In a daring attempt to win over Uniswap users, decentralized exchange PancakeSwap is providing up to a $8 million fee reimbursement to traders.
The project, which was revealed by Chef Mochi, the head of PancakeSwap, is aimed at traders who match their trading volumes 1:1 on Uniswap v3 with PancakeSwap v3. The promotion will be available between May 16 and August 15.
Next is Uniswap Labs’ April decision to raise interface fees from 0. 15% to 0. 25% of the traders are dissatisfied with this, which means that they will not continue in this business. PancakeSwap will take advantage of this through lower fees, better prices, and a fee return.
To participate, traders must have held $5,000 in WBTC and/or WETH pairs and traded on Uniswap’s Ethereum platform from January 1 to March 31, then verify eligibility and complete a form via PancakeSwap’s Dune dashboard.
PancakeSwap operates on the Binance Smart Chain having fees lower than Uniswap’s Ethereum-based platform which charges higher fees. With this bold strategy, PancakeSwap aims to seize more market share by being the sixth-largest DEX in terms of daily trading volumes.
Furthermore, Uniswap deals with regulatory risks, where the SEC sent a Wells notice, which resulted in a 15% drop in UNI. This is due to the effect on the market and the investors’ sentiments.
PancakeSwap’s fee reimbursement initiative targets Uniswap users dissatisfied with fee hikes, offering a strategic advantage amid regulatory uncertainties.
Also Read: Uniswap Drives 37% Surge in Layer 2 Trading on Ethereum
