PancakeSwap, a decentralized exchange, has announced a plan to cover up to $8 million in fees incurred by traders on rival platform Uniswap.

Under this initiative, traders who replicate their Uniswap v3 trading volume on PancakeSwap v3 from May 16 to August 15 will be eligible for a full refund of the fees they paid on the Uniswap interface. This move comes shortly after Uniswap Labs increased its interface fee from 0.15% to 0.25% for most swaps in April.

Mochi, the Head Chef at PancakeSwap, stated, "Given the evolving landscape of decentralized exchanges, recent adjustments in fee structures by other protocols have prompted many traders to explore alternative options." He further emphasized PancakeSwap's role as a leading multichain DEX, offering a direct solution through this campaign by providing lower fees, improved prices, and refunds for excess fees paid on other platforms.

Interface fees on Uniswap are charges incurred by traders when executing certain token swaps using the protocol's wallet interface and web app.

To be eligible for the refund, traders must have engaged in trading wrapped bitcoin (WBTC) and/or wrapped ether (WETH) pairs on Uniswap's Ethereum platform with a minimum value of $5,000 between January 1 and March 31. Traders can verify their eligibility for the campaign on PancakeSwap’s Dune dashboard and must fill out a form to claim the reimbursement.

This campaign by PancakeSwap v3 is part of its ongoing efforts to capture market share from its competitor. Currently ranked as the sixth largest decentralized exchange by daily trading volumes, PancakeSwap v3 trails Ethereum-based Uniswap V3's volume by over $700 million, according to data from CoinGecko.