Improving the DeFi User Experience
The launch of PancakeSwapX promises significant improvements to the decentralized finance (DeFi) user experience. Chef Kids, the head chef at PancakeSwap, noted:
“[PancakeSwapX] is allowing traders to focus solely on executing their trades without the hassle of maintaining multiple native gas tokens or calculating gas fees. Additionally, by aggregating liquidity from multiple sources, PancakeSwapX eliminates the need to switch between different platforms for better execution prices.”
Simplifying Onboarding for New Users
Currently, new DeFi users must set up a native Ethereum address and purchase Ether (ETH) to pay transaction fees, a complex onboarding process that can deter mainstream users and drive them towards centralized exchanges (CEXs). Chef Kids emphasizes:
“By streamlining the trading process and making it more accessible, PancakeSwapX opens the door for a broader audience to engage with DeFi. Ultimately, it’s about streamlining the user experience to make DeFi as accessible as possible, paving the way for broader mainstream adoption.”
The Role of User Experience in Mass Adoption
According to Messari data, PancakeSwap is the fourth-largest decentralized exchange (DEX), with an all-time trading volume exceeding $258 million, covering over 387 digital assets. Chef Kids asserts that complexity is the primary obstacle to mass crypto adoption:
- Centralized exchanges use an order book, allowing users to pay fees without worrying about underlying chains and gas fees, which are handled offchain.
- PancakeSwapX addresses this issue with its gasless swap feature, managing gas fees on behalf of users.
- Failed or expired orders via PancakeSwapX will remain entirely offchain, meaning users won’t incur transaction fees for them.
Industry Perspectives on Friction Points
Other industry experts recognize that the current friction points hinder crypto adoption. Chintan Turakhia, senior director of engineering at Coinbase, stated:
“If our goal is to bring in the next billion users — and let’s start with just 100 million — we have to take all those friction points out.”
To facilitate mass adoption, Coinbase launched a smart wallet in July featuring more beginner-friendly attributes and sponsored gas fees.
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