- Eligibility requires a minimum of $5,000 traded in WBTC or WETH on Uniswap’s platform between January and March.
- PancakeSwap aims to attract users from Uniswap, which currently exceeds PancakeSwap’s trading volume by over $700 million.
PancakeSwap has announced a program to reimburse up to $8 million in interface fees for users switching from Uniswap, its main competitor. This campaign is set to run from May 16 to August 15, coinciding with recent fee increases by Uniswap.
Get Your Uniswap Interface Fees Refunded on PancakeSwap, up to $8M!
Match your Ethereum Uniswap volume 1:1 on Ethereum PancakeSwap, and we’ll refund ALL your interface fees paid.
Trade now: https://t.co/9KbutqNsye
Check your eligibility: https://t.co/sInICDd2tY
Read more:… pic.twitter.com/SrMTPJxWsS
— PancakeSwap v4🥞 (@PancakeSwap) May 16, 2024
In April, Uniswap Labs increased the interface fees for most transactions from 0.15% to 0.25%, leading users to look for cheaper alternatives. In response, PancakeSwap introduced a reimbursement program to compensate the interface fees for users who move their trading activity from Uniswap v3 to PancakeSwap v3, providing a one-to-one match during the promotional period.
Mochi, the head chef at PancakeSwap, noted the competitive environment of decentralized exchanges and pointed out that the fee increase at Uniswap has led traders to seek alternatives. He stated,
“As a leading multichain DEX, PancakeSwap offers lower fees, better prices, and reimbursements for fees paid on other platforms.”
This reimbursement campaign is part of PancakeSwap’s broader strategy to capture market share from Uniswap, which currently ranks as the sixth-largest decentralized exchange by daily trading volumes. CoinGecko data indicates that Uniswap V3’s trading volume is more than $700 million greater than that of PancakeSwap.
Understanding the Reimbursement Process
The campaign is straightforward: users who have traded at least $5,000 on the Uniswap platform between January 1 and March 31, 2024, using the wrapped bitcoin (WBTC) and/or wrapped ether (WETH) pairs, are eligible.
These users must then replicate their trading volume on PancakeSwap’s v3 platform during the campaign period, which runs from May 16 to August 15, 2024, to qualify for a full refund of their Uniswap interface fees.
Checking Eligibility and Claiming Refunds
Traders can verify their eligibility by entering their wallet addresses on PancakeSwap’s Dune dashboard. The process requires users to track their trading activities on both platforms and ensure that their trading volumes match. Once verified, traders can fill out a designated form to claim their fee reimbursement.
Why This Campaign?
PancakeSwap’s move comes after Uniswap increased its interface fees earlier in the year, pushing some users to look for more cost-effective trading options. By reimbursing these fees, PancakeSwap not only provides a financial incentive for users to switch platforms but also positions itself as a user-centric marketplace that values affordability and accessibility.
Additional Benefits of Trading on PancakeSwap
Apart from fee reimbursements, PancakeSwap offers several other advantages:
- Zero interface fees, enabling free and unrestricted trading.
- Among the lowest trading fees in the industry, starting at just 0.01%.
- Competitive pricing on token swaps.
- Points allocation for qualified participants, redeemable for exclusive opportunities.
The campaign not only highlights the competition among decentralized exchanges but also shows how PancakeSwap is strategically positioning itself to attract users from its rival by offsetting recent fee increases.
