PancakeSwap Deploys on Ethereum Scaling Network Arbitrum in Expansion Drive
The decentralized exchange has joined several networks this year in the search for new users and revenue streams.
Aug 10, 2023 at 1:27 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/IVSKULBKI5G3ZNSK6KOEK7WK3I.jpg)
PancakeSwap has deployed on Arbitrum. (Mae Mu/Unsplash)
Decentralized exchange (DEX) PancakeSwap has gone live on Ethereum scaling network Arbitrum in line with broader plans to expand its user base and build revenue, developer Chef Cocoa shared with CoinDesk today.
Like all DEXs, PancakeSwap relies on smart contracts instead of middlemen to process trading, lending and lottery services for users. It was already on the BNB Chain, Ethereum, Polygon zkEVM, zkSync and Aptos blockchains.
The DEX held over $1.54 billion worth of tokens as of Wednesday, DefiLlama data shows.
Deployment on Arbitrum will provide lower fees and faster transactions for PancakeSwap users. Users can currently trade with fees of as low as 0.01%, one of the lowest among DEXs.
Arbitrum locks over $2 billion worth of tokens and is among the most popular layer 2 networks.
“PancakeSwap’s decision to launch on Arbitrum One reflects its commitment to driving mass adoption of DeFi,” Chef Cocoa said. “With the utmost scalability and cost-effectiveness, PancakeSwap aims to attract a wider audience to the exchange and facilitate broader participation in the DeFi ecosystem.”
PancakeSwap's native token cake (CAKE) is little changed over the past 24 hours and trades at $1.50 as of European afternoon hours, CoinGecko data shows.
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Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.
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