Gasless exchanges have the potential to simplify the DeFi enrolment procedure, thereby promoting the widespread adoption of crypto among new holders.
In order to increase the accessibility of cryptocurrency to the general public, PancakeSwap has introduced a new product that enhances user execution prices.
An announcement shared with Cointelegraph has stated that the product, PancakeSwapX, facilitates gasless asset exchanges and zero-fee transfers on the Ethereum and Arbitrum networks.
Chef Kids, the chief chef at PancakeSwap, has stated that the launch has the potential to significantly enhance the user experience of decentralized finance (DeFi).
“[PancakeSwapX] is enabling merchants to concentrate solely on the execution of their transactions, eliminating the need to maintain multiple native gas tokens or calculate gas fees. Furthermore, PancakeSwapX eliminates the necessity of switching between various platforms in order to obtain superior execution prices by consolidating liquidity from multiple sources.”
In the absence of products such as PancakeSwapX, new DeFi users must first establish a native Ethereum address and purchase Ether to cover transaction fees before they can conduct transactions on the blockchain. The onboarding process is intricate and can be intimidating for mainstream users, which is why the majority of new crypto investors have turned to centralized exchanges (CEXs).
It is imperative to streamline the user experience in DeFi in order to increase its mainstream adoption. Chef Kids suggested that the removal of the intricacies associated with the storage of gas tokens such as Ether could be a substantial enhancement for newcomers.
According to Messari data, PancakeSwap is the fourth-largest decentralized exchange (DEX) with an all-time trading volume of over $258 million, encompasses over 387 digital assets.
Chef Kids has identified the primary obstacle to mainstream crypto adoption as the complexity of onboarding and transacting through decentralized applications.
“Centralized exchanges operate on an order book, which enables users to pay fees without concern for the underlying chains and petrol fees, as all operations are conducted offchain.” With its gasless exchange feature, PancakeSwapX manages gas fees on behalf of users, thereby addressing this issue.
Additionally, all failed or expired orders placed through PancakeSwapX will be wholly offchain, which means that users will not be required to pay transaction fees for them.
According to other industry professionals, the most significant obstacle to cryptocurrency adoption is the current friction points. It is important to note that Chintan Turakhia, senior director of engineering at Coinbase, stated to Cointelegraph that the removal of friction points is essential for enrolling the next billion crypto users.
“In order to attract the next billion users, we must eliminate all of those friction points, starting with 100 million.”
In July, Coinbase introduced a smart wallet that was designed with a focus on user-friendliness, including gas fees that were sponsored by the exchange. This move was made to encourage widespread adoption.
Also Read: Copper Appoints Former Goldman Sachs MD as Global CEO
