Decentralized exchange PancakeSwap taps zkSync Era blockchain

Home » Decentralized exchange PancakeSwap taps zkSync Era blockchain

  • PancakeSwap initially launched on BNB Chain but is now available on five blockchains.
  • The zkSync Era blockchain is the most recent blockchain that the DEX will be available on.
  • The move is aimed at expanding PancakeSwap’s user base and increasing protocol revenue.

The decentralized exchange PancakeSwap (CAKE) is now available on the zkSync Era blockchain according to a statement made by the DEX’s creator “Chef Cocoa” on Thursday. While this is a major milestone for the DEX, the news has not caused a significant price movement on the native token CAKE, seeing it has only gained about 1.40% today.

The move is consistent with PancakeSwap’s goals to grow its user base and boost the protocol’s income.

Available Pancakeswap features on Era blockchain

To start with, PancakeSwap’s token swap and liquidity provisioning features will be available with transactional fees of 0.01% of the trading value.

In the coming weeks, the farms feature that allows users to stake their liquidity pool (LP) tokens to earn CAKE while keeping the LP tokens will go live.

As a decentralized exchange, PancakeSwap uses smart contracts instead of middlemen to process trades, lending and lottery services for users. Besides zkSync Era, PancakeSwap is currently available on the BNB Chain, Ethereum, Polygon zkEVM, and Aptos. As of Wednesday, the DEX held more than $1/57 billion worth of tokens according to data from DefiLlama.

On the other hand, zkSync Era, which was launched by Developer Matter Labs as an Ethereum layer 2 blockchain compatible with the Ethereum Virtual Machine (EVM) allows developers to deploy applications between zkSync Era and the Ethereum mainnet using the same code.

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