PancakeSwap aims to get a large portion of this blockchain
On October 20, the team was behind Pancake Swapone of the best decentralized exchanges (DEX), announced their plans to deploy on a new blockchain.
The group put forward a proposal that the community can vote on starting October 21, to deploy on the newly created Aptos blockchain.
Here is AMBCryptos Price Prediction for PancakeSwap(CAKE) for 2022-2023
The PancakeSwap’s team proposal
Swaps, introductory farm offers, pools and farms are the features that the PancakeSwap community has proposed to implement on Apto’s main network.
The team wants to transition to the blockchain as soon as possible to establish 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, it will mark the first time CAKE will be available as a native token on another chain.
On October 17, Aptos, a Layer 1 blockchain, was launched with the goal of solving the blockchain problem. The blockchain, which has already been labeled as “Solana Killer”, is the result of four years of technical research and a valuation of 1 billion dollars. Former Meta employees, Mo Shaikh and Avery Ching are the creators of the blockchain.
What does the TVL calculation say?
According to DefiLlama, at the time of writing, was 24 hours volume for all DEXs was $1.43 billion. DefiLlama data showed that PancakeSwap, with $157.48 million, was the second largest contributor to TVL of DEXs during the 24-hour period.
Source: DefiLlama
The exchange’s total TVL was seen at 2.84 billion dollars, at the time of writing.
Source: DefiLlama
A brief look at the price trend
Except for the modest decline that could be seen on the daily time scale, 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 its current price stage after the downtrend it went through in June.
Although the support levels were expected to change due to the uptrend, they were seen at approximately $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.
Source: TradingView
In early 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 ensure that they take control of a number of chains as a dominant DEX. In the long run, this action will benefit CAKE holders and the entire PancakeSwap ecosystem.
