1. BITBILIHome
  2. Article

PancakeSwap expands to zkSync era, enhancing DeFi scalability

• 39 views

TL;DR Breakdown

  • PancakeSwap has launched on zkSync Era, improving scalability and efficiency.
  • The launch is part of a trend of DeFi platforms using Layer 2 solutions for mass adoption.
  • zkSync Era offers reduced gas costs and faster transactions, recently surpassing Ethereum’s daily transactions.

Description

In a significant development for the DeFi sector, PancakeSwap, the leading decentralized exchange (DEX) on the Binance Chain, has announced its launch on zkSync Era, an Ethereum Layer 2 network. This move is set to enhance the scalability and efficiency of the DEX, offering users reduced gas costs and faster transaction times. PancakeSwap v3 currently … Read more

In a significant development for the DeFi sector, PancakeSwap, the leading decentralized exchange (DEX) on the Binance Chain, has announced its launch on zkSync Era, an Ethereum Layer 2 network. This move is set to enhance the scalability and efficiency of the DEX, offering users reduced gas costs and faster transaction times.

PancakeSwap v3 currently supports swaps and liquidity providing (LP), with yield farming and LP token staking set to come online in the coming weeks. The exchange also plans to launch Initial Farm Offerings, allowing new projects to bootstrap liquidity from yield farmers. This expansion is part of PancakeSwap’s strategy to position itself as a key player in Ethereum’s Layer 2 ecosystem.

zkSync era’s role in PancakeSwap’s expansion strategy

zkSync Era, developed by Matter Labs, is an Ethereum Layer 2 network that utilizes zero-knowledge rollup technology to offer users and applications significantly reduced gas costs and transaction times. The network has recently seen a surge in activity, surpassing the daily transactions on Ethereum three times. Marco Cora, senior VP of business and operations at Matter Labs, stated that securing native deployments from bluechip DeFi protocols is critical to the network’s success.

PancakeSwap’s launch on zkSync Era is part of a broader trend of DeFi platforms leveraging Layer 2 scaling solutions to pave the way for mass adoption of DeFi. PancakeSwap v3, a fork of Uniswap v3, offers concentrated liquidity features and tiered fees from 0.01% to 1%. It has already launched on three emerging Layer 2s – Polygon zkEVM, Consensys’s Linea, and now zkSync Era. However, BNB Chain still accounts for 83% of v3’s total value locked (TVL), according to DeFi Llama.

PancakeSwap v3 is the seventh-most popular decentralized exchange, with $4.6M worth of trades executed on its BNB Chain deployment in the past 24 hours, according to CoinGecko. The launch of PancakeSwap on zkSync Era is expected to further boost the DEX’s popularity and usage.

In conclusion, PancakeSwap’s launch on zkSync Era is a significant step forward for the DeFi sector, offering users enhanced scalability and efficiency. This move is likely to encourage other DeFi platforms to leverage Layer 2 scaling solutions, paving the way for the mass adoption of DeFi. As the DeFi sector continues to evolve, the role of Layer 2 solutions in enhancing scalability and efficiency is becoming increasingly important.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:PancakeSwap expands to zkSync era, enhancing DeFi scalability

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年7月29日 04:43
Next 2023年7月29日 05:59

Related articles

  • White House joins forces with tech giants to combat cyber threats

    TL;DR Breakdown The White House partners with tech giants including Amazon, Google, and Best Buy to boost cybersecurity. The initiative involves a new certification program, with a “U.S. Cyber Trust Mark” logo indicating less vulnerable devices. This program, aiming to secure economic and national security, is set to launch in 2024. Description As a potent move to secure digital frontiers, the White House has forged a crucial partnership with various tech giants like Amazon, Google, and Best Buy. This coalition aims to create a defense mechanism against the escalating cyber threats that continue to impede America’s digital stability. It will involve rolling out a unique initiative that … Read more As a potent move to secure digital frontiers, the White House has forged a crucial partnership with various tech giants like Amazon, Google, and Best Buy. This coalition aims to create a defense mechanism against the escalating cyber threats that continue to impede America’s digital stability. It will involve rolling out a unique initiative that enables Americans to recognize gadgets that pose a lesser risk to cyber-attacks. White House bolstering…

    Article 2023年7月19日

  • Bitcoin mining and energy use: A catalyst for positive change?

    TL;DR Breakdown Energy consumption in Bitcoin mining remains a critical issue amongst environmentalists and crypto critics. Market analysts point out that the energy consumption of Bitcoin is minuscule compared to that of traditional financial institutions. Bitcoin’s energy consumption is not a problem in and of itself. Rather, the issue is the source of the energy being used. Bitcoin miners are increasingly turning to renewable energy sources such as solar, wind, and hydroelectric power.  At a time when climate change is a pressing concern, energy consumption in Bitcoin Mining has been a topic of heated debate. Detractors argue that the amount of energy consumed in mining Bitcoin is unsustainable and detrimental to the environment. However, some analysts believe that Bitcoin has the potential to catalyze a positive change in the energy sector. The myth of Bitcoin’s energy consumption Firstly, it is important to dispel the myth that Bitcoin is an energy hog. In reality, the energy consumption of Bitcoin is minuscule compared to that of traditional financial institutions. According to a report by the International Energy Agency, the banking system consumes…

    Article 2023年5月17日

  • Cricket Legend AB de Villiers Shares Insights on NFT Hack

    TL;DR Breakdown AB de Villiers, the renowned cricket legend, reveals how he was tricked by a malicious NFT contract and lost a significant part of his collection. De Villiers shares his early investments in cryptocurrencies, including XRP, and expresses his interest in exploring various aspects of the Web3 industry. AB de Villiers, the renowned South African cricket legend, recently opened up about his personal experience with a devastating NFT hack. In an interview with Cointelegraph, de Villiers revealed how he inadvertently fell victim to a malicious NFT contract, resulting in the loss of a significant portion of his NFT collection. Additionally, he shared his early investments in cryptocurrencies, including XRP, and expressed his interest in exploring the Web3 industry. This article delves into de Villiers’ revelations, highlighting the hacking incident and his journey into the world of cryptocurrencies. Contents hide 1 AB de Villiers’ NFT Hack: Lessons Learned in Navigating Web3 2 AB de Villiers’ Affinity for XRP and Web3 Exploration 3 AB de Villiers’ Future Endeavors in the Web3 Industry 4 Conclusion AB de Villiers’ NFT Hack: Lessons Learned…

    Article 2023年6月6日

  • Coinbase Co-founder embraces Bitcoin Lightning to propel mainstream adoption

    TL;DR Breakdown Coinbase commits to embracing Bitcoin Lightning, enhancing its potential for mainstream use. Armstrong refutes neglect claims, highlighting Coinbase’s substantial Bitcoin onboarding efforts. Dorsey initially criticizes, but later shows willingness to collaborate with Coinbase on Lightning. Description Coinbase Co-founder Brian Armstrong announced the company’s intention to embrace Bitcoin Lightning, further bolstering Bitcoin’s potential as a mainstream payment option. Armstrong’s statement came in response to accusations that Coinbase had ignored Bitcoin’s Layer 2 technology, the Lightning Network. “We’re investigating the most efficient means of incorporating Lightning,” said Armstrong. “It’s not easy, but it’s … Read more Coinbase Co-founder Brian Armstrong announced the company’s intention to embrace Bitcoin Lightning, further bolstering Bitcoin’s potential as a mainstream payment option. Armstrong’s statement came in response to accusations that Coinbase had ignored Bitcoin’s Layer 2 technology, the Lightning Network. “We’re investigating the most efficient means of incorporating Lightning,” said Armstrong. “It’s not easy, but it’s work I believe you should put in. Bitcoin as a mainstream payment option has my full support.” We’re looking into how to best add Lightning. It’s non-trivial, but I…

    Article 2023年8月3日

  • I asked ChatGPT: When is the next crypto bull run if we are ever going to have one again?

    TL;DR Breakdown ChatGPT-4 provides insights into the possible timing and indicators of the next cryptocurrency ‘bull run’. Bull runs typically follow bear markets, suggesting a possible resurgence as market stability and investor confidence return. GPT-4 speculates the next bull run could potentially occur within the next 6 to 8 months based on recovery patterns from previous bear markets. As investors globally grapple with the aftermath of the 2022 cryptocurrency winter, a burning question lingers on everyone’s lips: “When is the next crypto bull run if we are ever going to have one again?” In search of answers, we sought insights from the cutting-edge AI language model, ChatGPT, to explore the potential trajectory of the cryptocurrency market. Market cycles and bull runs As we delve into this labyrinthine world of cryptocurrency, GPT-4 offers a unique perspective based on its extensive understanding of the subject. This AI model acknowledges the inherent difficulty in predicting exact timeframes for a bull run but underlines the cyclic nature of the cryptocurrency market as a potential predictor. It highlights that bull runs have historically succeeded bear…

    Article 2023年6月9日
TOP