PancakeSwap Expands to Coinbase-Incubated Base Network

PancakeSwap joins DeFi heavyweights like Uniswap, SushiSwap, and 1inch launching on the buzzy layer-2 network Base.

2 min read

Aug 31, 2023

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.

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.

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.

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