PancakeSwap expands to Coinbase-incubated Ethereum layer 2 Base
Quick Take
- Decentralized exchange PancakeSwap has expanded to Base.
- The DEX is now available on eight blockchain networks.
PancakeSwap, the second-largest decentralized exchange, has launched on Base — the Coinbase-incubated Ethereum layer 2 scaling network — as it continues its multichain expansion.
Base, built on OP Stack in collaboration with Optimism, aims to help users by providing lower gas fees, faster transactions and improved capital efficiency, PancakeSwap said Thursday.
The Base mainnet officially opened to the public on Aug. 9 and is already challenging Optimistic rollup scaling networks Arbitrum and Optimism. Base's seven-day moving average daily transaction count surpassed 813,000 on Aug. 23, ahead of Arbitrum's 646,000 and Optimism's 469,000, according to The Block's data dashboard. Currently, Base is ahead of Optimism and slightly behind Arbitrum.
PancakeSwap's multichain expansion
PancakeSwap will first bring its swap and liquidity provisioning features to Base. It is then expected to bring its farm feature, which allows users to stake their liquidity provider tokens and earn PancakeSwap's native CAKE token while keeping a position in their LP tokens, to Base.
Base is the eighth blockchain PancakeSwap has expanded to as it focuses on Ethereum scaling networks. Initially built on BNB Chain, PancakeSwap now supports Ethereum, Aptos, Polygon zkEVM, zkSync Era, Arbitrum One and Consensys-powered Linea.
PancakeSwap was launched in 2020 and has grown to become the second-largest decentralized exchange protocol, just after Uniswap, according to The Block's Data Dashboard.
Uniswap also recently expanded to Base.
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