PancakeSwap, a decentralized cryptocurrency exchange, has announced the upcoming launch of its latest application version, PancakeSwap V3, in April 2023 on the BNB Smart Chain.

According to Mochi, the pseudonymous head chef of PancakeSwap, this new version will introduce features aimed at enhancing user experience, connecting more users to DeFi, reducing trading fees, and improving liquidity provisions.

Additionally, PancakeSwap will run a rewards campaign alongside the launch, including an airdrop of its CAKE token for users contributing to the liquidity pool. Participants will also receive a non-transferable NFT as a loyalty reward.

The CAKE token currently ranks 71st in market capitalization, valued at $700 million, though it has declined over the past month.

PancakeSwap is the fourth most popular decentralized exchange, with a trading volume of $84 million. The most traded token pair is Tether’s USDT stablecoin and Binance-branded BUSD.

Recently, PancakeSwap V3 was launched on Aptos, with a total value locked (TVL) of $30.3 million. Originally launched in September 2020 by unknown developers, PancakeSwap was built on the BNB Chain, a standalone blockchain by Binance supporting smart contracts. Last year, Binance made a significant investment in PancakeSwap.

Unlike centralized exchanges, decentralized ones like PancakeSwap allow users to trade cryptocurrencies directly with each other while retaining control of their tokens. However, PancakeSwap's TVL has dropped significantly from $6.5 billion in December 2021 to $2.5 million currently, following the peak in digital asset prices in late 2021.