PancakeSwap offers up to $8 million refund of interface fees to Uniswap users

Source Fxstreet
May 16, 2024 21:45
  • PancakeSwap is set to pay up to $8 million of interface fees that users have encountered on rival exchange Uniswap.
  • Uniswap users have experienced a recent hike in trading prices on the exchange.
  • CAKE showed signs of a rally following the announcement before experiencing a correction.

PancakeSwap (CAKE) decentralized exchange announced on Thursday that it is offering users a refund of up to $8 million of interface fees incurred while using Uniswap.

Read more: CAKE price bottoms out as PancakeSwap announces $25 million burn

PancakeSwap to refund fees paid on Uniswap to large-scale traders

PancakeSwap, a popular decentralized multi-chain exchange, has said it would refund up to $8 million of interface fees that users have encountered on its rival exchange, Uniswap. The exchange made the announcement in an X post on Thursday.

This initiative by PancakeSwap follows a recent hike in transaction fees in Uniswap last month after it received a Wells Notice from the Securities and Exchange Commission (SEC). The hike comes as Uniswap prepares for a potential legal battle with the SEC. However, increased transaction fees have left some users worried and seeking alternative exchanges.

Also read: PancakeSwap proposal to boost liquidity by redirecting CAKE passes with 99% votes

PancakeSwap's offer promises reduced costs, improved pricing, and reimbursements for the excess interface fees, up to $8 million that users paid on Uniswap.

To be eligible, users must have traded on Uniswap between January 1 and March 31 with a minimum volume of $5000 in Wrapped Bitcoin (WBTC) or Wrapped Ethereum (WETH) trading pairs. According to PancakeSwap, the offer is available on the exchange from May 16 to August 15. 

Uniswap users can visit the PancakeSwap Dune analytics dashboard to confirm their eligibility for a refund. Once confirmed, users must match their Ethereum Uniswap Volume 1:1 on Ethereum PancakeSwap v3 in either WBTC or WETH pairs.

Read more: PancakeSwap price surges as DEX burns $35 million CAKE tokens

With the recent activity on the decentralized exchange, CAKE, the governance token for Pancakeswap, showed signs of a rally before a slight correction that saw it lose 1.7% of its value in the last 24 hours. The campaign may also boost inflows on the PancakeSwap exchange.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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