PancakeSwap recently introduced gasless trading through integration with Zyfi in the zkSync Era, improving user experience.
After integration, decentralized exchange (DEX) users will be able to benefit from gas-free trading for specific token pairs with transaction fees sponsored by PancakeSwap, zkSync or other decentralized finance (DeFi) protocols.
Gasless transactions will make DeFi more accessible to mainstream users and potentially strengthen adoption. Chef Brownie, Head of Marketing at PancakeSwap, told Cointelegraph:
“Gasless trading removes a major hurdle for new DeFi users and simplifies the trading process. “By allowing gas payments with a variety of ERC-20 tokens, we make transactions more seamless and accessible, increasing user satisfaction and driving widespread adoption.”
Previously, new DeFi users had to first purchase Ether (ETH) before executing a transaction. This is because 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 native gas tokens.
According to CoinMarketCap data, PancakeSwap is currently the 6th largest DEX with daily trading volume of over $311 million.
Related: UwU Lend suffered a $20 million cryptocurrency hack.
A simplified trading experience can boost DEX adoption.
Decentralized exchanges continue to strive to attract mainstream users away from centralized exchanges (CEXs), which offer more intuitive interfaces and easier usability.
However, PancakeSwap’s simplified trading experience could attract more traders to the DEX, according to Chef Brownie.
“Simplifying transactions, especially through features such as paying gas fees with a variety of ERC-20 tokens, makes DEXs more attractive. The user-friendly interface and smooth transactions can attract users to CEX while inheriting the benefits of DEX such as self-custodial wallets.”
According to Dune, cumulative trading volume on the DEX over the past 24 hours totaled $3.86 billion. This is a tiny fraction, or almost five times the trading volume of $17.6 billion accumulated by Binance, the world’s largest CEX.
Related: Nvidia outperforms Apple by 25x ahead of 10:1 stock split.
User experience remains a major adoption obstacle for DeFi protocols.
Simplifying the user experience is a top priority for most emerging DeFi protocols, Chef Brownie added.
“Yes, UX and user-friendliness are still challenges that everyone is trying to overcome. At PancakeSwap, we are constantly improving the usability of our platform with the goal of making it as intuitive as possible.”
PancakeSwap plans to introduce more user-centric features, including payments using more ERC-20 tokens, to create a smoother trading experience.
After integration, the zkSync team will sponsor $5,000 worth of gas fees for zkSync Era PancakeSwap users on a first-come, first-served basis.
Traders who use Zyfi’s Paymaster on zkSync Era PancakeSwap will accumulate gas points with each trade that increases their chances of receiving a Zyfi token airdrop.
magazine: Roaring Kitty’s GME stock price hit $1 billion and BTC open interest soared. Other news: Hodler’s Digest, June 2-8