurge in trader attraction to decentralised exchanges, says Chef Brownie. He added that a simplified trading arena, particularly the possibility of settling gas charges via numerous ERC-20 tokens, boosts DEX attractiveness significantly.
Recently, data from Dune showed that DEXs recorded a cumulative trading volume of $3.86 billion over the last 24 hours, a figure which pales in comparison to the more than $17.6 billion trading volume garnered by Binance, the global leader among CEXs.
Chef Brownie further noted that the primary hurdle still blocking widespread DeFi protocol adoption is the user's experience. Simplifying this process is at the top of the agenda for most developing DeFi protocols. He also indicated that PancakeSwap continues to enhance the usability of its platform, with its primary aim being to make it intuitive.
In its bid to make the trading experience smoother, PancakeSwap is strategizing how to incorporate more user-focused features, such as enabling more ERC-20 token forms of payment. Following the integration, the zkSync team has committed to offsetting $5,000 worth of gas fees on a first-come-first-served basis for users on the zkSync Era PancakeSwap. Moreover, traders utilizing Zyfi's paymaster on zkSync Era PancakeSwap will accumulate gas points that can increase their chances of receiving a Zyfi token airdrop with every transaction.
Published At
6/11/2024 2:59:00 PM
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