Benzinga - PancakeSwap (CRYPTO: CAKE), a decentralized exchange (DEX), initiated operations on the Ethereum (CRYPTO: ETH) scaling platform Arbitrum (CRYPTO: ARB) as part of its strategy to grow its clientele and revenue.
PancakeSwap, which operates without intermediaries using smart contracts, is already functional on platforms such as BNB Chain (CRYPTO: BNB), Ethereum, Polygon zkEVM (CRYPTO: MATIC), zkSync and Aptos (CRYPTO: APT) blockchains.
As per recent data from DefiLlama, the DEX managed assets exceeding $1.54 billion.
By joining Arbitrum, PancakeSwap wants to offer its users reduced transaction fees and quicker processing times. Currently, the platform boasts trading fees as minimal as 0.01%, making it one of the most competitive in the DEX space.
Arbitrum oversees assets worth over $2 billion and stands as a leading layer 2 network.
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“PancakeSwap's move to Arbitrum One underscores its dedication to promoting widespread DeFi adoption," said Developer Chef Cocoa.
Through enhanced scalability and affordability, PancakeSwap is set on drawing a larger user base to the platform, promoting more extensive engagement in the DeFi world.
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