PancakeSwap v3 launches on Ethereum layer 2 Linea

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.

Projects populate DeFi ecosystem

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.

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