The decentralized exchange PancakeSwap has introduced the “Position Manager” feature.
The new feature allows assets to be placed in a vault and automatically sent to liquidity pools. The project team said the new feature was made available through collaboration with decentralized finance (Defi) protocol Bril Finance.
📢 Introducing Position Manager on PancakeSwap v3! 🎉:https://t.co/qprhv8wzP2
✅ Automated LP without ever leaving range
✅ Automatically add up LP rewards without worrying about gas fees
✅ Seamless integration with top protocols and strategies
🥞 New to #DeFi or a pro, it's… pic.twitter.com/NSx0BMFDYF
— PancakeSwap🥞Everyone's Favorite DEX (@PancakeSwap) October 30, 2023
According to a blog statement, Position Manager makes the use of capital more efficient. It automates the process of providing liquidity and conserves resources. According to the developers, the system allows users to earn higher profits than other ways of making money.
“Position Manager is a collaborative integration between PancakeSwap and Elite Protocol partners and offers a range of strategies for optimal Liquidity Provision (LP) position management. This means no more manual LP configurations or complex calculations are required. Users can easily select trading pairs and preferred protocols and execute their strategies through our easy-to-use Position Manager interface.”
PancakeSwap team
At the time of writing, Position Manager supports four assets: stablecoin USDT, Bitcoin (BTC) on the BEP-20 network, BNB and Ethereum (ETH). For the first four weeks after the feature launches, users will receive additional rewards in the form of CAKE tokens.
According to DefiLlama, PancakeSwap is the second largest fully decentralized cryptocurrency exchange in terms of daily volume. In September, the company integrated Transak as a cryptocurrency payment provider.
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