PancakeSwap embraces ZkSync Era and here are the details
- PancakeSwap finally links to ZkSync Era and this could be hugely beneficial for both.
- Despite no noticeable improvement in price, CAKE’s investor confidence witnessed a boost.
Smart contract development has been evolving recently through ZK-rollups. PancakeSwap wants to tap into this as revealed through one of its most recent announcements.
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PancakeSwap recently announced its V3 integration with the ZkSync Era network. So, why is this important? Well, ZkSync Era has been rapidly growing because of the advantages that it offers as an Ethereum layer 2.
PancakeSwap as a leading decentralized exchange is bound to benefit from the demand for ZkSync Era, hence its integration could be advantageous for the DEX.
? Exciting news! As you may already know, we have warmly welcomed @zkSync Era, the newest addition to the PancakeSwap v3 family!
— PancakeSwap?Ev3ryone’s Favourite D3X (@PancakeSwap) July 27, 2023
Looking at it from a different angle, the integration with ZkSync Era might unlock more demand and utility for PancakeSwap in the long run. But just how is PancakeSwap fairing especially in the current environment?
Well, let’s take a look at PancakeSwap V3’s performance in the last 30 days.
The state of PanCake V3
According to DappRadar, PancakeSwap V3’s lowest volume during the last four weeks was $79.73 million on 23 July. It clocked in 110,100 transactions and 53,800 unique new wallets (UAWs) on the same day.
Meanwhile, its highest volume during the last 30 days came in at $417.81 million on 30 June. It registered 129,440 transactions and over 64,000 UAWs on the same day.
The difference was notably low, and the network’s historic activity remained within the same range for the rest of the four weeks. This reflected the subdued nature of the market during the same period. Despite that, we did observe something interesting regarding network activity.
The number of active addresses fell between 18 and 21 June before bouncing back for the rest of the month. As such, network activity went down during the same phase. Both metrics bounced back strong after that and even pushed to new monthly highs on 27 July.
Despite these changes, PancakeSwap’s native token CAKE continued to deliver a significant amount of sideways activity. It exchanged hands at $1.50 at the time of writing.
This means it was still trading near its lowest point so far this year. While the price didn’t achieve any significant upside, investor confidence continued to improve. Furthermore, at press time, it stood at its highest point in the last four weeks.
How many are 1,10,100 CAKEs worth today
The rising investor sentiment also suggested that demand could be building up, hence increasing the chances of an uptick. Nevertheless, with that observation, there is still a considerable probability of more downside in case of unfavorable market conditions.