On the way to a new Eldorado – PancakeSwap is the iconic decentralized exchange platform of the BNB Smart Chain. In parallel with the launch of the Aptos blockchain, PancakeSwap is considering a migration.
PancakeSwap plans to migrate to Aptos
In 2020, faced with the significant congestion problems encountered by Ethereum (ETH), Binance unveils the BNB Smart Chain. Quickly, the CZ Smart Chain and its lower fees than Ethereum, attracted developers and users. From this enthusiasm was born a rich and diversified DeFi ecosystem.
Among the emblematic protocols of the BNB Smart Chain, we find the DEX PancakeSwap. Based on the code of SushiSwapthe platform then evolved to offer more services to its users.
Strong nearly $100 million in daily volumePancakeSwap ranks third among decentralized exchanges.
However, PancakeSwap now dreams of expansion. Thus, the protocol teams have published a governance proposal that is surprising to say the least.
“Today, we are delighted to present our first native multi-channel proposal, where CAKE will be relocated to another channel. The goal is to deploy PancakeSwap natively to Aptos! »
As a reminder, Aptos is a new layer 1 blockchain, whose mainnet was launched on October 18.
A first for PancakeSwap, which unlike many protocols, has not taken the path of multichain.
>> Your first bitcoins in a few minutes? Sign up on Binance (commercial link) <<
Why Aptos?
Obviously, the PancakeSwap teams have provided explanations for their desire to join the Aptos ecosystem.
First, they address network performance. Indeed, Aptos should theoretically be able to process more than 100,000 transactions per second.
“Aptos is a new generation of L1 with low transaction costs, high transaction throughput and fast transaction speeds. It uses a new, developer-optimized approach to parallel execution. This brings a number of improvements both technically and for the end user. »
Secondly, PancakeSwap highlights theteam experience from Aptos, resulting in part from crypto projects led by Facebook. We then learn that a strong relationship has been forged between the teams of the two projects.
Eventually, PancakeSwap would roll out to Aptos in a version minimale. This would integrate the 4 main functionalities of the protocol, namely the swapsthem farmsthem pools and finally the IFO.
A decision that is up to the DAO
Obviously, the PancakeSwap protocol is governed by a DAO. Thus, it is now up to CAKE token holders to choose whether PancakeSwap will be deployed on the Aptos blockchain.
The vote will be open for a period of two days, starting from October 21 2 p.m. untilto October 23 14 hours.
For the moment, the vote is well underway. Indeed, the ” Oui won the vote with 96% of the votes.
For its part, the unicorn of Uniswap, one of PancakeSwap’s main competitors, is also migrating to new channels. Thus, developers have developed a transpiles allowing to deploy Uniswap on the Starknet network.
PancakeSwap is moving! Do you want to stay loyal to the BNB Smart Chain? Register quickly on the Binance platformTHE absolute benchmark in the sector (commercial link).
