The second-largest decentralized exchange, PancakeSwap, revealed on Thursday that it is expanding to the Coinbase-incubated Ethereum layer-2 network Base. The latest move marks another step in an ongoing multichain expansion of the Pancakeswap protocol.
“The cryptocurrency landscape’s evolution continues to redefine the financial realm as we know it. In a bold stride towards the future, we embark on an extraordinary journey by deploying our suite of products on Base, an Ethereum Layer 2 (L2) chain,” PancakeSwap stated in a blog post.
The expansion into Base means that PancakeSwap is live on eight networks, having already launched on Ethereum, BNB Chain, Aptos, Polygon’s zkEVM, zkSync Era, Linea, and Arbitrum.
Scaling in the DeFi Sector
PancakeSwap’s launch 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 was a good platform to boost DeFi adoption.
Furthermore, PancakeSwap stated that the integration, which involved American-based crypto exchange Coinbase, would bring to its users “the power of crypto mainstream adoption.” Coinbase is the largest centralized exchange in the US, boasting over 73 million users globally.
Low Fees, Yield Farming Hits Base
Pancake’s launch on Base brings with it low swapping fees, liquidity provision, and yet-to-be-launched yield farming, PancakeSwap noted. The launch also provides PancakeSwap with enhanced security, accessibility, and scalability.
Launched in August, Base has gained traction among crypto users. The Ethereum-focused layer 2 network saw over 3.5 million users flood into it just three weeks after its rollout. The network’s daily activity surpassed Optimism and Arbitrum at one time but is currently above the former and slightly behind the latter.
Base also attracted interest from top guns like Coca-Cola, which launched its new NFTs on the network. Friend.tech also benefited from its launch in Base, generating over $1 million in fees in 24 hours.
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