PancakeSwap, the leading decentralized exchange on BNB Chain, is expanding to the Coinbase-incubated Ethereum layer-2 network Base.
Its move to Base is part of the ongoing multi-chain expansion from the PancakeSwap team.
After Base, the exchange is also live on four other Ethereum rollups in Polygon’s zkEVM, zkSync Era, Arbitrum, and Linea.
Currently, 94.8% of PancakeSwap’s total $1.37 billion in liquidity sits on the BNB Chain, per DeFiLlama data.
Base Network Sees Activity Soar Past Arbitrum, Optimism Amid Friend.tech Frenzy
The Friend.tech app built on the Coinbase-incubated Ethereum layer-2 Base has seen activity soar since Friday. The app tokenizes Twitter accounts on-chain, letting users buy and sell “shares” of their favorite social media personalities. Likely built by pseudonymous developer Racer, Friend.tech went live with an invite-only beta on August 11—a day after Base’s mainnet launch. The application hit server capacity on launch day. We hit server capacity and are provisioning more resources. We should...
The project aims to leverage Coinbase's ecosystem, which “brings the power of mainstream crypto adoption” and helps in building a “more inclusive DeFi landscape,” according to an announcement shared with Decrypt.
“By joining forces with Base, PancakeSwap is pleased to bring users more accessibility and functionality than ever before,” Chef Mochi, the head architect of PancakeSwap, told Decrypt. “Our decision to launch on Base reflects our continued commitment to driving mass adoption of DeFi, empowering users, and fostering a vibrant DeFi community.”
The DEX landscape on Base
PanswapSwap joins Uniswap, SushiSwap, and 1inch, which recently launched on Base after its mainnet went live on August 9.
A new exchange on Base, Aerodrome, has also made a noteworthy impact on the network.
Launched on August 29, by the Velodrome team on Optimism, Aerodrome climbed to the top position among Base DEXs by total deposits, per DeFiLlama data, thanks to the introduction of liquidity mining for its native governance token, AERO.
DeFi Deposits on Base Soar as Yield Farmers Plant Aerodrome Harvest
The total value deposited into various DeFi contracts on the Coinbase-incubated Base network reached a new all-time high of $301.2 million, rising 53% overnight, per DeFiLlama data. This surge in deposits on the Ethereum layer-2 network can be attributed to the liquidity mining incentives on the newly deployed Aerodrome decentralized exchange. Liquidity mining, also called yield farming, refers to the incentives a project doles out for users joining the platform. In this case, Areodrome is essen...
The Ethereum layer-2 user activity surged due to social media app Friend.tech.
The number of daily transactions surpassed Ethereum at its peak. However, the network activity subsided along with a drastic fall in Friend.tech usage.
