According to Cointelegraph, decentralized exchange PancakeSwap reported that its cumulative trading volume reached $836 billion and the total locked value (TVL) was approximately $1.72 billion. PancakeSwap stated that as of September 20, its TVL was $1.72 billion, down from its all-time high of $7.16 billion on May 4, 2021.

PancakeSwap uses an automated market maker (AMM) model and serves more than 43 million independent addresses. PancakeSwap announced that it will release version v4, which aims to enhance user experience and scalability, improve liquidity provision and interoperability.

Chef Kids, head of PancakeSwap, said that v4 will solve the main defects of existing AMMs, including inflexible pricing models, limited trading functions, impermanent losses of liquidity providers, and high on-chain gas fees. Traders will benefit from dynamic fee tiers, advanced trading tools, and reduced gas fees.

PancakeSwap plans to expand its DEX to more chains and fill market gaps by improving product-market fit. PancakeSwap has released the v4 white paper and launched a $500,000 developer program to attract top developers to participate.