Developers of The Decentralized exchangePancakeSwap on October 20 proposed its deployment to the Aptos blockchain due to the chain’s innovative and technical capabilities.
The proposal read, “After careful analysis, we are proposing to deploy on Aptos.” Currently, PancakeSwap is based on the BNB chain with a daily volume of about $47 million. The protocol developer is willing to make a fresh move and migrate to Aptos.
PancakeSwap referenced the proposal and decided to deploy to Aptos’ chain. It is a next-generation Layer 1 that has low transaction costs, high transaction thruput, and fast transaction speed. The Aptos team is also familiar with multiple crypto products, especially in the web3 sector.
Also, Aptos has a “vibrant developer ecosystem” with many protocols in the pipeline. The developers stated in the proposal that a “large proportion of its ecosystem is suitable for PancakeSwap partnerships and products.” Finally, the developers added that PancakeSwap had developed a strong relationship with the Aptos team.
PancakeSwap can be deployed by the community with four main features. This includes swaps and farms, pools and initial farm offerings. According to the proposal, PancakeSwap will move quickly in order to be the most prominent Aptos DEX.
The native PancakeSwap token $CAKE will also be available natively on the Aptos Blockchain. This will make it the first time that $CAKE will be available natively on other chains. The platform will allow users to vote for the proposal today.
Aptos blockchain, founded by Mo Shaikh and Avery Ching (ex-Meta employees), is the latest L1 mainnet. It distributed 20 million Aptos ($APT tokens) to testnet users as an airdrop four days after its mainnet launched.
This, including the blockchain’s proclaimed capabilities of processing 130,000 transactions per second (TPS), has made the network gain so much traction since its launch.
However, it’s worth noting the Aptos mainnet is only handling about 16 TPS at the time of writing, though it’s notably higher than the 4 TPS it started with on the day of its mainnet launch.
Aptos Labs raised $150 million in July prior to the launch of its mainnet. This was to help further develop its programming language and expand its team. It also continued to create ecosystem funds to attract developers to grow its community.