PancakeSwap (CAKE), a decentralized exchange, is now available on five different blockchains including the zkSync Era blockchain. This move is part of PancakeSwap’s effort to expand its user base and generate more revenue for the protocol.
At the moment, PancakeSwap users on the zkSync Era blockchain can access token swap and liquidity provisioning services with a fee of 0.01%. In the coming weeks, users will be able to use the farms feature to stake their liquidity pool (LP) tokens for CAKE.
PancakeSwap utilizes smart contracts and not middlemen to provide users with trading, lending and lottery services. Apart from zkSync Era, PancakeSwap is also present on BNB Chain, Ethereum, Polygon zkEVM, and Aptos. According to data from DefiLlama, the DEX held more than $1/57 billion worth of tokens as of Wednesday.
zkSync Era, launched by Developer Matter Labs, is an Ethereum layer 2 blockchain that is compatible with the Ethereum Virtual Machine (EVM). This allows developers to deploy applications between zkSync Era and the Ethereum mainnet using the same code.
The news of PancakeSwap’s expansion to the zkSync Era blockchain has not caused a huge impact on the price of CAKE, with the token only experiencing an increase of 1.40% today.
