- PancakeSwap has announced its collaboration with Google Cloud.
- The protocol will use Cloud resources to make their platform appealing to the mass and enhance security.
Decentralised finance (DeFi) is in its best stages, with a focus on development, improving transparency, and enhancing user experience. Several platforms have engaged in collaboration with other technology providers to achieve this goal and collectively work to improve the DeFi sector.
PancakeSwap, a major DeFi trading platform on the Binance Smart Chain (BSC), announced its collaboration with Google Cloud on July 10, 2023. The step was taken to utilise Google’s infrastructure and offer a seamless trading experience to the users.
The collaboration can be marked as a major move by DeFi companies to enter the mainstream market.
What The Collaboration Emphasises?
Although the DeFi sector is filled with enormous opportunities for traders to work in a decentralised environment and earn huge profits, it has failed to attract the mass and make bold impacts on the mainstream market. Some major reasons can be the mistrust among users regarding their privacy, the misconception of a complex user interface, interruption by failing to address huge crowds, and high charges.
The collaboration is to make the PancakeSwap platform available 24*7, with seamless trading in a secure environment. The uninterrupted trading is a result of the platform harnessing the load-balancing techniques offered by Google Cloud. This ensures smooth and undisturbed transactions for the users.
The platform also depends on Cloud’s predictive analytics tool to accurately forecast traffic surges. This has helped the platform save its costs by 30% and reduce the peak response time (PRT) by nearly 62.5 times. It can easily handle a high volume of trading involving continuous transactions at the same time.
The most sensitive part of any trading platform is the area concerning smart contracts. These are pieces of code written on the blockchain to execute automatically when the right conditions are met, thus, removing the need for any central authority and making them decentralised.
However, in recent years, there have been several cases of compromise in their security, which have led to hacks and loss of money. PancakeSwap keeps security at the forefront and spends enough resources to make its protocol highly secure. Through this collaboration, these contracts will be thoroughly reviewed and analysed. Any possible vulnerability will be detected and instantly debugged. The platform uses Cloud Armor for distilling any sensitive data and further improving its security. It has also partnered with reputed audit firms to review their smart contracts.
PancakeSwap is working to build a user-friendly platform that will not only suit the taste of professional traders but also make the path easy for naive and non-tech-savvy users as well. This is to attract the major portion of users that is left out owing to their lack of technical expertise.
The tech giant already has several companies from the crypto community like CoinGecko, Nansen, eToroX, and others, leveraging their resources. However, this collaboration makes PancakeSwap the biggest client of Google Cloud.
Conclusion
The primary essence of DeFi platforms has always been to keep them decentralised and prevent their control by a central authority. However, these collaborations mark the entry of a central party into this sector. DeFi is an evolving sector and the complexity and instability involved may put off several users from adopting them. The community is divided into two parties regarding the collaboration, with the supporters arguing the protocol’s bold move to enter the mainstream, while others complain about disrupting the very character of DeFi.