In a significant development for the crypto industry, PancakeSwap v3 has successfully launched on the Polygon zkEVM Mainnet Beta. This expansion brings forth a host of benefits for users, including reduced fees, enhanced liquidity rewards, and improved efficiency. The integration of PancakeSwap, a well-known brand in the crypto space, with Polygon zkEVM positions the platform as a go-to destination for seamless token swapping and liquidity provision.
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
Polygon zkEVM, a Layer Two scaling solution for Ethereum, has been gaining remarkable traction since its launch. With an impressive Total Value Locked (TVL) of over $28 million, the network has garnered attention for its enhanced smart contract functionality, reduced gas costs, and widespread adoption. Currently hosting more than 3,000 applications and processing billions of transactions, Polygon secures assets worth approximately $5 billion.
PancakeSwap v3’s arrival on Polygon zkEVM introduces revolutionary advancements in the realm of trading and liquidity provision. Users can now seamlessly swap tokens and directly participate in liquidity pools, enabling them to effortlessly engage in trading activities while earning passive income. Notably, liquidity providers benefit from capital efficiency, allowing them to optimize their earnings with an extraordinary capital multiplier of up to 4000x.
Traders using PancakeSwap v3 on Polygon zkEVM can also enjoy multi-tier fees that are among the lowest in the industry, ranging from 0.01% to 1%, based on their preferences and choice of liquidity pool. This capital-efficient trading experience, coupled with reduced slippage, significantly enhances the overall trading process, making PancakeSwap v3 the platform of choice for efficient and cost-effective decentralized trading on Polygon zkEVM.
To celebrate its multichain expansion, PancakeSwap has introduced the Traverse the Treasure Islands Campaign on Galxe. This campaign offers users exciting opportunities to earn loyalty points and exclusive non-fungible tokens (NFTs) by engaging in various tasks. While no airdrops from Polygon zkEVM to PancakeSwap have been announced yet, the campaign serves as an enticing way for users to explore the benefits of the platform’s expansion.
PancakeSwap v3’s foray into Polygon zkEVM marks a significant milestone in the evolution of multichain decentralized finance (DeFi). By providing improved efficiency, lower gas costs, and increased network throughput, this integration paves the way for a new era of decentralized finance, offering users enhanced trading experiences and lucrative rewards.
Compiled by Coinbold
