Traders can receive up to a $8 million fee reimbursement from decentralized exchange PancakeSwap in an audacious attempt to win over Uniswap members.
The initiative, which was disclosed by PancakeSwap CEO Chef Mochi, is intended for traders who match Uniswap v3 trading volumes 1:1 with PancakeSwap v3. The promotion will be open from May 16 to August 15.
In order to take part, traders must have held $5,000 in WBTC and/or WETH pairings and traded on the Ethereum platform of Uniswap between January 1 and March 31. They must also confirm their eligibility and fill out a form through the PancakeSwap Dune dashboard.
The decision made in April by Uniswap Labs to increase interface fees from 0. 15% to 0. 25% is the next item to discuss. The traders are not happy with this and will not be carrying on with this operation. PancakeSwap intends to capitalize on this by offering reduced fees, improved pricing, and a fee reimbursement.
Moreover, Uniswap manages regulatory risks; as an example, UNI fell 15% after the SEC sent a Wells warning. This is because of how it affects the market and how investors feel.
While Uniswap’s Ethereum-based platform costs greater fees, PancakeSwap works on the Binance Smart Chain, where fees are lower. PancakeSwap, the sixth-largest DEX in terms of daily trading volumes, hopes to gain more market share with this audacious approach.
In the face of regulatory uncertainty, PancakeSwap’s fee refund campaign targets Uniswap users who are unhappy with charge increases and provides a tactical advantage.
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