The second-largest decentralized exchange, PancakeSwap, announced on Thursday that it is expanding to the Ethereum Layer 2 network founded by Coinbase base. The latest move marks another step in an ongoing multichain expansion of the Pancakeswap protocol.
“The evolving cryptocurrency landscape continues to redefine finance as we know it. “In a bold step forward, we are embarking on an extraordinary journey by deploying our suite of products on Base, an Ethereum Layer 2 (L2) chain,” PancakeSwap explained in a statement blog entry.
The expansion to Base means PancakeSwap is active on eight networks, having already launched on Ethereum, BNB Chain, Aptos, Polygons zkEVM, zkSync Era, Linea and Arbitrum.
Scaling in the DeFi sector
The launch of PancakeSwap on Base is part of the exchange’s “strategic move towards a robust and sustainable decentralized finance (DeFi) ecosystem.” The decentralized exchange noted that Base is a good platform to drive DeFi adoption.
Additionally, PancakeSwap stated that the integration, which involved US-based crypto exchange Coinbase, would bring “the power of mainstream crypto adoption” to its users. Coinbase is the largest centralized exchange in the US and has over 73 million users worldwide.
Low fees, high-yield agriculture reaches the grassroots
PancakeSwap noted that the launch of Pancake on Base brings with it low swap fees, liquidity provision, and yet-to-be-launched yield farming. The launch also provides PancakeSwap with improved security, accessibility and scalability.
Launched in August, Base has gained traction among crypto users. The Ethereum-focused Layer 2 network has done it 3.5 million Users are flocking to it just three weeks after launch. The network’s daily activity at times exceeded Optimism and Arbitrum, but is currently above the former and slightly behind the latter.
Base also attracted the interest of Top Guns such as: Cokewhich launched its new NFTs on the network. friend.tech also benefited from its launch on Base, generating over $1 million in fees within 24 hours.
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