Business

PancakeSwap is thinking to deploy its mainnet on layer-1 blockchain Aptos

On the 20th of October, PancakeSwap, which is a developer of the popular decentralized exchange, proposed deploying its mainnet on layer-1 blockchain Aptos. PancakeSwap, which is a BNB Chain-based, currently its a volume of trading each day is around $47 million.

On the 17th of October, Aptos launched, and after this launch, the developers of PancakeSwap introduced the DEX’s first multichain migration proposal. In the proposal, it is said that Aptos is a next-generation layer-1 with low transaction costs, fast transaction speeds, and high transaction throughput. It also has the utilizing a novel and developer-optimized approach to parallel execution.

Moreover, in the proposal, it is said that PancakeSwap has developed a strong relationship with the Aptos team. PancakeSwap believes that several Aptos’ developer ecosystems are suitable for PancakeSwap partnerships and products.

If the proposal is accepted by Aptos, then developers will deploy four main features of the DEX, such as farms, pools, swaps, and initial farm offerings by Q4 2022. The developers believe that the only thing that is to be ensured is that PancakeSwap could establish itself as the leading DEX on Aptos.

If this proposal is accepted, then the native token of DEX, CAKE, will also be natively available on the Aptos blockchain, and on this matter, a vote will commence on the platform tomorrow.

Aptos is owned by former Meta employees Mo Shaikh and Avery Ching, the duo who were also in metaverse’s failed Diem stablecoin project. In July, Aptos raised $150 million in funding from FTX Ventures and Jump Crypto, and from this funding, it increased its valuation to $1 billion.

Aptos has attracted much attention from developers due to its special features, such as able to process 130,000 transactions per second. PancakeSwap was also got attracted by these features and proposed to deploy its mainnet on Aptos. PancakeSwap was also impressed by Aptos’ development opportunities, technical capabilities, and protocol expansion. 

Topic Source

Related Articles

Back to top button