With Zap, adding or removing liquidity has been made easier on PancakeSwap.
On July 4, PancakeSwap announced the launch of Zap, a major update to the decentralized finance (DeFi) protocol’s Liquidity feature. According to the announcement on Medium, Zap was built by PancakeSwap to make adding and removing liquidity from PancakeSwap easy for all levels of users.
PancakeSwap is a leading DeFi protocol on BNB Chain. With a total locked volume (TVL) of $2.95 billion, the protocol holds nearly half of the total TVL for all DeFi protocols built on BNB. In order to remain a preferred tool for users, PancakeSwap continues to innovate in ways that make its products easy to use.
Before the launch of Zap, liquidity provisioning on PancakeSwap had proven difficult for beginners in the DeFi space. It involved a complicated process of having to swap to trade the token into a perfect 50:50 split before going to the Liquidity page. With Zap, all levels of users in the DeFi space, whether experienced yield farmers or beginners, can now add liquidity in just one click.
PancakeSwap’s Project Manager Chef Bun said, “Beginner-friendly has always been the core of all PancakeSwap products. Zap is a new feature to make yield farming much more accessible, especially to those who are new to the DeFi world. We hope to bring more users to PancakeSwap and experience the beauty of DeFi with this new update.”
With Zap, liquidity providers on PancakeSwap can add liquidity with a single token in the trading pair of their choice. Without the onerous duty of having to swap to trade the token into a perfect 50:50 split, Zap automatically performs the swaps using the one token provided and automatically balances the trading pair to a 50/50 proportion.
Further, with Zap, liquidity providers can add liquidity with an imbalanced number of tokens in the chosen trading pair. Zap automatically rebalances the imbalance token number into the perfect 50:50 split before adding liquidity to the pool.
Lastly, with Zap, users can easily remove liquidity and specify what tokens they would like to receive.
How does it work?
Here is a step-by-step breakdown of how to use PancakeSwap’s Zap feature:
Users will visit the Liquidity page and choose “Add Liquidity,” after which they will select the trading pair they intend to provide liquidity to. This is done by selecting two input tokens and clicking the “Add Liquidity” button to continue.
Liquidity can be added using one or both tokens from the trading pair. Zap automatically swaps the correct amount of tokens before adding liquidity.
After this, users will be required to click “Supply,” and the details of the Zap will be displayed for confirmation.
What is PancakeSwap:
PancakeSwap is a Decentralized Exchange (DEX) built on BNB Chain. It offers users various features such as Liquidity Pools, Swapping, Yield Farming, Syrup Pools, Automated Market Maker, Initial Farm Offering (IFO), NFT profile system, and many others.
PancakeSwap’s official links are available below:
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.