PancakeSwap V3 Takes The Stage On Ethereum's Layer 2 Linea MainnetAugust 24, 2023
PancakeSwap, a leading decentralized finance (DeFi) platform, has officially launched its anticipated Version 3 (V3) on the Linea Mainnet.
According to the announcement, the collaboration between PancakeSwap and Linea aims to provide a seamless trading experience with lower fees, increased liquidity provider returns, and enhanced capital efficiency.
PancakeSwap V3 On Linea
Linea, formerly known as ConsenSys zkEVM, stands as Layer 2 scaling solution powered by ConsenSys. Linea achieves faster transaction speeds and reduced gas costs while ensuring security by utilizing zero-knowledge proofs and maintaining full Ethereum Virtual Machine (EVM) equivalence.
Developers can seamlessly create or migrate Ethereum apps without code modification or smart contract rewriting. With native integrations of popular tools like MetaMask and Truffle, Linea empowers developers with flexibility and scalability on the zkEVM.
The collaboration has provided PancakeSwap users with insights into Layer 2 scaling solutions and the Linea platform, contributing to the development and adoption of decentralized financial solutions.
Per the announcement, PancakeSwap v3 on Linea introduces two key features: advanced Swap and Liquidity Provision functionalities. These features enable users to trade tokens and participate in liquidity provision directly on the platform.
The core principle of PancakeSwap v3 is maximizing capital efficiency, allowing liquidity providers to concentrate their capital within specific price ranges where most trading occurs.
By optimizing asset utilization, liquidity providers can enhance their earnings. PancakeSwap v3 enables liquidity providers to achieve a capital multiplier of up to 4000x compared to its predecessor, v2, thus maximizing returns.
While the provision of Linea incentives to PancakeSwap has not been communicated at this point, if they are provided, PancakeSwap intends to share them with various stakeholders, including the CAKE community, CAKE stakers, projects contributing to PancakeSwap’s development, and ecosystem contributors. The protocol’s “Chefs” concluded the announcement by stating:
We anticipate the exciting opportunities ahead as PancakeSwap v3 takes its momentous leap onto Linea. We are thrilled to work hand in hand with other projects, developers, builders, and our vibrant community as we continue to push the boundaries of Multichain DeFi. Together, we can foster innovation, drive adoption, and shape the future of decentralized finance. We invite you all to join us on this remarkable journey as we unlock new realms of possibility and create a thriving ecosystem that benefits everyone involved.
Currently priced at $1.28, PancakeSwap’s token (CAKE) has experienced a slight downward movement in the past 24 hours, with a decrease of 0.02%.
Over 7 days, it has seen a decline of 7.89%, and over 30 days, a decrease of 13.85%. Looking at a longer timeframe, PancakeSwap has encountered significant volatility, with a decline of 68.79% over the past 180 days.
Featured image from Unsplash, chart from TradingView.com
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