PancakeSwap (CAKE), a popular decentralized finance (DeFi) platform, has it announce Its expansion into Arbitrum One, a move aimed at bringing 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 offering swap functionality, liquidity, farm features, and upcoming Initial Farm Offerings (IFO).
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The integration of PancakeSwap with Arbitrum One could bring benefits to the DeFi ecosystem. By leveraging Arbitrum One’s Layer 2 technology, PancakeSwap improves scalability and efficiency, resulting in faster transaction speeds and lower gas fees.
This enhanced infrastructure enhances liquidity and reduces slippage, making trading activities smoother and more cost-effective for users.
With the integration, PancakeSwap aims to capture a wider audience and drive more participation 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 PancakeSwap v3 liquidity providers can earn rewards from trading fees generated by their liquidity pools. This passive income opportunity allows users to increase their earnings while contributing to the growth of the platform.
To celebrate the launch of PancakeSwap v3 on Arbitrum One, Galxe’s “Traverse the Treasure Islands” campaign has been introduced.
Users can participate in exchanges, liquidity savings, and social media tasks to earn loyalty points and unlock exclusive NFTs. This campaign encourages active participation in the Arbitrum One ecosystem, providing users with rewards and the opportunity to explore its potential.
Notably, PancakeSwap stated that it plans to distribute the incentives provided by Arbitrum One among various stakeholders, including the CAKE community, CAKE stakers, projects contributing to the development of PancakeSwap, and ecosystem contributors.
Overall, the integration with Arbitrum One marks a significant change in the DeFi space. By providing improved scalability, efficiency, and user-friendly features, PancakeSwap aims to improve the accessibility of DeFi and increase its adoption.
according to data By Token Terminal, CAKE recently showed some volatility in the market performance, as it traded at $1.472. The 24-hour price change indicates a decrease of 0.9%, while the 7-day and 30-day price change shows a decrease of 2.33% each.
Currently, PancakeSwap has a traded market capitalization of $314.26 million, with a positive change of 1.44%. However, the fully diluted market cap, which is the maximum supply of tokens, is valued at $1.11 billion, showing a slight decrease of 0.64%.
In terms of revenue, the decentralized exchange generated $1.09 million over the past 30 days, which indicates a decrease of 19.19% compared to the previous period. Annual revenue was US$13.31 million, decreasing by 27.18%.
PancakeSwap’s Total Value Locked (TVL), which represents the number of assets locked on the platform, is currently $1.18 billion, down 6.08%.
Featured image from iStock, chart from TradingView.com