zkSync Era welcomes PancakeSwap to the ecosystem

ZkSync Era will be the third zero-knowledge platform on which PancakeSwap will launch

article-image

foodstck/Shuttertock modified by Blockworks

share

PancakeSwap v3, a non-custodial decentralized exchange, has launched on zkSync Era.

PancakeSwap — currently deployed on Binance Smart Chain (BSC), Ethereum, Linea and Polygon zkEVM — is the third largest DEX when it comes to total value locked (TVL), according to information available on DeFiLlama. It is also one of the largest DEXes on BSC, with a market cap of $1.484 billion.

PancakeSwap’s v3 first launched in March 2023 and is known for its low trading and swap fees. This is likely due to the introduction of concentrated liquidity, Chef Mochi, the head chef of PancakeSwap, told Blockworks.

“Liquidity providers can concentrate their capital in active price ranges, reducing slippage and benefiting traders. Our multi-tier fee structure, ranging from 0.01% to 1%, provides flexible options for traders,” Chef Mochi said.

Stakers of CAKE, PancakeSwap’s native token, can also receive up to 10% on trading rebates, they noted. 

“We earn revenue through trading fees distributed back to the protocol’s treasury, supporting our ongoing operations, development, and growth. For example, in v3, we distribute 9%-24% of the fees collected from the various trading fee tiers back to our treasury,” Chef Mochi said.

The DEX has previously noted that it had a goal of operating on multiple blockchains. The team said its decision to deploy on zkSync Era marks another milestone. 

Many DEXes in the space seem to be embracing a multichain future. Uniswap v3 has also recently made the decision to deploy on multiple chains including Ethereum, Arbitrum, Optimism, Polygon, BSC, Celo and Avalanche. 

“Our commitment to providing our users with the best experience on PancakeSwap drove the decision,” Chef Mochi said. “With zkSync, we can significantly reduce transaction costs for our users with high levels of security, making trading on PancakeSwap even more cost-effective and efficient.”

ZkSync Era will be the third destination of the DEX’s “Traverse the Treasure Islands Galxe” campaign where users can earn rewards for participating in the ecosystem. This push also comes right before PancakeSwap is set to launch its Initial Farm Offering (IFO), meant to enable users to participate in token offerings.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research report - cover graphics (1).jpg

Research

In this report, we dive into crypto private market data to gather insights on where the future of the industry is headed. Despite a notable downturn in private raises, capital continues to infuse promising projects that aim to transform payments, banking, consumer experiences, community, and more, with 2023 being the fourth-largest year for crypto venture capital.

article-image

BUZZ holds shares of Coinbase, Robinhood and MicroStrategy

article-image

Opinion: Even though I didn’t pay for my “Diamond Hands” burger with BTC, don’t let that fool you into thinking that crypto’s development is futile

article-image

The results mark “a major positive inflection point,” one analyst says, as the exchange carries net income momentum into a crypto rally

article-image

While the slate of 10 US spot bitcoin funds have tallied $4.6 billion of net inflows thus far, half of the field is lagging the leaders

article-image

Trading volumes totalled $154 billion in Q4, including $125 billion in institutional volume

article-image

DeFi on Bitcoin is all the rage right now and Stacks is positioned to benefit