As part of larger intentions to increase its user base and generate money, decentralised exchange (DEX) PancakeSwap has launched on the Ethereum scaling network Arbitrum, according to developer Chef Cocoa.
PancakeSwap, like all DEXs, processes trade, loan, and lottery services for users using smart contracts rather than middlemen. The BNB Chain, Ethereum, Polygon zkEVM, zkSync, and Aptos blockchains previously had it. According to DefiLlama data, the DEX had approximately $1.54 billion worth of tokens as of Wednesday.
Users of PancakeSwap will benefit from lower costs and quicker transactions thanks to the deployment on Arbitrum. Currently, users can trade with fees as little as 0.01%, which is among the lowest for DEXs.One of the most well-known layer 2 networks, Arbitrum locks tokens valued over $2 billion.
Chef Cocoa stated that PancakeSwap’s choice to launch on Arbitrum One “reflects its commitment to driving mass adoption of DeFi.” “PancakeSwap aims to attract a wider audience to the exchange and facilitate broader participation in the DeFi ecosystem with the utmost scalability and cost-effectiveness,” says the company.
The native coin of PancakeSwap, called cake (CAKE), has not changed much over the past day and is now trading at $1.50.