PancakeSwap has revolutionized the user experience by implementing gas-free transactions with its recent partnership with Zyfi on zkSync Era.
With this integration, users of the decentralized exchange (DEX) can now enjoy gasless transactions on specific token pairs where transaction fees will be covered by PancakeSwap, zkSync, or other DeFi protocols.
This move towards gasless transactions aims to make DeFi more accessible to a wider audience and potentially increase its adoption. Chef Brownie, the marketing lead at PancakeSwap, shared with Cointelegraph:
“Previously, new DeFi users had to purchase Ether (ETH) before they could make trades, as ETH was used to pay transaction fees on the Ethereum network. However, with this new integration, PancakeSwap users can now pay gas fees using over 10 ERC-20 tokens, eliminating the need to hold the main gas token.”
PancakeSwap currently ranks as the sixth-largest DEX with a daily trading volume exceeding $311 million, as reported by CoinMarketCap.
Decentralized exchanges are facing challenges in attracting mainstream users away from centralized exchanges (CEXs) due to the latter’s more intuitive interface and ease of use. Nevertheless, PancakeSwap’s simplified trading experience could potentially draw more traders towards the DEX, according to Chef Brownie.
Despite the growth in trading volume on DEXs, which reached $3.86 billion in the past 24 hours, it is still significantly lower than the $17.6 billion trading volume of Binance, the world’s largest CEX.
Improving user experience remains a key obstacle for DeFi protocols, and many emerging projects, including PancakeSwap, are prioritizing user-centric features to enhance the trading experience.
In the future, PancakeSwap plans to introduce more features allowing payments with additional ERC-20 tokens to further streamline trading. Additionally, the zkSync team will sponsor $5,000 worth of gas fees for users of zkSync Era PancakeSwap on a first-come, first-served basis.
Traders who utilize Zyfi’s paymaster on zkSync Era PancakeSwap will earn gas points, increasing their chances of receiving a Zyfi token airdrop with each transaction.