Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
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.
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.
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.
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
Publication date
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.