Crypto.news - PancakeSwap, a decentralized exchange (DEX), is launching on Base, an Ethereum(ETH) layer 2 scaling network incubated by Coinbase (NASDAQ:COIN), according to an update on Aug. 30.
Initially, this integration will offer PancakeSwap’s swapping and liquidity provision functions. Following that, an upcoming release will introduce the farming feature, permitting users to stake liquidity provider (LP) tokens in exchange for PancakeSwap’s native CAKE tokens. Importantly, users will retain their positions in the original LP tokens.
Base is now PancakeSwap’s eighth platform, highlighting the DEX’s multi-chain strategy.
While initially established on BNB Chain, the DEX has deployed on several blockchains, including Ethereum, Aptos (APT), Polygon (MATIC) zkEVM, and others.
Developed through a collaboration between OP Stack and Optimism(OP), Base seeks to address critical issues confronted by crypto users, such as steep gas fees and sluggish transaction speeds.
The layer-2 also aims to reduce fees and enable swift transactions.
After launching to the public on Aug. 9, Base has rapidly grown, trailing Arbitrum but surpassing Optimism in daily transactions. At this pace, PancakeSwap is the second-largest DEX after Uniswap.
Data from The Block
Fresh data shows that Base has over $300 million in total value locked (TVL) since launching in early August 2023.
This article was originally published on Crypto.news
