PancakeSwap, the leading decentralized exchange on the BNB chain, is expanding onto the Coinbase-founded Ethereum Layer 2 network, Base.
The move to Base is part of the PancakeSwap team’s ongoing multi-chain expansion.
After Base, the exchange is also active on four other Ethereum rollups in Polygon’s zkEVM, zkSync Era, Arbitrum, and Linea.
According to DeFiLlama data, 94.8% of PancakeSwap’s $1.37 billion in total liquidity is currently on the BNB chain.
The project aims to leverage Coinbase’s ecosystem, which “brings the power of mainstream crypto adoption” and helps build a “more inclusive DeFi landscape,” according to an announcement shared with Decrypt.
“By working with Base, PancakeSwap is excited to offer users more accessibility and functionality than ever before,” Chef Mochi, PancakeSwap’s chief architect, told Decrypt. “Our decision to start on Base reflects our ongoing commitment to drive mass DeFi adoption, empower users, and nurture a vibrant DeFi community.”
The DEX landscape on base
PanswapSwap joins Uniswap, SushiSwap and 1inch who recently launched on Base after their mainnet went live on August 9th.
A new exchange on Base, Aerodrome, has also had a notable impact on the network.
According to DeFiLlama data, Aerodrome was launched on Aug. 29 by the Velodrome team on Optimism and climbed to the top of the base DEXs by total deposits thanks to the introduction of liquidity mining for its native governance token, AERO.
Ethereum layer 2 user activity surged due to social media app Friend.tech.
The number of daily transactions surpassed that of Ethereum at its peak. However, network activity slowed down and Friend.tech usage dropped drastically.
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