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PancakeSwap

PancakeSwap Takes A Leap Forward? Expands To Arbitrum One

Ronaldo Marquez
by Ronaldo Marquez
2 years ago
·
Posted in Arbitrum
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

PancakeSwap (CAKE), the renowned decentralized finance (DeFi) platform, has announced its expansion to Arbitrum One, a move that aims to bring a seamless and “user-friendly” DeFi experience to the Arbitrum network. 

With a focus on accessibility and cost-effectiveness, PancakeSwap aims to give users new opportunities while introducing Swap and Liquidity Provision functionalities and upcoming Farms and Initial Farm Offering (IFO) features. 

Related Reading: This Bitcoin Holder Mined 150 BTC In 2009, Here’s How Much It Was Sold For

PancakeSwap And Arbitrum Integrate

Integrating PancakeSwap with Arbitrum One could bring benefits to the DeFi ecosystem. By leveraging Arbitrum One’s Layer 2 technology, PancakeSwap enhances scalability and efficiency, leading to faster transaction speeds and reduced gas fees. 

This improved infrastructure enhances liquidity and reduces slippage, making trading activities smoother and more cost-effective for users.

With the integration, PancakeSwap aims to attract a broader audience and promote more involvement in DeFi. By providing a seamless and user-friendly trading experience, the platform strives to drive mass adoption and give users new opportunities.

Furthermore, according to the announcement, users who become liquidity providers on PancakeSwap v3 can earn rewards from trading fees generated by their liquidity pools. This passive income opportunity allows users to grow their earnings while contributing to the platform’s growth.

To celebrate the launch of PancakeSwap v3 on Arbitrum One, the “Traverse the Treasure Islands” Galxe campaign has been introduced. 

Users can participate in Swaps, Liquidity Provision, and social media tasks to earn loyalty points and unlock exclusive NFTs. This campaign encourages active engagement within the Arbitrum One ecosystem, providing users with rewards and a chance to explore its possibilities.

Notably, PancakeSwap stated that it plans to distribute incentives provided by Arbitrum One among various stakeholders, including the CAKE community, CAKE stakers, projects contributing to PancakeSwap’s development, and ecosystem contributors. 

Related Reading: Dogecoin Whale Transaction Sparks Speculations Of Impending Price Decline

Overall, the integration with Arbitrum One represents a significant change in the DeFi space. By offering improved scalability, efficiency, and user-friendly features, PancakeSwap aims to improve DeFi accessibility and drive broader adoption. 

PancakeSwap
CAKE’s decline on the 1-day chart. Source: CAKEUSDT on TradingView.com

According to data by Token Terminal, CAKE has recently shown some fluctuations in its market performance, trading at $1.472. The 24-hour price change indicates a decrease of 0.9%, while the 7-day and 30-day changes show a decline of 2.33% each. 

Currently, the circulating market cap of PancakeSwap stands at $314.26 million, with a positive change of 1.44%. However, the fully diluted market cap, which considers the maximum supply of tokens, is valued at $1.11 billion, showing a slight decline of 0.64%.

In terms of revenue, the decentralized exchange has generated $1.09 million over the past 30 days, indicating a decrease of 19.19% compared to the previous period. The annualized revenue stands at $13.31 million, showing a decline of 27.18%.

PancakeSwap’s total value locked (TVL), representing the number of assets staked on the platform, currently amounts to $1.18 billion, displaying a decrease of 6.08%.

Featured image from iStock, chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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