The team behind Decentralized exchange PancakeSwap has proposed the exchange expands to the newly launched Aptos blockchain.
The team intends to deploy four of its main features — swaps, farms, pools and initial farm offerings — quickly to the blockchain, according to the proposal. The goal is to take hold of the market share as early as possible, with the hope of becoming the dominant exchange in its ecosystem.
This will also involve creating a native version of the CAKE token on Aptos, which will be the first native CAKE token on another blockchain. The deployment will take place during Q4, assuming the community backs the idea.
The Aptos blockchain went live on Oct. 12. It aims to provide a high-throughput blockchain with low transaction fees. While the majority of tokens are held by the foundation, core developers and investors — plus a community pool largely under the control of the foundation — there was a small airdrop to early adopters.
The move comes just weeks after PancakeSwap expanded to the Ethereum blockchain. On Oct. 4, the exchange announced that the integration was live and cross-chain farming — farming tokens across both chains — began a week later.
PancakeSwap, which originally started out on BNB Chain, is the second-biggest decentralized exchange by trading volume, according to DeFiLlama. It comes in behind Uniswap. By total value locked, PancakeSwap ranks third, behind Curve and Uniswap.
A PancakeSwap product manager, known by the title Chef Mochi, said in a July AMA that the exchange’s focus is to go multichain in order to increase protocol revenue — as noted by a DeFi researcher known as Ignas. Another goal is to bring users from these chains back to BNB Chain.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
