PancakeSwap (CAKE), a renowned decentralized finance (DeFi) platform, has announced its expansion onto Arbitrum One, a move aimed at providing a seamless and user-friendly DeFi experience on the Arbitrum network.
With a focus on accessibility and cost efficiency, PancakeSwap aims to introduce new opportunities to users while introducing features like Liquidity Provision, Swapping, as well as upcoming Farm and Farm Offering (IFO) functionalities.
Integrating PancakeSwap with Arbitrum One holds the potential to benefit 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 boosts liquidity and reduces slippage, resulting in smoother transactions and cost savings for users.
Through this integration, PancakeSwap seeks to attract a wider audience and encourage more participation in DeFi. By offering a seamless and user-friendly trading experience, the platform aims to promote mass adoption and open up new opportunities for users.
Moreover, users who become liquidity providers on PancakeSwap v3 can earn rewards from transaction fees generated by their liquidity pool. This passive income opportunity allows users to increase their earnings while contributing to the platform’s development.
To celebrate the launch of PancakeSwap v3 on Arbitrum One, the “Traverse the Treasure Islands” campaign has been introduced. Users can engage in tasks such as swapping, providing liquidity, and social media activities to earn loyalty points and unlock exclusive NFTs. This campaign incentivizes active participation within the Arbitrum One ecosystem, providing rewards and the chance to explore its capabilities.
PancakeSwap has also announced plans to distribute benefits provided by Arbitrum One to various stakeholders, including the CAKE community, CAKE stakers, projects contributing to PancakeSwap’s development, and ecosystem contributors.
In summary, the integration with Arbitrum One signifies a significant shift in the DeFi space. By offering improved scalability, efficiency, and user-friendly features, PancakeSwap aims to enhance DeFi accessibility and drive broader adoption.
As per Token Terminal data, CAKE has shown recent market activity with trading at around 1,472 USD. The price change in the last 24 hours indicates a 0.9% decrease, while changes in the last 7 days and 30 days show decreases of 2.33%.
Currently, PancakeSwap’s circulating market capitalization is 314.26 million USD, with a positive change of 1.44%. However, the fully diluted market capitalization, based on the token’s maximum supply priced at 1.11 billion USD, shows a slight decrease of 0.64%.
In terms of revenue, the decentralized exchange has generated 1.09 million USD in the last 30 days, indicating a 19.19% decrease from the previous period. The annual revenue stands at 13.31 million USD, showing a 27.18% decrease.
PancakeSwap’s Total Value Locked (TVL), which represents the amount of assets staked on the platform, currently sits at 1.18 billion USD, with a 6.08% decrease.
This development showcases PancakeSwap’s efforts to create a more user-friendly and accessible DeFi landscape while providing insights into its market performance.