- PancakeSwap volume on zkSync Era passed the $60 million mark.
- CAKE’s price chart remained red and stats suggested a decline in network activity.
Pancake Swap [CAKE] left no stone unturned to ramp up its efforts to go multichain. Recently, the DEX announced that it has gone live on Arbitrum One. Just a few days after that, PancakeSwap submitted a proposal to add CAKE allocations to bootstrap Arbitrum One liquidity.
Read Pancake Swap [CAKE] Price prediction 2023-24
Aside from Arbitrum, the DEX’s performance on other networks such as zkSync Era has also remained promising in recent weeks. This performance didn’t help CAKE as the token once again slipped out of the list of the top 100 cryptos by market capitalization.
All about PancakeSwap’s new proposal
PancakeSwap’s latest proposal aims to deploy new farms on Arbitrum One to boost liquidity and provide juicy APRs to liquidity providers. The kitchen will not increase emissions to enable these farms, but will draw from the “Multichain Warchest” allocation.
According to the official announcement, the proposal was originally submitted on August 14.
📣 Proposal to add CAKE Allocation to Bootstrap Arbitrum One Liquidity💙
🐇 We propose deploying new farms on Arbitrum One to increase liquidity and provide juicy APRs to liquidity providers.
⚡️The kitchen won’t increase emissions to make these farms possible, but draws… pic.twitter.com/HmAGWmRGOr
— PancakeSwap🥞Everyone’s favorite D3X (@PancakeSwap) August 14, 2023
In the coming weeks, PancakeSwap will observe and optimize traction for new farms and adjustments to provide the best trading experience on Arbitrum One.
The announcement also stated that PancakeSwap will continue to monitor the impact of CAKE rewards on volume, liquidity and usage to expand Arbitrum One in the coming weeks.
As of now, the DEX’s performance on Arbitrum One looks promising. Just a few days after launch, it’s TVL exceeded $8,000, while daily volume exceeded $56,000 on August 12. In addition, PancakeSwap reached another milestone on zkSync Era when trading volume passed $60 million.
🚀 zkSync Era soars with 60 million trading volume! 🎉 Gratitude for the huge support for Swap, LP & Farms on zkSync Era PancakeSwap v3! Dive in with our comprehensive kit:
🔄 Trade: https://t.co/d7k66jx6I4
👨🌾 Commitment to CAKE:… pic.twitter.com/qkjWvtKiLd
— PancakeSwap🥞Everyone’s favorite D3X (@PancakeSwap) August 14, 2023
CAKE continues to record declines
PancakeSwap’s performance does not seem to have a positive impact on CAKE’s price action anywhere as the daily and weekly charts remained red. From CoinMarketCapat the moment of writing, CAKE was trading at $1.48 with a market cap of $370 million.
CAKE’s trading volume also fell, which is generally a negative signal.
Realistic or not, here it is CAKE market cap in BTC‘s conditions
CAKE’s network activity also declined last week, as evidenced by the slight drop in daily active addresses. PancakeSwap’s network growth slowed, resulting in fewer new addresses being created to transfer the token.
However, it was interesting to see that for a moment CAKEThe price went up slightly on August 13, the speed increased.
Source: Sentiment