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Transak Integration: Expanding PancakeSwap's Horizon

Martin Walker
Sep 22, 2023 at 07:13 am

PancakeSwap, a decentralized exchange operating across a myriad of blockchain networks such as BNB Smart Chain, Ethereum, Base, and Polygon zkEVM, has taken a notable stride by enhancing its offerings within the "buy crypto" section. This move involves the seamless integration of Transak as a new service provider. Consequently, PancakeSwap users now enjoy an expanded array of options when it comes to procuring cryptocurrencies. In the past, Mercuryo and MoonPay took the helm as the primary providers for this particular feature. With the recent addition of Transak, the platform now proudly offers a triumvirate of providers for this service.

PancakeSwap “Buy” crypto tab. Source: PancakeSwapPancakeSwap “Buy” crypto tab. Source: PancakeSwap

In the realm of decentralized exchanges (DEXs), PancakeSwap stands as a multifaceted platform, successfully securing and managing over $1.3 billion in crypto assets within its contracts. Its trading prowess is further underscored by a remarkable daily trading volume, exceeding an impressive $150 billion, as per the data meticulously analyzed by DefiLlama. However, akin to its DEX counterparts, PancakeSwap grapples with a fundamental limitation; it is unable to facilitate direct conversions between fiat and cryptocurrencies. This necessitates users to prepossess cryptocurrency in their wallets before engaging in transactions on the platform. To ingeniously mitigate this constraint, the ingenious development team at PancakeSwap introduced the game-changing "Buy Crypto" feature, thereby empowering users to onboard through trusted third-party providers, including Mercuryo, MoonPay, and now Transak. Worth noting is Transak's wide-ranging integration across more than 350 Web3 applications, which significantly amplifies accessibility to crypto onboarding services.

The integration of Transak brings to the table an impressive array of "over 20 different payment options meticulously tailored to meet global needs." This expansive selection includes payment modes ranging from conventional debit cards and popular digital platforms like Google Pay and Apple Pay to the traditional bank transfers. In a bid to further enhance the user experience, Transak also offers nine distinct cryptocurrencies spanning across an impressive seven blockchain networks, thereby adding to the platform's overall versatility and appeal.

Mochi, the enigmatic and pseudonymous leader of PancakeSwap affectionately known as the head chef, expresses an optimistic outlook regarding this significant integration. He underscores the paramount importance of maintaining a delicate equilibrium between simplicity and robustness at entry points. In Mochi's vision, the collaboration with Transak, esteemed for its expertise in fiat on-ramping, alongside PancakeSwap's formidable platform capabilities, heralds a promising era. An era where the universe of decentralized finance (DeFi) seamlessly unfolds before users, presenting an intuitive and barrier-free experience accessible to all.

To enrich its diverse portfolio and cater to a wider audience, PancakeSwap has also ventured into the captivating realm of web3 gaming with the introduction of "Pancake Protectors" on May 30. This immersive gaming experience not only promises excitement but also grants additional perks to holders of the DEX's governance token, CAKE ($CAKE). Presently, the CAKE token is valued at $1.15 in the market. This value is significant, especially in light of the reduction in its inflation rate to a prudent 3%–5%, a prudent decision achieved through a comprehensive governance vote conducted in the month of April. This strategic maneuver seeks to strike a delicate balance between stability and growth, further fortifying the platform's standing in the dynamic crypto landscape.

Read more: Binance Sparks Ethereum Gas Frenzy: The $840,000 Transaction Saga Unveiled

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