- PancakeSwap’s volume on zkSync Era crossed the $60 million mark.
- CAKE’s price chart remained red and metrics suggested a drop in network activity.
PancakeSwap [CAKE] was leaving no stone unturned to boost its efforts to go multichain. Recently, the DEX announced that it went live on Arbitrum One. Just a few days after that, PancakeSwap submitted a proposal for adding CAKE allocations to bootstrap Arbitrum One liquidity.
Read PancakeSwap [CAKE] Price Prediction 2023-24
Apart from Arbitrum, the DEX’s performance on other networks, such as zkSync Era, has also remained promising over the last few weeks. These achievements did not help CAKE, as the token once again slipped out of the list of the top 100 cryptos by market capitalization.
All about PancakeSwap’s new proposal
PancakeSwap’s latest proposal aims to deploy new farms on Arbitrum One to boost liquidity and provide juicy APRs to liquidity providers. The kitchen will not increase emissions to enable these farms but draw from the “Multichain Warchest” allocation.
As per the official announcement, the proposal was originally submitted on 14 August.
? Proposal for Adding CAKE Allocation to Bootstrap Arbitrum One Liquidity?
? We propose to deploy new Farms on Arbitrum One to boost the liquidity and provide juicy APRs to Liquidity providers.
⚡ ️The kitchen will not increase emissions to enable these farms but draw… pic.twitter.com/HmAGWmRGOr
— PancakeSwap?Everyone's Favorite D3X (@PancakeSwap) August 14, 2023
Over the next few weeks, PancakeSwap will observe traction and optimize for new farms and adjustments to provide the best swapping experience on Arbitrum One.
The announcement also mentioned that PancakeSwap will continue to monitor the impact of CAKE rewards on volume, liquidity, and usage in order to expand Arbitrum One in the coming weeks.
As of now, the DEX’s performance on Arbitrum One looks promising. Only a few days after launch, its TVL exceeded $8,000 while its daily volume touched over $56,000 on 12 August. Additionally, PancakeSwap reached a new milestone on zkSync Era as trading volume surpassed $60 million.
? zkSync Era is soaring with a 60M trading volume! ? Gratitude for the immense support for Swap, LP & Farms on zkSync Era PancakeSwap v3! Dive in with our comprehensive kit:
? Swap: https://t.co/d7k66jx6I4
? LP: https://t.co/4nzfRtlUHv
?? Stake for CAKE:… pic.twitter.com/qkjWvtKiLd
— PancakeSwap?Everyone's Favorite D3X (@PancakeSwap) August 14, 2023
CAKE continues to register declines
PancakeSwap’s achievements seem nowhere to have any positive impact on CAKE’s price action as its daily and weekly charts remained red. As per CoinMarketCap, at the time of writing, CAKE was trading at $1.48 with a market cap of $370 million.
CAKE’s trading volume also dropped, which is by and large a negative signal.
Realistic or not, here’s CAKE market cap in BTC‘s terms
CAKE’s network activity also declined last week, as evident from the slight drop in its daily active addresses. PancakeSwap’s network growth went down, meaning that fewer new addresses were created to transfer the token.
However, it was interesting to see that while CAKE’s price went up slightly on 13 August, its velocity spiked.
Source: Santiment
