Gas-free transactions remove a major hurdle for new DeFi users and simplify the trading process.
PancakeSwap, a leading decentralized exchange (DEX), has taken a significant step towards mainstream adoption by integrating Zyfi on zkSync Era. This innovative move eliminates the barrier of gas fees for users, potentially revolutionizing the DeFi landscape.
Previously, new DeFi users had to first acquire Ether (ETH) before they could start trading. Since ETH is used to pay transaction fees on the Ethereum network, this initial requirement often discourages potential users due to its complexity and extra cost.
Now, with PancakeSwap’s integration with Zyfi on zkSync Era, the process is much simpler. Users can enjoy gasless transactions on certain token pairs, with these fees being covered by PancakeSwap, zkSync, or other DeFi protocols. This removes the financial barrier associated with gas fees. Chef Brownie, PancakeSwap’s marketing lead, emphasizes the significance of this integration:
“Gas-free transactions remove a major hurdle for new DeFi users and simplify the trading process. By allowing gas payments with various ERC-20 tokens, we make transactions smoother and more accessible, enhancing user satisfaction and promoting wider adoption.”
Additionally, the benefits extend beyond just eliminating gas fees. PancakeSwap now lets users pay gas fees with over 10 different ERC-20 tokens, so they don’t need to hold ETH just for this purpose. This flexibility simplifies trading and appeals to a broader audience.
PancakeSwap’s User-Friendly Improvements
Decentralized exchanges have traditionally struggled to compete with centralized exchanges (CEXs) in terms of user experience. CEXs often offer a more intuitive interface and easier usability. However, PancakeSwap’s recent improvements aim to bridge this gap.
“Simplifying trading, especially through features like paying gas fees with various ERC-20 tokens, makes DEXs more appealing,” says Chef Brownie. “A user-friendly interface and seamless transactions can attract users from CEXs while also inheriting DEXs’ benefits like self-custody wallets.”
DEX trading volume hit around $3.80 billion in the last 24 hours, according to Dune. However, this is much less than centralized exchanges like Binance, which saw around $17.5 billion. To attract mainstream users, DeFi needs to simplify the user experience.
Chef Brownie acknowledges that UX and user-friendliness are still challenges everyone is trying to overcome. At PancakeSwap, they continually improve the platform’s usability, aiming to make it as intuitive as possible.
Gas Fee Coverage and Rewards
PancakeSwap is dedicated to enhancing the user experience, going beyond just integrating Zyfi. The platform is planning to add more features focused on users, such as enabling payments with a broader variety of ERC-20 tokens, to streamline the trading experience.
Furthermore, the zkSync team will cover the first $5,000 in gas fees on zkSync Era PancakeSwap for early users. Plus, those who use Zyfi’s paymaster on the platform can earn gas points, boosting their chances of getting a Zyfi token airdrop with each transaction.
PancakeSwap’s new integration with Zyfi on zkSync Era is a major step for DeFi. By removing gas fees and focusing on user experience, PancakeSwap is making DeFi more accessible and user-friendly. This could attract more users and help DeFi go mainstream.
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