PancakeSwap, one of the leading decentralized exchanges (DEX) of Binance Smart Chain (BSC), announced that it will soon launch on the Polygon zkEVM network, a scalable and privacy-preserving layer 2 solution for Ethereum.
According to developer “Chef Cocoa” who shared the news, the move is part of PancakeSwap's strategy to expand its user base and generate protocol revenues across multiple blockchains.
PancakeSwap has $1.54 billion in assets on BSC, Ethereum and Aptos as of total locked value (TVL) at the time of this writing.
However, the decentralized exchange in question is generally at a very low level compared to 2022, when it maintains a TVL value of 5-6 billion dollars.
Currently, PancakeSwap users can trade with fees as low as 0.01%, one of the lowest among DEXs.
PancakeSwap was founded in 2020 by a group of anonymous developers.
PancakeSwap is partially managed by the community, and CAKE owners can use PancakeSwap's voting portal to vote on management proposals. CAKE is known as the token that powers the PancakeSwap ecosystem. Users can buy CAKE from the exchange, win CAKE from farm and Syrup Pools, or win CAKE from lotto.
*Not investment advice.
