Great news, ev3ryone! PancakeSwap V3 is now officially LIVE on both BNB Chain and Ethereum! 

PancakeSwap V3 offers the lowest fees in the industry for traders, increased fee returns for liquidity providers, and new tools that make the user experience even more seamless and user-friendly. With this upgrade, PancakeSwap is now the most efficient, flexible, and user-friendly DEX available in the industry. We are thrilled to announce that this powerful upgrade is now available on both BNB Chain and Ethereum, and look forward to serving more users with the best experience possible. 



**Here are some highlights of PancakeSwap V3:**


- Up to 25x lower trading fees for traders as compared to V2 
- Many times more fee earnings with the same amount of deposits for liquidity providers
- Up to 4000x higher capital efficiency, allowing you to earn with ease and watch your profits soar
- A new V3 “VIP” Trading Rewards Program (Coming Soon)
- Position Manager Feature (Coming Soon)


**WHAT’S NEW IN V3: CAPITAL EFFICIENCY**


One of the key aspects of PancakeSwap V3 is capital efficiency. In V2, liquidity provided by LPs was distributed uniformly along the entire price curve between 0 to infinity. This approach made capital inefficient since most assets usually trade within certain price ranges. This inefficiency was particularly visible in pools with stablecoin pairs that trade within a very narrow range, with most liquidity remaining unused.

With V3, liquidity providers can now “concentrate” their capital to smaller price intervals, i.e. choose a custom price range when providing liquidity. By doing so, LPs are able to “concentrate” their capital in ranges where most of the trading occurs, thereby making their money work harder for them. This is especially beneficial in stablecoin pools, where two assets hardly change in price in relation to each other and the capital multiplier can be up to 4000x. In addition, PancakeSwap V3 is built on top of Uniswap V3 with added refinements and improvements. As such it is also compatible with tools built for Uniswap V3. Read on to learn what this means and how it works for Swap, Liquidity, and Farm.


**WHAT’S NEW FOR SWAP & TRADERS: UP TO 25x LOWER TRADING FEES**


**1.  Multi-Tier Fees Bring Traders the Lowest Trading Fees in the Industry**


V3 will have four different trading fee tiers, 0.01%, 0.05%, 0.25%, and 1%, compared to V2’s 0.25%. 

**V3 Trading Fee Tiers Breakdown:**

![Screenshot 2023-04-03 at 8.25.12 PM.png](https://sgp1.digitaloceanspaces.com/strapi.space/f0e0093229a2953c99ca9e2c7ea89c10.png)

![new A.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/88969cb1d4ac53741a04833ade94506b.jpg)

For example, Twinkle is a trader and wants to trade USDT for USDC. Assuming the price is 1:1 and trading slippage is negligible:

-In PancakeSwap V2: the trading fee is fixed at 0.25%. So when Twinkle trades 1000 USDT for USDC, a 2.5 USDT is charged as the trading fee. The amount of USDC Twinkle received by Twinkle will be 997.5.

-In PancakeSwap V3: when Twinkle trades 1000 USDT for USDC, if the most popular trading fee tier is 0.01% (as is the case for most stable pairs), then only 0.1 USDT is charged as the trading fee. The amount of USDC T received by Twinkle will be 999.9. 

-Trading Fees 0.01%: For assets such as stable pairs, where prices are expected to match, the impermanent loss is low, and traders and LPs typically agree on the lowest fee tiers. This is the example of USDT/USDC above.


-Trading Fees 0.05%: For assets with higher impermanent loss or less robust liquidity, traders and LPs may agree on a higher fee tier, providing more fee revenue and incentive for LPs to provide liquidity and overcome impermanent loss. This fee tier is intended for assets that are volatile, but still relatively well-traded, or expected to have a higher impermanent loss. 

-Trading Fees 0.25%: This fee tier is for more exotic or less frequently traded assets, where the higher fee provides traders access to these assets while still allowing LPs to earn sufficient fee revenue. 


-Trading Fees 1%: The highest fee tier is intended for assets that are traded the least frequently or have an even higher impermanent loss. The higher fee tier provides a great incentive for LPs to provide liquidity and overcome impermanent loss, while still enabling traders to access these assets. 


It is important to note that these fee tiers are not mutually exclusive as each token pair can have a liquidity pool for each fee tier. However, asset pairs will tend to gravitate towards the fee tier where incentives for both LPs and traders more closely align.

In summary, the different fee tiers exist to provide a balance between traders paying the lowest fee tier while still incentivizing the highest possible liquidity from LPs. 


**2. Capital Efficient Trading and Lower Trading Slippage** 

V3 also offers capital-efficient trading and lower trading slippage by “concentrating” the capital on the most actively traded price range. This ensures more liquidity, less slippage, and greater capital preservation for traders, regardless of the fee tier.


**3. Utilizes Every Liquidity Source**

A new feature in V3, the improved smart router brings an overall improvement to the trading engine by adding split routing capability and the ability to utilize all possible liquidity in the protocol. The new smart router intelligently finds the best trading route by utilizing liquidity from PancakeSwap V3, V2 and StableSwap with multihops and split routing capabilities. On top of that, it will also utilize liquidity provided by the Market Maker integration to provide the best deal for traders. Users will have the flexibility to customize or disable certain liquidity sources if they do not want a trade to route through them.


**4. Advanced Built-in Limit Order (Coming Soon)**

V3 currently supports native limit orders by creating ranged liquidity positions, and we will continue to add more improvements in order to make the experience of Limit Order even more seamless on V3.

**WHAT’S NEW FOR LIQUIDITY & LPs: EARN  MANY TIMES MORE ON YOUR DEPOSITS**

V3 provides liquidity providers with more strategic placement options to maximize fee earnings. With multiple fee tiers, LPs are compensated based on the degree of risk they take on and have more control over the price ranges where their capital is allocated. 


**1. Improved Liquidity Provisioning:**

**More Flexibility, More Choice, and More Earnings**

V3’s capital efficiency allows LPs to focus their assets on specific price ranges, resulting in a more rewarding and flexible liquidity provisioning experience. Key features include: 

**Customizable Price Range**: LPs can select narrow price ranges, which generally result in higher earnings. LPs can expect to earn many times more on the same amount of deposits.


**Flexibility of Fee Tiers for the Same Token Pair**: LPs can choose from multiple trading fees tiers (0.01%, 0.05%, 0.25%, and 1%) when providing liquidity for the same token pair. For instance, LPs can provide liquidity for a CAKE-BNB trading pair with either a 0.25% or 0.05% trading fee rate, depending on which fee tier offers a better deal and attracts more trading volume. 

**Non-Fungible Liquidity Positions**: Each liquidity position has a unique ID based on its configurations, such as price range. Therefore, LPs can create and maintain multiple positions for the same trading pair but with different configurations and liquidity amounts.


Overall, V3 provides LPs with an improved liquidity provisioning experience that offers more choice and flexibility, and the opportunity to earn many times more on their deposits.


**2. Improved Trading Fee Rewards**

Thanks to increased capital efficiency and customization options, liquidity providers can earn  many times more trading fee rewards on the same deposit amount in V3 compared to V2. Additionally, liquidity providers can enjoy a capital multiplier of up to 4000x in V3, providing even greater potential for earning rewards. 

For example:  

![b (1).jpg](https://sgp1.digitaloceanspaces.com/strapi.space/08cf2d1c7ea1782c756d6d3f9f15b239.jpg)

Sunny and Churro both provide liquidity in the CAKE/USDT pool with $1,000 USD worth of token assets, and the current price of CAKE is 5 USDT. 

On PancakeSwap v2, Sunny provides liquidity across the entire price range - therefore he deposits all of his $1,000 capital in the form of 500 USDT and 100 CAKE. 

On PancakeSwap v3, Churro utilizes the new concentrated capital feature to create a position with a price range of 2 to 12.5 USDT per CAKE. She deposits 185 USDT and 37 CAKE, worth a total of $370. Churro is now able to spend the remaining $630 elsewhere, like locking CAKE in the Syrup pool to enjoy high CAKE yield while receiving a series of PancakeSwap ecosystem benefits.

As long as CAKE stays within the price range of 2 to 12.5, both Sunny and Churro will receive the same amount of trading fee rewards while Churro deposited way less capital to the liquidity pool. 



**3. Useful Utility Upgrades**

To provide liquidity providers with an improved user experience, PancakeSwap V3 has launched with two built-in tools that help liquidity providers maximize and predict their earnings more easily.


**Automatic APR Displays:** For every V3 liquidity position, LPs can easily access an APR figure based on live data of liquidity distributions and concentrations, historical volume data, and the position configurations. No need to use another calculator or figure out a third-party tool. V3 has more dynamic APR based on the position configuration and our APR display can respond to the user input and estimate APR automatically.

**Improved ROI Calculator**: Since V3 is more nuanced than providing liquidity in V2, estimating the yields and impermanent loss figures is important for LPs to adjust their positions. With the ROI calculator, LPs can be as hands-off as they want. Simply click the ROI calculator button in the APR display. This tool makes it easy for LPs to estimate their returns without any complicated or time-consuming calculations. 


**WHAT’S NEW FOR FARM: HIGHER CAPITAL EFFICIENCY AND MORE REWARDS - STARTING AT APPROXIMATELY 18:00 UTC**

In V3, users will still be able to stake their liquidity into the farms to earn even more CAKE rewards. 

Note on the CAKE emissions start time: users can stake in V3 farms now and start earning CAKE rewards once CAKE emissions start at approximately 18:00 UTC. Follow along our Twitter for more updates. 


**Active Liquidity Farming:**

V3 introduces active liquidity farming. Farms will only reward CAKE to active liquidity positions whose current prices fall within their price range configurations. With the same amount of underlying tokens, positions with a smaller price range (more concentrations) will have higher relative shares against the whole farm pool and will be rewarded more CAKE. This encourages liquidity concentration around the current trading price and ensures low trading slippage. 


**Improved Farming Experience:** More Flexibility and Rewards
In V3, users can stake multiple liquidity positions for the same token pair in the same farm and manage them independently. Plus, users can claim earned trading fee rewards, compound them, or remove liquidity without having to unstake from the Farm.


**Liquidity Farming with bCAKE (Coming in Later Q2)**

Stay tuned for the return of bCAKE, which will be available to support V3 Farms with even more boosting power! 


**V3 “VIP” TRADING REWARDS PROGRAM  - COMING SOON**

The Kitchen is excited to announce the upcoming launch of the Trading Rewards Program, offering our loyal users (VIPs) the opportunity to earn rewards for their trading activity. 


**How it Works:**

- VIPs will trade to earn from a prize pool to win up to a 5% trading fee rebate. 


Qualification Requirements for our VIPs:

- Locked Cake and NFT Profile: To qualify, users must have a certain amount of locked CAKE and an active Pancake Profile requiring 1.5 CAKE.  Stay tuned for more details on the specific amount of locked CAKE required.  Click here to learn more on how to get your NFT profile.
- Minimum trading threshold: Stay tuned for more details on the minimum trading threshold requirement to qualify. 



**POSITION MANAGER - COMING SOON**


PancakeSwap V3 will soon introduce an automatic position managing feature, enabling users to easily deposit liquidity with just one click. This built-in tool eliminates the need for manual calculations or third-party integrations, allowing users to automatically adjust their positions and earn fee rewards while staying within range. 

To ensure liquidity providers’ profitability in V3, the Position Manager tool will offer a range of features including single token deposits with ZAP and automatic position management to ensure positions are always in range and farming CAKE. Additionally, it optimizes the position price range to balance between more CAKE farm yielding and stability, while minimizing impermanent loss. It also auto-compounds trading fee rewards without incurring gas fees and maximizes CAKE yields from farms by automatically depositing them into the flexible CAKE pools. 


**AVAILABLE NOW ON BNB CHAIN AND ETHEREUM**


Our commitment to being a user-focused DEX and one-stop-shop for all things DeFi has helped us to become the #1 DEX on both the BNB Chain and Aptos Network. With this V3 upgrade, we’re excited to bring ev3ryone’s favorite D3X to even more users on both BNB Chain and Ethereum. With one of the largest user bases and a very active and supportive community, we aim to serve more users on more chains, introduce our vibrant community to more projects and chains, and become the leading multichain DEX for all. 


**PANCAKESWAP V3: THE MOST EFFICIENT AND USER-FRIENDLY D3X**


The launch of PancakeSwap V3 marks a significant milestone in our journey towards providing the best DeFi experience to our users. With V3’s enhanced capital efficiency and upgraded features, traders can now enjoy a better trading experience with lower fees and reduced slippage. Liquidity providers will also benefit from increased fee returns and a highly rewarding liquidity provisioning experience. 

We are committed to user-friendliness and we are excited to see the rewards that V3 will bring to the community. Stay tuned for more exciting announcements in the following days by following us on Twitter. As PancakeSwap continues to be the one-stop shop for everything DeFi, we promise to deliver more exciting developments in the future. 

Stack’em 

The Chefs 


 PancakeSwap V3 is now officially LIVE on both BNB Chain and Ethereum! 

Introducing PancakeSwap V3: A More Efficient and User-Friendly DEX on BNB Chain and Ethereum

We are thrilled to announce the integration between **[PancakeSwap](https://pancakeswap.finance)** and **[Aperture Finance](https://www.aperture.finance)** to automate LP management. With this integration, users can leverage AI-powered intent-based LP management tools to optimize liquidity provision on PancakeSwap v3 pools across Ethereum and BNB Chain. Users can effortlessly automate their PancakeSwap liquidity positions (LPs), optimizing capital efficiency and minimizing the complexities associated with manual management. To celebrate the launch, there will be an APTR airdrop for PancakeSwap users; read on to learn more.

#### **What Does This Integration Mean for PancakeSwap and Aperture Finance?**

Through this integration, users can seamlessly add liquidity to PancakeSwap v3 liquidity pools on Ethereum and BNB Chain through Aperture, with the added benefit of managing their LPs through Aperture's advanced intent-based LP management tools. Likewise, PancakeSwap users can effortlessly manage their existing v3 liquidity positions with Aperture.

#### **The INTENTional Campaign: Participate in the Airdrop from Aperture**

To celebrate this integration, Aperture is offering a healthy bootstrapping of points for PancakeSwap users! 

- Any address that has LPed on BNB Chain or Ethereum PancakeSwap in the last 12 months (after 11 April 2023, ~00:00 UTC) +4,200 points

- Any address that has performed at least 1 swap on BNB Chain or Ethereum PancakeSwap in the last 12 months (after 11 April 2023, ~00:00 UTC) +2,100 points

- Snapshot was taken on 11 April 2024, around 00:00 UTC

In addition to this initial bootstrapping of points, all actions or transactions for LPs or swappers on PancakeSwap via the Aperture Dapp will receive a 3X boost on points compared to the same actions on other DEXes. For example - zapping into an LP via Aperture on PancakeSwap will generate 3X points compared to the same action on Uniswap.

The INTENTional campaign allows participants to qualify for a total airdrop pool of 42M $APTR, equal to 4.2% of the total supply. Check out more details about the INTENTional campaign **[here](https://medium.com/@aperturefinance/the-intentional-campaign-7-3307e91af884)**.

#### **How to get started with Aperture Finance**

_**For existing PancakeSwap v3 LP holders:**_ Connect your wallet to **[Aperture Finance](https://app.aperture.finance/?chainId=56)** by selecting “PancakeSwap'' and the desired chain (Ethereum/ BNB Chain). Then, navigate to the "Liquidity Positions" section to view and manage your LPs with Aperture’s tools.

_**For a new LP through Aperture Finance:**_ Connect your wallet to **[Aperture Finance](https://app.aperture.finance/?chainId=56)**. Select PancakeSwap as a DEX and your desired chain (Ethereum or BNB Chain) to add liquidity on. Follow the prompts to add your LP with advanced tools. Check out this **[guide](https://blog.pancakeswap.finance/articles/how-to-add-remove-liquidity-in-pancake-swap-v3-a-comprehensive-guide)** for broad principles on how to add LP in v3 pools.

#### **Aperture Finance offers a range of advanced features to streamline LP management:**

**1. Automated Position Rebalance:** Set triggers based on price, pool ratio, or time to rebalance LP positions automatically.

_Taking an example for reference (as shown in the screenshot below with an example)_

You can configure your rebalance parameters by selecting from three triggers: price, ratio, or time, and define your desired strategy. For example:

- **Price:** Rebalance when the token is above or below a specific price point (e.g., rebalance when BNB price is above/below $600).

- **Ratio:** Rebalance when a particular ratio is achieved (e.g., rebalance when the BNB-USDT ratio is 50:50).

- **Time:** Rebalance on a scheduled date (e.g., rebalance my BNB-USDT LP on April 20th).

Additionally, you can choose a "time buffer" for price or ratio-based triggers to ensure they only activate after a set period. For example, if you want to rebalance when BNB reaches $600 after the next 24 hours, you can set a 24-hour time buffer. _Please note that all set triggers will automatically expire after 90 days._

You can also establish a gas fee ceiling by specifying the maximum gas fee you're willing to pay, either as a percentage of your position or in dollar terms. For instance, if you anticipate high gas fees at the time of rebalancing position, you can set a gas fee ceiling to trigger rebalancing only when the fee is below a certain threshold, such as 10% of your position.

![Screenshot 2024-04-14 at 19.28.58.png](https://sgp1.digitaloceanspaces.com/strapi.space/02f72c6474a7dbbfeac25c2d8ac07088.png)

_Please note that currently, Aperture only supports LP automation when the LP (represented by an NFT) is in the user's own wallet, not when it is staked in a farm._

**2. Automated Position Closure:** Automatically remove LPs positions based on predefined criteria such as price, pool ratio, or specific dates. **For example,** if BNB reaches $600, you can withdraw all your liquidity and return the assets to your wallet or at a specified date, such as April 24th.

Similar to the previous feature of Automated Position Rebalance, you can set up triggers for position closure based on pricing, pool ratio, time, and gas ceiling cost.

![Screenshot 2024-04-14 at 19.26.37.png](https://sgp1.digitaloceanspaces.com/strapi.space/a9ed0500b629da5e03ad34c8cfdbe5ac.png)

**3. Auto-Compounding of Fees:** Reinvest fee earnings into LPs at set intervals, maximizing compound returns with optimized gas efficiency. **For example,** you can auto-compound your BNB-USDT LP fees whenever the total unclaimed fee revenue exceeds $100 (50%) and gas costs below $5 (10%).

To enable this feature, click on your position and locate the Auto-Compound button in the “Unclaimed Fees” section. Toggle to the Auto-Compound button and turn it on, then enter the minimum fee amount and maximum gas amount in dollars or as a percentage of your position. Finally, click the “Auto” button to confirm your settings.

![Screenshot 2024-04-14 at 19.43.10.png](https://sgp1.digitaloceanspaces.com/strapi.space/d3309adf8d635664672982fa39c5d300.png)

_Please note_ that Aperture will automatically compound your position at the optimal interval based on fees earned versus gas costs for rebalancing. Additionally, Aperture ensures that 100% of your fees are reinvested back into your position, with swaps performed through the same liquidity pool.

**4. Revenue Earning Limit Orders:** Create revenue-earning limit orders by providing single-sided liquidity at out-of-range prices, earning trading fees when the underlying asset's price crosses your specified price. **For example,** you can set a limit order for your BNB, selling it when the price hits 900 USDT to earn 900 USDT plus the trading fee.

To use this feature, navigate to the “Limit Orders” section and select PancakeSwap. Choose the asset you want to sell and the asset you want to buy. Specify the price you want to sell, and set a gas ceiling in dollars or as a percentage of the order. In our example below, you would sell BNB when the price reaches 900 USDT, then swap it to USDT and get 900 USDT and fees. Click 'set limit order' to complete the process.

![Screenshot 2024-04-14 at 19.52.22.png](https://sgp1.digitaloceanspaces.com/strapi.space/250bb56a85731648b7388a277144f88f.png)

_Please note_ that you must approve PancakeSwap's use of these tokens if you haven't already. After approval, Aperture will automatically close the position once your limit order has hit and the selling asset has been fully converted to your desired buying asset.

#### **Ushering a new era of liquidity management on PancakeSwap:**
Now, you can effortlessly rebalance, closeout, or auto-compound your liquidity positions based on price, ratio triggers, or predetermined time frames without constantly monitoring the markets. Manage all your PancakeSwap LPs with just a few clicks—let Aperture Finance do the heavy lifting for you!

If you have more questions, please join the respective communities of PancakeSwap ([**Telegram**](https://t.me/PancakeSwap) or [**Discord**](https://discord.gg/xBkMJdRJ)) and Aperture Finance (**[Telegram](https://t.me/aperture_finance)** or **[Discord](https://discord.com/invite/cWHQFH3GTz)**). Additionally, check out the Aperture documentation for detailed guides: **https://docs.aperture.finance/docs**

**About Aperture Finance**

Aperture Finance is a pioneering platform revolutionizing liquidity pool (LP) management through intent-based automation. Powered by innovative AI technology and a user-centric design philosophy, Aperture offers advanced solutions to streamline LP management and maximize returns for DeFi participants.

**About PancakeSwap**

PancakeSwap is the leading multichain DEX on BNB Chain, Ethereum, Aptos, Polygon zkEVM, Linea, Arbitrum, zkSync Era, Base, and opBNB. Launched in 2020, PancakeSwap is one of the most popular DEXs in the cryptocurrency industry due to its low transaction fees, high-speed trading, and user-friendly platform. PancakeSwap has over $740 billion in total trading volume and over $2.3 billion in total liquidity locked, making it the leading multichain DEX in the industry.














We are thrilled to announce the integration between PancakeSwap and Aperture Finance to automate LP management.

PancakeSwap Integrates with Aperture Finance: Streamline Your Liquidity Management with AI-Powered Intents and Join the APTR airdrop

Hey PancakeSwap Fam, 

We have teamed up with Orbs Network to develop a new feature to level your trading experience. Say hello to TWAP (Time-Weighted Average Price) and Limit orders, now seamlessly integrated into PancakeSwap's ecosystem on the BNB Chain. This feature spans all DEX liquidity sources and versions (v2, v3 StableSwap, etc.). Moreover, we're planning to extend this feature to multiple chains soon.

### **What are TWAP and Limit Orders?**
TWAP, a staple in traditional finance, is designed to break large orders into smaller trade sizes and execute them at regular intervals. This minimizes the order's price impact and allows for implementing a dollar-cost averaging (DCA) strategy. On the other hand, Limit orders empower users to buy or sell assets at a specified price or better, providing more control over trade execution.

### **Why Integrate TWAP and Limit Orders?**
- Price Impact Reduction: With TWAP, the adverse effects of high price impact on large trades or low-liquidity pairs are mitigated, ensuring better outcomes for traders.
- Automation of Dollar-Cost Averaging (DCA): Implementing a DCA strategy becomes effortless as TWAP automates the process, smoothing market volatility over time.

### **How to Get Started with TWAP and Limit Orders:**
1\. Visit **[PancakeSwap](https://pancakeswap.finance/swap/limit)** and connect your wallet to the BNB Chain.
![Screenshot 2024-04-10 at 14.51.04.png](https://sgp1.digitaloceanspaces.com/strapi.space/ae366949140d3eb83ef1973835f10a3f.png)

2\. Specify the token pair and amount you wish to trade.

![Screenshot 2024-04-10 at 14.52.27.png](https://sgp1.digitaloceanspaces.com/strapi.space/392c94d123dd77e7a5298c24ae86580c.png)

3\. Choose whether to set a limit price. Trades will execute only if the market price equals or exceeds the limit price.

![Screenshot 2024-04-10 at 14.52.33.png](https://sgp1.digitaloceanspaces.com/strapi.space/c138e81953f05ec254552a54bb34a49a.png)

4\. Determine the total number of trades and the trade interval to tailor the execution to your preference. Set the maximum duration for the order to ensure timely execution.
![Screenshot 2024-04-10 at 14.52.55.png](https://sgp1.digitaloceanspaces.com/strapi.space/91b2cd7e024464b218310087cf447a9c.png)

If you have more questions, please refer to our documentation **[here](https://docs.pancakeswap.finance/products/pancakeswap-exchange/limit-orders)**.

Empower your trading strategy with TWAP and Limit orders today **[on PancakeSwap](https://pancakeswap.finance/swap/limit)**, and elevate your trading game to new heights!

Happy Trading,

The Chef’s

Say hello to TWAP (Time-Weighted Average Price) and Limit orders, now seamlessly integrated into PancakeSwap's ecosystem on the BNB Chain

 PancakeSwap Teams Up with Orbs Network to Introduce TWAP and Limit Orders

### Data Recap
#### Overall
- Total Volume: $44.8B
- Average Daily Volume: $1.4B
- Unique Traders: 2.6M
- Unique Onsite Users: 5.3M
- Web3 Wallet — Onsite Users: 109K
- Web3 Wallet — Average Daily Users: 8K
- Gaming Marketplace - AVG Daily Users: 6k

#### CAKE
- Total burned: 36.2M CAKE ($143.7M)
- Bought back from the market to burn: $5.8M
- N° of holders: 1,640,421 (MoM 2.05%)
- Effective CAKE Emission Rate: 1.36 CAKE/Block

*As our emissions and burn data are calculated and grouped by weeks, not months, the statistics above may not one-to-one reflect our “monthly burn”, and only serves as a guideline. For more information on our burns, please refer to our weekly burn post on our social channels.

#### 🍽✅ Served In March

#### PancakeSwap v4: Your DEX, Your Innovation 

![v4.png](https://sgp1.digitaloceanspaces.com/strapi.space/0d14d562a94e0e569dc341d5caf55bbc.png)

Introducing PancakeSwap v4: For Developers, Traders & Every User.

Since the launch of PancakeSwap in 2020, we've achieved remarkable milestones. While PancakeSwap v3 brought improvements, it lacked composability for leveraging PancakeSwap’s liquidity and user base. Additionally, it didn't offer seamless integration for developers and DeFi protocols to create on top of it. 

That’s why we present PancakeSwap v4, a groundbreaking iteration designed to address these challenges head-on. Our codebase is open-sourced, inviting developers to explore and contribute.

This is just an announcement. The DEX is scheduled to launch in the third quarter of this year on Ethereum and BNB Chain, with intentions to expand to additional chains in the future
Hooks, Singleton, Customized Pool Types, Flash Accounting. A lot of new things are coming to the AMM, and we invite you to come and learn how you can contribute to it! We’re also initializing a $500K Developer Program & CAKE Emission grant program, an initiative to empower and support developers in the DeFi ecosystem.

It’s impossible to put into words how this announcement made us feel! We invite you to check our v4 directory to understand PancakeSwap v4 deeply. 

The moon is made of Pancakes! 

#### **PancakeSwap v4 Directory**

-[**PancakeSwap v4 page**](https://pancakeswap.finance/v4)

-[**Introducing PancakeSwap v4: For Developers, Traders & Every User**](https://blog.pancakeswap.finance/articles/introducing-pancake-swap-v4-for-developers-traders-and-every-user)

-[**PancakeSwap v4 Whitepaper**](https://github.com/pancakeswap/pancake-v4-core/blob/main/docs/whitepaper-en.pdf)

-[**PancakeSwap v4 FAQ**](https://blog.pancakeswap.finance/articles/pancake-swap-v4-answering-all-your-questions-about-v4)

-[**Mochi's vision for PancakeSwap v4**](https://blog.pancakeswap.finance/articles/chef-mochi-s-vision-for-pancake-swap-v4-a-leap-forward-in-de-fi-innovation)

-[**Why should Developers build on PancakeSwap v4 and How to build Hooks**](https://blog.pancakeswap.finance/articles/why-should-developers-build-on-pancake-swap-v4-and-how-to-build-hooks)

-[**Introducing PancakeSwap’s $500K Developer Program and CAKE Emissions Grant Program**](https://blog.pancakeswap.finance/articles/introducing-pancake-swap-s-500-k-developer-program-and-cake-emissions-grant-program)

-[**What’s in it for Developers, DeFi Protocols, Traders, and Liquidity Providers**](https://blog.pancakeswap.finance/articles/everything-you-need-to-know-about-pancake-swap-v4-what-s-in-it-for-developers-traders-liquidity-providers-and-defi-protocols)

-[**PancakeSwap v4 Developer Docs**](https://developer.pancakeswap.finance/)

#### ETH Global London: Our first hackathon! 

![ETHLondon Stand.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/db084d462ab0073cf5c46abfcff3796a.jpg)

During ETH Global London, we unveiled the PancakeSwap v4 announcement. Through our keynote presentation and v4 workshop, helmed by the esteemed Chef Momo and Chef Burger, attendees gained invaluable insights into the transformative benefits and challenges accompanying this pivotal change within the PancakeSwap Kitchen and the whole DeFi ecosystem.

The cherry on top of the pancake is that we hold our first hackathon! Developers were tasked with crafting innovative features utilizing our Custom Layer with Hooks, vying for a chance to claim their share of the $10,000 prize pool! 🐰 A discerning panel of judges, comprised of loved PancakeSwap Chefs, faced the arduous challenge of selecting the deserving winners.

We extend our heartfelt gratitude to all those who visited our booth and offered their unwavering support throughout the event's three days.

If you missed out on the excitement, fret not! We've prepared a recap video for your enjoyment, ready to be replayed to your heart's content! https://www.youtube.com/watch?v=UBU9Ui9HZTc

#### March 2024: PancakeSwap's CAKE Burn - New ATH

![March Burn Recap 2024-04-07 23.58.27.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/6a5e3ec6d1684e9bf8c5a4582d777b1a.jpg)

Can you smell the burned pancakes? It’s the smell of deflation 
In March, we burned 1,789,306 CAKE, with…drums please 🥁…-731,042 Net Mint! That marks a new ATH in terms of net mint 🔥

🐰This is the 7th consecutive month of CAKE total supply reduction, with a cumulative -2,103,059 CAKE net mint

Take a look at March’s burn report here 👉 https://blog.pancakeswap.finance/articles/march-2024-pancake-swap-s-cake-burn 

#### Affiliates Initiative: Mancake, the first candidate! 

![mancake proposal.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/56f542875cc1bddce20ee9ae9b3f77ab.jpg)

In February, we presented our Affiliates Initiative to the PancakeSwap Community: To assist the PancakeSwap protocol in being up-to-date with the crypto industry’s developments, the Kitchen intends to invite and, on a case-by-case basis, approve forks of PancakeSwap onto any chains that PancakeSwap is not already deployed on, based on certain principles.

You can refresh your memory about it in this Forum Discussion: https://forum.pancakeswap.finance/t/discussion-on-pancakeswap-affiliates-a-multichain-expansion-strategy/395 

The reception was pretty good, and the valuable feedback was all taken! 

During March, we presented the discussion to launch our First Affiliate DEX initiative on the Mantle network with MancakeSwap! 

MancakeSwap; or ‘Mancake’ - is an affiliate fork of PancakeSwap on Mantle Network. Officially supported by  PancakeSwap and Mantle Network, Mancake provides users an all-in-one service to trade, earn, and own various cryptocurrencies in a trustworthy environment with a user-friendly interface.

The Mancake launch is now on voting stage. 🗳 Read more about the proposal and cast your vote for free here: https://pancakeswap.finance/voting/proposal/0xbf8ac28356bd7ad863c7a1bf9fb66901b44430f274986a4e8793639f8214a747 

#### bCAKE Migration: Attention CAKE Stakers!

![bcake migration banner.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/4f5c3bf7b0969ee1cc1cb62c02a8aba4.jpg)

Starting on April 5th, if you’re staking CAKE on BNB CHAIN v2 Farms, StableSwap, & Position Manager, you must migrate your stakings, to continue earning rewards! 

🔍 See how to Migrate ⤵️
https://docs.pancakeswap.finance/products/yield-farming/bcake/migration-guide

![bcake migration pairs.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/bfcba7e4c2c6a00b2e8bc5b34d6a5a6f.jpg)
 
🔜More pairs to be added - stay tuned for updates!

#### PancakeSwap x Wormhole Integration

![PancakeSwap x Wormhole.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/165b14cfaa4fa18250d353d9a9683472.jpg)

🥞 PancakeSwap has now integrated Wormhole Connect, allowing seamless token transfers.

🌐 Transfer assets to BNB Chain hassle-free and enjoy uninterrupted access within the app.

🔗 Experience the multichain development with Wormhole Connect. Learn more: https://twitter.com/wormholecrypto/status/1768276001010942444

#### Position Manager: News 

![DefiEdge news.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/3e3fbdc6487fc21cecde099c7c0390cf.jpg)

DeFiEdge’s Position Manager is now on Arbitrum PancakeSwap! Now you can enjoy DeFiEdge’s strategies on the Arbitrum Network! 

Dive into the 8 pairs LP with 80,000 ARB rewards over 6 weeks! Get started: https://pancakeswap.finance/position-managers?chain=arb 

#### New Pools

![Pools Marchpng.png](https://sgp1.digitaloceanspaces.com/strapi.space/5de943954e8883ef8d29afa22c60b7c2.png)

#### New Farms

![Farms March.png](https://sgp1.digitaloceanspaces.com/strapi.space/67361746805a54c48cfea4efbe1f833b.png)

### Still Cooking - Coming Soon!

**DEX: New Trading Venue**

There is always more to do to improve the PancakeSwap user experience. You can never be user-friendly enough! 

For a few months, we have been working on two new features that we believe will significantly improve how tokens are swapped in PancakeSwap and how users interact with the whole PancakeSwap ecosystem. 

Without giving too many details, we want to let you know that we will soon introduce both features together, and you can be part of that presentation! 

Are you interested in trying them out before anyone else? Let us know! 

**v4: Developers focused-activities**

Following the v4 Announcement and the success of our inaugural hackathon, we're thrilled to announce that this is just the beginning of a series of engaging events to come. 

That's right – more activities like these are on the horizon! We're committed to fostering creativity, innovation, and collaboration within our ecosystem, providing developers with opportunities to showcase their talents and push the boundaries of what's possible in decentralized finance. 

Stay tuned for updates and be ready to unleash your creativity in future events. Together, we'll continue to build, innovate, and shape the future of DeFi.

#### Still hungry?
Join us on Twitter , Telegram, in our Discord server, or in our growing Reddit community!

Bon appétit!

_The Chef's 🐰🥞_



PancakeSwap March Recap

GM PancakeSwap Community,

We are excited to announce that PancakeSwap has teamed up with Stryke (formerly Dopex) to introduce CLAMM Options Trading. This product allows the building of on-chain options liquidity and enables users to seamlessly trade options, earn premiums, and earn swap fees. This collaboration represents a significant leap forward in decentralized finance (DeFi), merging PancakeSwap's robust platform with Stryke (formerly Dopex)'s cutting-edge options protocol.

### **Overview of PancakeSwap’s CLAMM Options**
PancakeSwap’s American-style CLAMM options will debut on the Arbitrum chain, offering flexibility with diverse expiry durations (1 hour to 24 hours).
- Markets: ARB/USDC, WETH/USDC, and WBTC/USDC
- Options Types: Call & Put
- Strike Prices: Based on v3 pool ticks
- Expiry Durations: 1H, 2H, 6H, 12H, and 24H
- Exercise Conditions: Exercising positions before closure to avoid in-the-money options expiring worthless. Users can choose to enable auto-exercise to skip further actions and realize profits automatically at expiry. 

 ### **What are Options?**
![trading-campaign (34).jpg](https://sgp1.digitaloceanspaces.com/strapi.space/9391f82952ac74a1d01a4d5d0b5865f6.jpg)
Options are derivative contracts that grant buyers the right, without obligation, to buy or sell an asset at a predetermined strike price in the future. Option buyers pay a premium for this right. If market conditions are unfavorable, option buyers can let the option expire, limiting potential losses to the premium paid. Conversely, if the market moves favorably, the option can be exercised to realize profits.

Options are generally categorized into "call" and "put" contracts. With a call option, the contract buyer acquires the right to buy the asset at a predetermined strike price. With a put option, the buyer can sell the asset at the predetermined price.

### **Key Terminologies**
- Option Positions: Long (buying) or short (writing/selling), call or put options.
- Strike Prices: Locked-in prices for buying (call) or selling (put) the asset at the settlement date/expiry time.
- Expiry: Represents the time till the options contract is valid. Net settlement happens at expiry or on exercise.
- Premiums: The fee received by option sellers and the cost incurred by option buyers.
- American option: Options contract that allows traders to exercise the option rights at any time before and including the expiration day.
- Option Moneyness: This is determined through the relationship between the strike price and asset price. It is used to classify if a strike price is In-the-money (ITM), At-the-money (ATM), or Out-of-the-money (OTM).
- A call option is ITM if the asset price exceeds the strike price. A put option is ITM if the asset price is below the strike price. If a user has purchased an option at a strike that goes ITM, the user will earn profits (excluding cost of buying i.e. premium) by exercising the option.  
- A call option is OTM if the asset price is below the strike price. A put option is OTM if the asset price exceeds the strike price. OTM strikes have no intrinsic value, so exercising doesn’t make sense.

### **Types of Options:**
1\. Call Option (Buy):
- Buyers: Gain the right to buy the asset at a predetermined strike price on a specified date, with potential profits if the price exceeds the strike.
- Sellers: Undertake the obligation to sell the asset, receiving upfront premiums but facing potential losses if the asset's price rises beyond the strike.

**Example**
![trading-campaign (28).jpg](https://sgp1.digitaloceanspaces.com/strapi.space/9d89c11117be0a391a3d3303684ad803.jpg)
- On February 1, 2024, Alice initiated a buy call option at a $2,000 strike price and a $200 Option Premium. After 24 hours, Ethereum rose to $2,500. Now Alice exercises her buy call option, purchasing Ethereum at the strike price of $2,000 (lower than the current market value). Her profit is $2500 - ($2000 - $200), totaling $300, making her position in the money (ITM). 
- On the flip side, the seller, Bob, incurs a loss of $300 as Alice exercises her right to purchase Ethereum at the strike price (lower than the current market price), so he has to sell his Ethereum at the strike price of $2000, which is lower than the current market price marked at $2500.

**Risk/Reward**
![trading-campaign (29).jpg](https://sgp1.digitaloceanspaces.com/strapi.space/e3bdff0c2f38f488ac8fb40867f453e3.jpg)
The trader's (Alice) potential loss from buying a call option is limited to the premium paid. Potential profit is unlimited due to the increasing option payoff and the underlying asset price until expiration.

2\. Put Option (Sell):
- Buyers: Secure the right to sell the asset at a predetermined strike price, anticipating a decrease in the asset's price.
- Sellers: Accept the obligation to buy the asset, earning upfront premiums but facing potential losses if the asset's settlement price is lower than the strike price.

**Example**
![trading-campaign (30).jpg](https://sgp1.digitaloceanspaces.com/strapi.space/4ec80a5cce517c10c75855f54bec824f.jpg)
- Alex initiates a buy put option on February 1, 2024, with a $2,500 strike price and a $250 Option Premium. On February 2, 2024, Ethereum drops to $2,000. Alex exercises his buy put option, selling Ethereum at the strike price of $2,500 (higher than the current market value). Resulting in a $250 profit, $2500 - ($2000 - $250), making his position in the money (ITM). 
- On the flip side, the seller, Dave, incurs a loss of $250 as Alex exercises his right to sell his Ethereum at the strike price (higher than the current market price), so Dave has to buy Alex’s Ethereum at the strike price of $2500, which is higher than the current market price marked at $2000

**Risk/Reward**
![trading-campaign (33).jpg](https://sgp1.digitaloceanspaces.com/strapi.space/1df52b39dfea566a7ccd9117d194e371.jpg)
The potential loss on buying a put option is limited to the premium paid for the options. The maximum profit from the position is capped because the underlying price cannot drop below zero; options are a highly leveraged instrument, and even a capped upside return when buying put options allows users to maximize gains on their capital.

### **Decoding the CLAMM Options: A Liquidity Game-Changer**

Crafted by the Stryke (formerly Dopex) team, the CLAMM options protocol introduces an efficient dual liquidity provision system for options traders (buyers) and PancakeSwap v3 pools. Here's a breakdown of how it operates:
- **Liquidity Addition:** Users adding liquidity to CLAMM options simultaneously contribute to the designated PancakeSwap v3 (CLAMM) pool within their chosen price range.
- **Options Trading:** When an options trader (buyer) initiates a position, the liquidity is extracted from the v3 pool to facilitate options selling. The user thereby becomes an options seller and receives a premium.
- **Idle Liquidity Management:** The unutilized liquidity resides in the PancakeSwap v3 pool, potentially earning trading fees as long as the pool price remains within the liquidity range.
- **Consistent Payoff:** The payoff from selling options and providing liquidity in a v3 pool mirrors the same IL or token balance, ensuring users face no increased risk compared to the conventional method of adding liquidity to v3 pools.
- **Minimal Risks:** Users face fewer risks, as liquidity might remain un-utilized due to lower options buying demand. Additionally, since liquidity is added to the pool in an inactive range, it might not earn any fees.

Refer to our **[step-by-step guide](https://blog.pancakeswap.finance/articles/how-to-provide-liquidity-on-pancake-swap-s-clamm-options)** on how to add liquidity to PancakeSwap CLAMM Options.

### **How Can I Start Trading Options on PancakeSwap?**

Refer to our **[step-by-step guide](https://blog.pancakeswap.finance/articles/how-to-trade-options-on-pancake-swap)** for participating in PancakeSwap’s Options Trading.

### **The Start of Something Even Bigger**
This collaboration marks a significant stride forward, delivering diverse trading opportunities for users and elevating fee-earning potential for liquidity providers. Join us on this transformative journey as we redefine DeFi trading with PancakeSwap and Stryke (formerly Dopex), where each trade unfolds new possibilities and rewards.

Stack’em

The Chefs

PancakeSwap has teamed up with Stryke (formerly Dopex) to introduce CLAMM Options Trading.

Introducing CLAMM Options Trading on PancakeSwap in Collaboration with Stryke (formerly Dopex)

1\. Go to the PancakeSwap **[Options page](https://pancakeswap.stryke.xyz/)** and connect your wallet
![Screenshot 2024-03-27 at 21.21.53.png](https://sgp1.digitaloceanspaces.com/strapi.space/83525e408205c13bc2d7d7d30fdfc396.png)
2\. Select the token pair you would like to trade
![Screenshot 2024-03-27 at 21.23.57.png](https://sgp1.digitaloceanspaces.com/strapi.space/14b2575ab0d124871ad8d317dee4b2a2.png)

3\. All available options will be listed based on your selected pairs, you can select “Calls” or “Puts”. 
![Screenshot 2024-03-27 at 21.27.19.png](https://sgp1.digitaloceanspaces.com/strapi.space/b1faaa4bd0e276d4b86c672a877817be.png)
4\. Select your strike price. Click the ‘+’ symbol to add it to your trade, or directly navigate to the trade tab and select through the dropdown menu.
![Screenshot 2024-03-27 at 21.35.40.png](https://sgp1.digitaloceanspaces.com/strapi.space/9c43bf40d2390436bf73a212de4d9c90.png)
![Screenshot 2024-03-27 at 21.36.26.png](https://sgp1.digitaloceanspaces.com/strapi.space/0fddcd89d251646c742cd81d4dbb9283.png)

5\. Select the expiry duration: 1H, 2H, 6H, 12H, or 24H. 
![Screenshot 2024-03-27 at 21.39.56.png](https://sgp1.digitaloceanspaces.com/strapi.space/8bb78f1e771c41d5ae3220a8e9ccd511.png)

6\. Enter the amount of options you would like to purchase. The total cost of the trade will be displayed accordingly. 
![Screenshot 2024-03-27 at 21.42.12.png](https://sgp1.digitaloceanspaces.com/strapi.space/2c47b37e848eedd1706996fd5cd3806b.png)

7\. Decide if you would like to enable Auto Exercisers. 
- Enabling it will allow you to execute your options 5 minutes before expiry. 
- If you do not enable it, you must manually exercise options - even if they are ITM at expiration.
![Screenshot 2024-03-27 at 21.47.03.png](https://sgp1.digitaloceanspaces.com/strapi.space/b8162b6f6ae7d9eaa0305eda1679be1a.png)

8\. Review your setup and click “Approve” and “Purchase” if you're happy with it. 

9\. If you would like to view your opening(s) and/or completed positions, navigate to the bottom of the page and select “Buy Positions” or “History”
![Screenshot 2024-03-27 at 21.49.02.png](https://sgp1.digitaloceanspaces.com/strapi.space/b5a9e4a6789b027bf0a1f07728c16464.png)

How to Trade Options on PancakeSwap

1\. Go to the PancakeSwap **[Options page](https://pancakeswap.stryke.xyz/)** and connect your wallet. 
![Screenshot 2024-03-27 at 21.21.53.png](https://sgp1.digitaloceanspaces.com/strapi.space/83525e408205c13bc2d7d7d30fdfc396.png)
2\. Select “Liquidity Provision” on the navigation bar
![Screenshot 2024-03-27 at 21.55.08.png](https://sgp1.digitaloceanspaces.com/strapi.space/60242c1930a3fde3ef2e894a9309dcc9.png)

3\. Click  “Call strikes” or “Put Strikes” and select your desired strike price from the dropdown menu.
![Screenshot 2024-03-27 at 21.57.27.png](https://sgp1.digitaloceanspaces.com/strapi.space/a98ceab9904ebf7bab8a61b159412494.png)

4\. Enter the amount of tokens you would like to deposit. Review your setup; if you're happy with it, click ‘Deposit’ and confirm the transaction. 
![Screenshot 2024-03-27 at 22.03.27.png](https://sgp1.digitaloceanspaces.com/strapi.space/28e26e2598b8deb59dce1c7dd5ef8e97.png)

5\. If you would like to view your opening(s) and/or completed positions, navigate to the bottom of the page and select “LP Positions” or “History”
![Screenshot 2024-03-27 at 22.05.28.png](https://sgp1.digitaloceanspaces.com/strapi.space/de40c609de80da018c1c1a55c2235312.png)

- If your liquidity is not currently utilized, you may click ‘Withdraw’ at any time to withdraw your position.
- You may also withdraw multiple positions at the same time by selecting the check box and clicking ‘Withdraw All’.

How to Provide Liquidity on PancakeSwap’s CLAMM Options

What are Web3 Notifications?

Web3 Notifications Benefits:

Getting Started is a Breeze:

More Features Coming Soon: