Blockchain News

PancakeSwap Launches on zkSync to Provide the ‘Ultimate DeFi Experience’

Leading DEX, PancakeSwap, has expanded its offering to cover zkSync, bringing low fees and accessibility to the zkSync Era ecosystem

Announced via their official Twitter account on July 27, PancakeSwap, one of the largest decentralized exchanges in the industry, is now live on zkSync Era, an Ethereum layer-2 network aimed at delivering scalability via zero-knowledge rollups.

The aim of the launch is to both allow users of zkSync Era to benefit from PancakeSwap’s features, which include fees of as low as 0.01%, an accessible user-interface, and deep liquidity, whilst also benefiting from zkSync Era’s scalability potential. 

zkSync is able to offer users and applications significantly reduced gas costs and transaction times, achieved via the network’s implementation of cutting-edge zero-knowledge rollup technology. 

Upcoming Features

PancakeSwap’s support for zkSync will be further complimented by Farms, whereby users can stake their LP tokens in order to generate CAKE tokens, and Initial Farm Offerings (IFOs), which allow users to access new tokens as soon as they are added to the platform.

What is PancakeSwap?

PancakeSwap is one of the most popular decentralized exchanges in the blockchain ecosystem. Launched in 2020, the DEX boasts $1.56 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 $314 million at time of writing, according to data from CoinMarketCap.

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