PancakeSwap v3 runs on Ethereum layer 2 Linea

PancakeSwap v3, the popular DeFi multi-chain exchange, announced its launch on Linea’s Tier 2 Ethereum network on August 24th.

The deployment of the exchange on Linea introduces two new features. The first is capital efficiency improvement, which will allow liquidity providers to focus their capital in certain price ranges where maximum trading takes place. This feature is designed to help members increase their earnings. PancakeSwap claims that liquidity providers can achieve up to 4,000 times more equity multiplier on v3 than v2.

The second feature that Linea will facilitate is advanced trading features. PancakeSwap said the launch will provide a tiered fee structure, allowing traders to access low trading fees. Commission levels will range from 0.01% to 1%, and users will be able to select the commission structure that best suits their trading activities and liquidity pool of choice.

PancakeSwap also advertised a promotional activity called "Cross the Treasure Islands" and said that users can earn rewards by participating in activities. This campaign provides an opportunity to earn loyalty points and access commemorative NFTs, further demonstrating the platform's engagement with its community.

PancakeSwap added that if it receives Linea incentives, it will partially distribute these rewards to stakeholders who stake its CAKE token and other project and community members. However, he said that Linea has not announced any such awards.

While today's announcement marks the mainnet launch, PancakeSwap noted that it was previously deployed on Linea as a testnet ecosystem partner.

Linea is a layer 2 network for Ethereum. Like most layer 2 networks, it intends to improve transaction efficiency by increasing transaction speeds and lowering fees. The platform is developed by ConsenSys and was previously 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 launched 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 worth of cryptocurrency currently locked by users. Its native token (CAKE) is among the top 130 cryptocurrencies and has a market capitalization of $273 million.