PancakeSwap, a popular decentralized exchange (DEX), has gone live on the Polygon zkEVM network. This move aligns with the DEX’s plans to expand its user base and increase protocol revenues. PancakeSwap currently also operates on the BNB Chain, Ethereum, and Aptos blockchains and employs smart contracts to facilitate trading, lending, and lottery services for its users.

As a DEX, PancakeSwap holds over $1.54 billion in tokens, as indicated by recent data from DefiLlama. By deploying on the Polygon zkEVM network, PancakeSwap aims to provide its users with faster transactions and lower fees.

Presently, users can take advantage of PancakeSwap’s low trading fees, which can be as low as 0.01% – a rate that significantly undercuts many of its DEX competitors.

Since the completion of its beta mainnet launch in March, the privacy-focused Polygon zkEVM network, a layer 2 blockchain that operates on the Polygon blockchain, has drawn in over $28 million in total value locked (TVL). Now that Pancakeswap has gone live on the Polygon zkEVM network, it could see that number go up substantially.

Keep up with all things crypto and fintech at WCT News!