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The global crypto market cap is $1.04 trillion with a 24-hour volume of $28.98 billion. The price of Bitcoin is $25,905.38 and BTC market dominance is 48.3%. The price of Ethereum is $1,643.42 and ETH market dominance is 18.9%. The best performing cryptoasset sector is Insurance, which gained 26%.
The arrival will offer higher returns for liquidity providers and lower fees for traders.
Cover art/illustration via CryptoSlate
PancakeSwap v3, a popular multi-chain DeFi exchange, announced its launch on the Ethereum layer 2 network Linea on Aug. 24.
The exchange’s deployment on Linea introduces two new features. The first is improved capital efficiency, which will allow liquidity providers to focus their capital within specific price ranges where maximum trading occurs. This feature is intended to help participants increase their earnings. PancakeSwap claims that liquidity providers can achieve a capital multiplier up to 4000 times greater on v3 than v2.
The second feature that Linea will facilitate is enhanced trading features. PancakeSwap said the launch will provide multi-tier fee structures, allowing traders to access low trading fees. Fee tiers will range from 0.01% to 1%, and users will be able to choose a fee structure that is best for their trading activities and liquidity pool of choice.
PancakeSwap also advertised a promotional activity called “Traverse the Treasure Islands” and said users can earn rewards by participating in activities. This campaign presents an opportunity to earn loyalty points and gain access to commemorative NFTs, further indicating the platform’s engagement with its community.
PancakeSwap added that if it receives Linea incentives, it will partially distribute those rewards to stakeholders who stake its CAKE token and other project contributors and community members. However, it said Linea has not announced any such rewards.
Though today’s announcement marks its mainnet launch, PancakeSwap noted that it previously deployed on Linea as a testnet ecosystem partner.
Linea is a layer 2 network for Ethereum. Like most layer 2 networks, it intends to improve transaction efficiency by increasing transaction speeds and reducing fees. The platform is developed by ConsenSys and was formerly known as ConsenSys zkEVM.
PancakeSwap itself is available on several different blockchain networks. The project originated on Binance Smart Chain (now known as BNB Chain). Other supported networks include Ethereum, Aptos, Polygon zkEVM, zkSync Era, and Arbitrum. PancakeSwap v3 went live on BNB Chain and Ethereum in April 2023.
PancakeSwap is currently the 13th largest DeFi platform by total value locked (TVL), with $1.4 billion of crypto locked by users at present. Its native token (CAKE) is among the 130 largest cryptocurrencies and has a market cap of $273 million.
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada’s West Coast.
Jacob Oliver is a recovering academic and English teacher who went down the crypto rabbit hole in 2017 after recognizing the technology’s potential.
Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
PancakeSwap is a decentralized exchange for swapping BEP20 tokens on Binance Smart Chain.
Bitcoin’s supply dynamics are helpful when analyzing the market, as they provide a window into the trading behavior of its vast user base.
The company revealed the numbers in a new bankruptcy filing.
Binance has repeatedly claimed that it complies with global sanctions imposed on Russia.
Ethereum price has struggled considerably since last week’s flash crash.
A whistleblower who “worked with Worldcoin” released a video on Aug. 23 cutting ties with the project and warning of substantial red flags.
Algorand’s price and DeFi volume have suffered severely in the wake of its classification as a security by the SEC.
The former U.S. President declared he earned over $4 million from his NFT adventure.
The Worldcoin founder is touting high adoption rates but support from on-chain data is lacking.
The BNB Bridge hacker’s $63 million position was also liquidated on Venus Protocol.
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