DeFi
PancakeSwap integrates Zyfi for gas-free DeFi trading — TradingView News
PancakeSwap has improved its user experience by introducing gas-free transactions through its recent integration with Zyfi on zkSync Era.
Following the integration, decentralized exchange (DEX) users will be able to enjoy gas-free transactions on select token pairs that will benefit from transaction fees sponsored by PancakeSwap, zkSync, or other decentralized finance (DeFi) protocols.
Gasless transactions will make DeFi more accessible to mainstream users and potentially boost its adoption. Chef Brownie, head of marketing at PancakeSwap, told Cointelegraph:
“Gasless transactions remove a major barrier for new DeFi users and simplify the trading process. By enabling gas payments with various ERC-20 tokens, we are making transactions smoother and more accessible, improving user satisfaction and driving broader adoption.
Previously, new DeFi users had to first purchase Ether ETHUSD before executing transactions, as ETH is the token used to pay transaction fees on the Ethereum network.
The new integration allows PancakeSwap users to pay gas fees using more than 10 ERC-20 tokens, eliminating the need to hold the primary gas token.
PancakeSwap is currently the sixth largest DEX with over $311 million in daily trading volume, according to data from CoinMarketCap.
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A Simplified Trading Experience Can Drive DEX Adoption
Decentralized exchanges continue to struggle to lure traditional users away from centralized exchanges (CEX), which offer a more intuitive interface and easier usability.
However, PancakeSwap’s simplified trading experience could attract more traders to the DEX, according to Chef Brownie:
“Simplifying trading, including features like paying gas fees with various ERC-20 tokens, makes DEXs more attractive. A user-friendly interface and transparent transactions can attract CEX users while inheriting the advantages of DEXs, such as self-custody wallet.
According to Dune, the cumulative trading volume on DEXs reached a total of $3.86 billion over the past 24 hours. This is only a small fraction, almost five times less than the $17.6 billion trading volume accumulated by Binance, the world’s largest CEX.
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User experience remains the main barrier to adoption of DeFi protocols
Simplifying the user experience is a top priority for most emerging DeFi protocols, Chief Brownie added:
“Yes, UX and usability remain challenges that everyone is trying to overcome. At PancakeSwap, we are continually improving the usability of our platform, aiming to make it as intuitive as possible.
PancakeSwap plans to introduce more user-centric features, including payments with more ERC-20 tokens, to create a smoother trading experience.
Following the integration, the zkSync team will sponsor gas fees worth $5,000 on a first-come, first-served basis for zkSync Era PancakeSwap users.
Traders who use Zyfi’s paymaster on zkSync Era PancakeSwap will accumulate gas points which increase their chances of receiving an airdrop of Zyfi tokens with every trade.