PancakeSwap Advances with ZkSync Era Network Integration

PancakeSwap Advances with ZkSync Era Network Integration

PancakeSwap has recently announced its integration with ZkSync Era network for its V3, highlighting a new wave in the evolution of smart contract development via ZK-rollups.

As one of the leading decentralized exchanges, PancakeSwap's alignment with ZkSync Era could foster a substantial enhancement for the DEX.

Benefits of the Integration

ZkSync Era, an Ethereum Layer 2 network, is known for its rapid expansion and the unique benefits it provides. PancakeSwap is likely to capitalize on the growing demand for ZkSync Era through this integration. With this strategic move, PancakeSwap may see an increase in demand and utility over time.

The past performance of PancakeSwap V3 indicates potential growth despite fluctuations. Blockchain data shows the lowest volume in the last four weeks at $79.73 million on July 23, with 110,100 transactions and 53,800 unique new wallets (UAWs). In contrast, the highest volume was $417.81 million on June 30, registering 129,440 transactions and over 64,000 UAWs.

Throughout these changes, the native token of PancakeSwap, CAKE, has maintained a significant amount of sideways activity.

According to aggregated data from DappRadar, PancakeSwap V3’s lowest volume during the last four weeks was $79.73 million on 23 July. It clocked in 110,100 transactions and 53,800 unique new wallets (UAWs) on the same day.

PancakeSwap's Growing Role in Ethereum's Layer 2 Ecosystem

PancakeSwap's launch on the zkSync Era solidifies its role within the Layer 2 ecosystem. PancakeSwap v3 currently supports swaps and liquidity providing (LP), with yield farming and LP token staking expected soon. Initial Farm Offerings will also be launched to facilitate liquidity from yield farmers. This forward move echoes PancakeSwap's commitment to enabling mass adoption of DeFi.

PancakeSwap V3, since its launch in April, has emerged on three major Layer 2s – Polygon zkEVM, Consensys's Linea, and now zkSync Era.

Despite these, however, BNB Chain still accounts for 83% of V3’s total value locked (TVL). PancakeSwap V3's deployment has made it the fourth-most popular decentralized exchange, with $64.4M worth of trades executed on its BNB Chain in the past 24 hours.

The integration of PancakeSwap with ZkSync Era marks a notable shift in the DeFi landscape, indicating a move towards a more scalable and efficient network for users and investors alike.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Investment Disclaimer
Related Topics: 

You may like