PancakeSwap has launched a new product to improve user execution prices, aiming to make crypto more accessible to the mainstream.
The product, PancakeSwapX, enables zero-fee transfers and gasless asset swaps on the Ethereum and Arbitrum networks, according to an announcement shared with Cointelegraph.
The launch may bring significant improvement to decentralized finance (DeFi) user experience, according to Chef Kids, the head chef at PancakeSwap, who wrote:
“[PancakeSwapX] is allowing traders to focus solely on executing their trades without the hassle of maintaining multiple native gas tokens or calculating gas fees. Additionally, by aggregating liquidity from multiple sources, PancakeSwapX eliminates the need to switch between different platforms for better execution prices.”
Without products like PancakeSwapX, new DeFi users first need to set up a native Ethereum address and buy Ether (ETH) to pay transaction fees before being able to transact on the blockchain. This complex onboarding process can be intimidating for mainstream users, driving most new crypto investors to centralized exchanges (CEXs).
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User experience simplification is “key” for mass crypto adoption
Simplifying the user experience in DeFi is key for bolstering mainstream adoption.
Removing the complexities of holding gas tokens like Ether could be a significant improvement for newcomers, added Chef Kids:
“By streamlining the trading process and making it more accessible, PancakeSwapX opens the door for a broader audience to engage with DeFi. Ultimately, it’s about streamlining the user experience to make DeFi as accessible, paving the way for broader mainstream adoption.”
PancakeSwap, sector market share, 30 days. Source: Messari
PancakeSwap is the fourth-largest decentralized exchange (DEX), with an all-time trading volume of more than $258 million, covering over 387 digital assets, according to Messari data.
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Complexity is the biggest issue for mass crypto adoption
The complexity…
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