DeFi’s increasing accessibility is seen by PancakeSwap’s new Telegram bot, which allows users to swap over 3,000 tokens from the app.
A Telegram bot has been released by PancakeSwap, one of the biggest decentralized exchanges (DEXs) on the BNB Chain, allowing users to trade cryptocurrencies straight from the messaging platform.
With the bot’s current capabilities for trading over 3,000 tokens, a larger audience familiar with Telegram may find decentralized finance (DeFi) transactions easier to access.
Thanks to the Telegram Swap-Bot, users can trade tokens on PancakeSwap v2, v3, and stable swaps on the BNB Chain.
The action is part of a more significant trend to increase the use of mainstream DeFi services despite worries about the security and ramifications of trading on a messaging app that isn’t specifically for finance.
Security-related factors
For every DeFi technology, security and privacy are essential components. Telegram lacks the same security measures as other financial apps since it is a chat service rather than a specialized trading platform.
PancakeSwap’s bot employs end-to-end encryption in Telegram’s application programming interface (API) to reduce the dangers and safeguard users’ private data and trading activity.
According to a PancakeSwap representative, the Telegram Swap Bot “ensures users manage their assets directly from their self-custodial wallets while facilitating trades.”
“Security is a top priority for PancakeSwap, and the Telegram Swap Bot is designed with this in mind. Users retain control over their funds just like any interaction with a decentralized exchange. “
Impact of DeFi and Users on Telegram Bot
To lower transaction costs, lower entry barriers, and make DeFi services more widely available to customers, PancakeSwap’s Telegram Bot is part of an expanding trend to introduce Telegram Mini Apps and bots.
The new Telegram Bot from PancakeSwap continues the trend that Bitget CEO Gracy Chen characterized as a mutually beneficial interaction between crypto trading, The Open Network, and Telegram.
Since Telegram’s “crypto adoption” makes the messaging app “stand out among other social media,” Chen pointed to the software’s explosive growth in emerging market countries.
Integration of portfolio management
In collaboration with DeFi protocol Bril Finance, PancakeSwap announced on October 30 that it had incorporated portfolio management features, enabling users to deposit tokens into single-asset vaults via the user interface.
According to the PancakeSwap and Bril development teams, the new liquidity provision algorithm with automatic rebalancing will enable customers to obtain more enormous risk-adjusted profits than alternative approaches.
Mochi, the CEO and “Head Chef” of PancakeSwap, asserted that Bril’s automated technology makes the DEX “a one-stop shop for portfolio management” due to the integration.
