According to a recent announcement from PancakeSwap, the decentralized exchange PancakeSwap, has officially launched on the Polygon zkEVM Beta.
The PancakeSwap exchange allows users to trade tokens and profit from liquidity pools and staking. While other leading protocols like Uniswap and SushiSwap run on the Ethereum network, PancakeSwap runs on the Binance Smart Chain (BSC).
However, the new development strengthens PankecakeSwap’s ties with Ethereum, as the Polygon zkEVM Mainnet Beta is crucial for Ethereum’s scalability.
Enhancing efficiency, reducing gas cost, and increasing network throughput ⚡️
🥞@PancakeSwap is now on Polygon #zkEVM, making it a go-to platform for seamless token swapping and liquidity provision.https://t.co/myBJg0FCke
— Polygon (Labs) (@0xPolygonLabs) June 30, 2023
Following the launch, the Polygon community can begin to take advantage of the Swap and Liquidity Provision functionalities provided by PancakeSwap v3. Additionally, the latest version of PancakeSwap will reduce trading fees while allowing for higher fee returns for liquidity providers.
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As the announcement reads ;
We are thrilled to announce that PancakeSwap v3 has officially launched on the Polygon zkEVM Mainnet Beta, providing our vibrant community with the Swap and Liquidity Provision functionalities. With powerful features inherited from the latest version of PancakeSwap, this deployment brings lower trading fees, increased fee returns for liquidity providers, and improved capital efficiency, making it the industry’s most efficient and user-friendly DEX.
Embracing Layer Two (L2) technology allows PancakeSwap to unlock new opportunities and provide network users with exceptional benefits. PancakeSwap has created a list of tasks in the PancakeSwap’s Traverse the Treasure Islands Galxe Campaign to celebrate the newly attained milestone. Users can earn loyalty points and gain exclusive access to NFTs through the campaign.
With the launch of PancakeSwap v3 on Polygon zkEVM introducing Swap and Liquidity Provision functionalities to its ecosystem, users can seamlessly trade their favorite tokens while taking part in liquidity provision directly on the PancakeSwap platform.
The PancakeSwap v3 is also flexible enough to provide both traders looking to swap tokens and liquidity providers seeking passive income with a frictionless experience. Meanwhile, capital efficiency cost remains a significant focus point for PancakeSwap v3.
Capital efficiency is a crucial focus of PancakeSwap v3, enabling liquidity providers to concentrate their capital within specific price ranges where most trading occurs. Capital efficiency allows liquidity providers to maximize their earnings by making their assets work harder for them. With PancakeSwap v3, liquidity providers can achieve a capital multiplier of up to 4000x.
Additionally, a multi-tier fee structure ensures that traders on PancakeSwap spend as little as possible on trading fees. With four fee tiers on the platform, the only range from 0.01 percent to 1 percent, traders can pick a fee that suits their trading preference and liquidity pool.
Olivia Brooke has been writing about cryptocurrencies since 2018. She’s currently fascinated by NFTs, and she remains committed to learning and writing about the broader cryptocurrency industry.
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