Decentralized exchange (DEX) PancakeSwap will go live on the Polygon zkEVM network in line with broader plans to expand its user base and build protocol revenues, developer “Chef Cocoa” shared with CoinDesk.
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As a DEX, PancakeSwap relies on smart contracts instead of middlemen to process trading, lending and lottery services for users on the BNB Chain, Ethereum and Aptos blockchains. The protocol held over $1.54 billion worth of tokens as of Wednesday, DefiLlama data shows.
The deployment on Polygon zkEVM will provide lower fees and faster transactions for users transacting on the zkEVM network.
Currently, PancakeSwap users can trade with fees of as low as 0.01% – one of the lowest among DEXs.
Polygon zkEVM has attracted over $28 million in total value locked (TVL) since completing its beta mainnet launch in March. The network is a privacy-focused layer 2 blockchain that operates atop the Polygon blockchain.