On October 20, the team behind PancakeSwap, one of the leading Decentralized Exchanges (DEXs), announced plans to launch on a new blockchain.
In order to deploy on the newly formed Aptos blockchain, the group put up a proposal for the community to vote on beginning on October 21.
The PancakeSwap’s team proposal
Swaps, initial farm offerings, pools, and farms are the features that the PancakeSwap community proposed to implement on the Aptos mainnet.
The team aspires to transition to the blockchain as soon as possible in order to establish the DEX as the leading exchange on Aptos and gain a larger market share through early deployment.
The proposal also hinted at the deployment of CAKE as a native token on the Aptos blockchain. If this proposal scales, that would mark the first time CAKE would be available as a native token on another chain.
On 17 October, Aptos, a Layer 1 blockchain, was launched with the goal of resolving the blockchain quandary. The blockchain, which has already been branded the “Solana Killer,” is the result of four years of technical research and a $1 billion valuation. Former Meta employees, Mo Shaikh and Avery Ching are the creators of the blockchain.
What does the TVL metric say?
According to DefiLlama, at the time of this writing, the 24-hour volume for all DEXs was $1.43 billion. DefiLlama data showed that PancakeSwap, at $157.48 million, was the second-largest contributor to the TVL of DEXs during the 24-hour period.
The exchange’s total TVL was seen at $2.84 billion, at the time of writing.
A brief look at the price trend
With the exception of the modest decline that could be seen on the daily timescale, a review of the price movement of CAKE revealed that the asset was still in an uptrend.
The price range tool revealed that CAKE had recovered over 70% at the current price stage following the downward trend it went through in June.
Although the support levels were expected to change due to the uptrend, they were seen at roughly $4.1 and $3.7.
Additionally, the support level was noted to be between $4.9 and $5.2. A bearish trend for the CAKE token was indicated by the Relative Strength Index line falling below the neutral line.
Early in October, PancakeSwap expanded to the Ethereum blockchain, and after the integration went live, cross-chain farming was enabled.
Pancake Swap is taking this action to make sure that they take control of a number of chains as a dominant DEX. Long term, this action will be advantageous to CAKE holders and the entire PancakeSwap ecosystem.