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Cryptogambling / PancakeSwap DEX coming to Ethereum’s Layer 2 Base network

PancakeSwap DEX coming to Ethereum’s Layer 2 Base network

Publish Date: 01/09/2023
Video: PancakeSwap Expands to BASE!

PancakeSwap Expands to BASE!

Decentralized exchange (DEX) PancakeSwap is set to operate on Base, an Ethereum Layer 2 scaling network incubated by Coinbase. This development was shared in an update on August 30.

This integration will enable users to use PancakeSwap’s swapping and liquidity provision functionalities. Subsequently, a forthcoming update will introduce a farming feature, allowing users to stake liquidity provider (LP) tokens and receive PancakeSwap’s native CAKE tokens in return. Notably, users will maintain their positions in the original LP tokens.

Originally established on the BNB Chain, the DEX has expanded its presence to various blockchains, including Ethereum, Aptos (APT), Polygon (MATIC) zkEVM and others. With the recent development, Base becomes the eighth platform to integrate PancakeSwap.

As of now, 94.8 percent of PancakeSwap’s overall liquidity, amounting to $1.37 billion, is located on the BNB Chain, as indicated by data from DeFiLlama. The project plans to utilize the Coinbase ecosystem, which is viewed as a catalyst for widespread cryptocurrency adoption, to contribute to the development of a more inclusive DeFi environment.

“By joining forces with Base, PancakeSwap is pleased to bring users more accessibility and functionality than ever before,” said PancakeSwap head architect Chef Mochi to Decrypt. “Our decision to launch on Base reflects our continued commitment to driving mass adoption of DeFi, empowering users, and fostering a vibrant DeFi community.”

Created through a partnership involving OP Stack and Optimism (OP), Base aims to tackle significant challenges faced by cryptocurrency users, including high gas fees and slow transaction processing.

Base is a Layer-2 solution, a framework designed to improve the scalability and efficiency of a blockchain network. It functions as an additional Layer built on top of an existing blockchain (Layer-1) to address some of the limitations of the base layer, such as high transaction fees and slow confirmation times.

Base network’s rapid growth

Since its public launch on August 9, Base has experienced rapid expansion, following behind Arbitrum and surpassing Optimism in terms of daily transaction volume. With this momentum, PancakeSwap has become the second-largest decentralized exchange after Uniswap. Recent data show that Base has accumulated a total locked value (TVL) exceeding $300 million.

Base initially rolled out in beta version on February 23. Its introduction sparked speculation within the cryptocurrency community about its potential to attract more users to Web3 protocols. While the network launched its mainnet version for builders on July 13, the developers cautioned that it wasn’t fully ready for general users.

Now, Base users can use the network to bridge Ether (ETH) from the mainnet to Base using the official Base bridge, which unveiled its user interface on August 3.

Furthermore, users can swap tokens and provide liquidity, with at least two decentralized cryptocurrency exchanges (DEXs) already running on Base. Uniswap confirmed the operation of its Base version on August 7, while Maverick Protocol also announced its Base version on August 8.

With an increasing number of DEXs contemplating the incorporation of Layer-2 solutions such as Base, the DeFi ecosystem might experience a rise in both user engagement and developer attention.

This growth could lead to a more resilient and enduring DeFi landscape. Furthermore, this could establish a model for other exchanges to emulate, expediting the adoption of Layer-2 solutions and playing a role in making cryptocurrency trading more widely accepted.

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