Popular decentralized cryptocurrency exchange PancakeSwap has launched on Ethereum scaling network Arbitrum, in line with expansion plans, Coindesk reported.
Chef Cocoa, developer of PancakeSwap, said the exchange has opened up to Arbitrum in line with its broader plans to expand its user base and generate revenue.
PancakeSwap was already available on the BNB Chain, Ethereum (ETH), Polygon zkEVM, zkSync, and Aptos blockchains.
Chef Cocoa made the following statements in his statement:
“The decision to launch PancakeSwap on Arbitrum One reflects its commitment to drive mass adoption of DeFi.
With the utmost scalability and cost-effectiveness, PancakeSwap aims to attract a wider audience to the exchange and facilitate wider participation in the DeFi ecosystem.”
The expansion of the exchange to Arbitrum will enable PancakeSwap users to trade faster and with lower fees.
At this point, it was stated that users can trade with fees as low as 0.01%, which is currently one of the lowest among DEXs.
It was seen that the said development did not have a significant impact on the price of Arbirtum (ARB) and PancakeSwap's token Cake (CAKE).
*Not investment advice.
