PancakeSwap Expands to Ethereum Layer-2 Network Base
PancakeSwap, the leading decentralized exchange on BNB Chain, is expanding to the Ethereum layer-2 network Base. This move is part of PancakeSwap’s multi-chain expansion strategy. Currently, most of PancakeSwap’s liquidity sits on the BNB Chain. However, by joining Base, PancakeSwap aims to bring more accessibility and functionality to its users.
Key Points:
– PancakeSwap is expanding to the Coinbase-incubated Ethereum layer-2 network Base.
– The exchange is also live on four other Ethereum rollups: Polygon’s zkEVM, zkSync Era, Arbitrum, and Linea.
– PancakeSwap’s total liquidity of $1.37 billion is mostly on the BNB Chain.
– PancakeSwap aims to leverage Coinbase’s ecosystem for mainstream crypto adoption and a more inclusive DeFi landscape.
– The DEX landscape on Base includes Uniswap, SushiSwap, 1inch, and the newly launched Aerodrome.
Aerodrome, launched by the Velodrome team on Optimism, has gained popularity on the Base network due to the introduction of liquidity mining for its native governance token, AERO. The rise in user activity on the Ethereum layer-2 network was driven by social media app Friend.tech. However, with a decrease in Friend.tech usage, the network activity has also subsided.
Hot Take
PancakeSwap’s expansion to Ethereum layer-2 network Base demonstrates its commitment to driving mass adoption of DeFi and providing users with more accessibility and functionality. By joining the likes of Uniswap, SushiSwap, and 1inch on Base, PancakeSwap is positioning itself as a key player in the decentralized exchange landscape. The rise and fall of user activity on Base, driven by the popularity of Aerodrome and Friend.tech, highlights the dynamic nature of the crypto industry.
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