PancakeSwap a step forward? Extended to Arbitrum One

Renowned decentralized finance (DeFi) platform PancakeSwap (CAKE) has announced its expansion to Arbitrum One, a move aimed at bringing a seamless and “user-friendly” DeFi experience to the Arbitrum network.

Focusing on accessibility and cost-efficiency, PancakeSwap aims to provide users with new opportunities while introducing swap and liquidity provisioning features as well as upcoming farm and initial farm offering (IFO) features.

PancakeSwap and Arbitrum Integration

Integrating PancakeSwap with Arbitrum One could bring benefits to the DeFi ecosystem. By utilizing Arbitrum One's Layer 2 technology, PancakeSwap enhances scalability and efficiency, resulting in faster transactions and lower gas fees.

This improved infrastructure enhances liquidity and reduces slippage, making users' trading activities smoother and more cost-effective.

Through the integration, PancakeSwap aims to attract a wider audience and promote more people to participate in DeFi. By providing a seamless and user-friendly trading experience, the platform aims to drive mass adoption and open up new opportunities for users.

Additionally, according to the announcement, users who become PancakeSwap v3 liquidity providers can earn rewards from transaction fees generated by their liquidity pools. This passive income opportunity enables users to increase their income while contributing to the growth of the platform.

To celebrate the launch of PancakeSwap v3 on Arbitrum One, the "Cross Treasure Island" Galxe event is launched.

Users can participate in swaps, liquidity provisioning, and social media tasks to earn loyalty points and unlock exclusive NFTs. The campaign encourages active participation in the Arbitrum One ecosystem, offering users rewards and opportunities to explore its possibilities.

Notably, PancakeSwap stated that it plans to distribute the incentives provided by Arbitrum One to various stakeholders, including the CAKE community, CAKE stakers, projects contributing to the development of PancakeSwap, and ecosystem contributors.

Overall, the integration with Arbitrum One represents a major change in the DeFi space. By providing improved scalability, efficiency, and user-friendly features, PancakeSwap aims to increase the accessibility of DeFi and drive wider adoption.

CAKE's decline on the 1-day chart. Source: CAKEUSDT on TradingView.com

According to Token Terminal data, CAKE’s recent market performance has fluctuated to a certain extent, with a trading price of $1.472. The 24-hour price change shows a drop of 0.9%, while the 7-day and 30-day changes show a drop of 2.33% each.

At present, the circulating market value of PancakeSwap is 314.26 million US dollars, which is changing by 1.44%. However, the fully diluted market capitalization considering the token’s maximum supply was $1.11 billion, a slight drop of 0.64%.

In terms of revenue, the revenue of the decentralized exchange in the past 30 days was US$1.09 million, a decrease of 19.19% from the previous period. Annualized revenue was $13.31 million, down 27.18%.

PancakeSwap’s Total Value Locked (TVL), which represents the amount of assets staked on the platform, is currently $1.18 billion, down 6.08%.