ARB

PancakeSwap Launches on Arbitrum One

by BSC News

August 10, 2023

chain

PancakeSwap has expanded its offering to cover Ethereum L2, Arbitrum One, on the back of its recent launch on zkSync Era.

As announced on August 10 on PancakeSwap’s official Twitter account, the leading decentralized exchange on BNB Chain has now launched on leading Ethereum L2 network, Arbitrum.

The announcement arrives shortly after the DEX launched on zkSync Era, indicating an aggressive expansion of the PancakeSwap ecosystem, and the breadth of offering to its user base.

Source: Blog.PancakeSwap.Finance

Why Arbitrum?

Following the launch, PancakeSwap users will be able to not only benefit from the speed and cost advantages associated with Arbritrum One, but further gain access to the network’s user-friendly orientation.

The DEX expects this to play a major role in its eventual goal of providing the ‘Ultimate DeFi Experience’, as well as reducing friction at the end-user level, and thereby springboarding the mass adoption of decentralized finance.

PancakeSwap on Arbitrum One

Not only will users benefit from PancakeSwap’s inherent low-fee model, which stands at as little as 0.1%, but also compound returns from liquidity provisioning with “a capital multiplier of up to 4000x”.

Additional features will shortly be added to the platform including both yield farming, via PancakeSwap’s well-known ‘farms’, as well as IFOs (Initial Farm Offerings), wherein users can gain access to new tokens on the platform, as soon as they are listed. 

What is PancakeSwap

PancakeSwap is one of the most popular decentralized exchanges in the blockchain ecosystem. Launched in 2020, the DEX boasts approximately $1.5 billion in locked liquidity, according to data from DefiLlama, and is the largest DeFi protocol on BNB Chain. 

At all-time highs, PancakeSwap’s TVL reached nearly $22 billion, and its native token, CAKE, has a market capitalization of $315 million at time of writing, according to data from CoinMarketCap.

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