PancakeSwap (CAKE) has announced its expansion to the zkSync Era blockchain, according to the DEX’s developer Chef Cocoa. The move is intended to increase the user base and protocol revenue of PancakeSwap. At launch, users will be able to take advantage of token swap and liquidity provisioning features with a 0.01% transactional fee. The farms feature is expected to be available in the coming weeks, allowing users to stake their liquidity pool (LP) tokens to earn CAKE while maintaining their LP token position.
PancakeSwap is a decentralized exchange (DEX) that utilizes smart contracts instead of middlemen to provide users with trading, lending, and lottery services. The DEX is now available on the BNB Chain, Ethereum, Polygon zkEVM, Aptos, and zkSync Era. As of Wednesday, the protocol held over $1.57 billion worth of tokens, according to DefiLlama data.
zkSync Era was launched by developer Matter Labs in March as an Ethereum layer 2 blockchain compatible with the Ethereum Virtual Machine (EVM). This allows developers to deploy applications between zkSync Era and the Ethereum mainnet using the same code.