- Users of the DEX will be able to access low gas fees due to the collaboration.
- The announcement did not trigger an increase in active or new addresses.
Popular Automated Market Maker PancakeSwap [CAKE] has announced that the third version (v3) of its Decentralized Exchange has launched on opBNB, BNB Chain’s L2 rollup.
Read PancakeSwap’s [CAKE] Price Prediction 2023-2024
According to the announcement, the collaboration between both projects would enable users to access low transaction fees. It would also enable high transaction speed on the multichain DEX.
opBNB tops the icing on CAKE
For the uninformed, opBNB is the bedrock version of Optimism’s [OP] Stack and was launched on 13 September. The combination of the OP Stack and the BNB Chain allows for cost-effective gas fees while delivering high-performance transactions.
As a result, PancakeSwap noted that the deployment would help accommodate about 4,000 Transactions Per Second (TPS) while gas fees could be as low as $0.005.
?PancakeSwap v3 has officially launched on opBNB @BNBCHAIN!
?Trade with fees as low as 0.01%
?Provide liquidity to the 2nd largest DEX
⛽️Transfer with gas fees as low as $0.005?Learn more: https://t.co/nvu7sZk0L7
?: https://t.co/xllWcW0fu2 pic.twitter.com/6QJWp4RdAt
— PancakeSwap?Everyone's Favorite DEX (@PancakeSwap) September 28, 2023
The disclosure marks the latest collaboration PancakeSwap has had after it announced a number of partnerships, including the one with Coinbase L2 Base. Interestingly, this announcement also came after PancakeSwap reportedly surpassed BNB Chain’s revenue.
Despite the integration, PancakeSwap’s network growth has failed to improve. According to Santiment, the network growth was down to 1262 in the last 24 hours. By definition, the network growth of a project measures the number of new addresses interacting with the blockchain.
An increase in the metric suggests increasing adoption. On the other hand, a decrease like it was with PancakeSwap means traction has been low. Like the network growth, the 24-hour active addresses also dropped.
Active addresses indicate the daily level of deposits into a network within a specific timeframe. When the metric increases, it implies a surge in crowd interaction.
However, when the active addresses reduce, it means that there is a low level of speculation to trigger increased transfers on a network.
A partnership with better functions?
Regardless of the underlying on-chain response, personnel from the BNB Chain and PancakeSwap both mentioned that the collaboration had advantages for the parties.
In a press release sent to AMBCrypto, Arno Bauer, Senior Solution Architect at BNB Chain, said that the combination of the projects could pave the way for better accessibility with Decentralized Finance (DeFi). Bauer said,
“Combining the power of PancakeSwap with opBNB’s low fees, high throughput, and scalable infrastructure, this integration paves the way for a new era of DeFi accessibility and functionality.”
Realistic or not, here’s CAKE’s market cap in BNB’s terms
Chef Mochi, popularly called the Head Chef of PancakeSwap also shared a similar sentiment. In his words, the integration of the project on the opBNB Chain drives mass adoption for the DeFi sector. He noted that,
“Our decision to launch on opBNB reflects our continued commitment to driving mass adoption of DeFi, empowering users, and fostering a vibrant DeFi community.”
