PancakeSwap integrates Zyfi for gas-free Zyfi shopping
PancakeSwap recently enhanced its user experience by introducing gas-free transactions through zkSync Era integration with Zyfi.
Following the merger, decentralized exchange (DEX) users will benefit from gasless transactions on certain token pairs that receive transaction fees supported by PancakeSwap, zkSync or other decentralized finance (DeFi) protocols.
Gasless transactions make DeFi more accessible to end users and can boost adoption. Chef Browny, head of marketing at Pancake Swap, told Cointelegraph:
“Gas-free transactions remove a major barrier for new DeFi users and simplify the business process. By allowing gas payments in a variety of ERC-20 tokens, we make transactions easier and more accessible, increase user satisfaction, and promote wider adoption.”
Previously, new DeFi users had to first purchase Ether (ETH), before conducting transactions, since ETH is the token used to pay transaction fees on the Ethereum network.
The new integration allows Pancake Swap users to pay gas fees using more than 10 ERC-20 tokens, thus eliminating the need to hold the original gas token.
According to CoinMarketCap data, PancakeSwap is currently the sixth largest DEX with a daily trading volume of over $311 million.
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A simplified trading experience may encourage DEX adoption.
Decentralized exchanges continue to struggle to attract end users away from centralized exchanges (CEXs), which offer a more intuitive interface and ease of use.
However, Pancake Swap's simplified trading may attract more traders to DEX, says Chef Browny:
“Simplifying transactions, especially paying gas bills with various ERC-20 tokens, makes DEXs more attractive. A user-friendly interface and seamless transactions can attract users from CEXs, while also inheriting the advantages of DEXs as self-sustaining wallets.
According to Dune, the cumulative trading volume on DEXs in the last 24 hours totaled $3.86 billion. This is a small fraction, or five times less than the $17.6 billion in trading volume collected by Binance, the world's largest CEX.
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User experience remains the main adoption barrier for DeFi protocols
Simplifying the user experience is a priority for most new DeFi protocols, added Chef Browny:
“Yes, UX and user friendliness are still challenges that everyone is trying to overcome. With Pancake Swap, we aim to make the platform as intuitive as possible.
PancakeSwap plans to introduce more user-oriented features, including payments with additional ERC-20 tokens, to create a smoother trading experience.
Following the merger, the zkSync team will sponsor $5,000 in gas bills for zkSync Era PancakeSwap users.
Merchants using Zyfi Payer on zkSync Era PancakeSwap will collect Gas Points, increasing their chances of earning a Zyfi token airdrop with each transaction.
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