Decentralized Exchange PancakeSwap Makes Strategic Move to Boost Client Base by Going Live on Polygon zkEVM Network Jun 30, 2023 Jun 30, 2023 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsJune 30, 2023 by Kelly Cromley

Decentralized Exchange PancakeSwap Makes Strategic Move to Boost Client Base by Going Live on Polygon zkEVM Network

PancakeSwap, a decentralized exchange (DEX), has recently disclosed its intention to integrate with the Polygon zkEVM network. This move is a strategic endeavor aimed at bolstering its user base and driving protocol revenues. The information was shared by the developer, commonly referred to as “Chef Cocoa,” in a conversation with CoinDesk.

PancakeSwap functions as a decentralized exchange (DEX) and operates by leveraging smart contracts instead of relying on intermediaries to enable trading, lending, and lottery services for users spanning the BNB Chain, Ethereum, and Aptos blockchains. According to data provided by DefiLlama, the protocol presently possesses tokens with a total valuation exceeding $1.54 billion.

PancakeSwap endeavors to offer users diminished fees and expedited transaction speeds by implementing its deployment on the Polygon zkEVM network, distinguishing itself from alternative networks. Currently, users of PancakeSwap can benefit from the notable advantage of engaging in trading activities with remarkably low fees, as low as 0.01%. This fee structure places PancakeSwap among the most competitive platforms within the decentralized exchange (DEX) landscape.

Since its beta mainnet launch in March, the adoption of Polygon zkEVM has experienced notable growth, resulting in a total value locked (TVL) that has exceeded $28 million. The network operates as a layer 2 blockchain with a strong focus on privacy and is built on the Polygon blockchain. This integration presents a range of promising opportunities for PancakeSwap and its user base.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.