The PancakeSwap team confirmed submitting a proposal for DEX (decentralized exchange) deployment (on October 10) on the lately launched Aptos blockchain. Meanwhile, voting began on October 21. The announcement revealed that the vote ended the same day, with the results supporting the deployment of the new platform.
What Will PancakeSwap Gain?
The team revealed that the deployment aimed to propel the decentralized exchange’s objective of being a multichain platform. Moreover, PancakeSwap will establish its spot earlier due to early deployments on the new network, offering them a chance to be the platform’s leading DEX.
Also, the deployment will see the CAKE becoming Aptos’ native token. That will mark the first time investors can access the alt natively on a different chain. The consequence increased CAKE emissions due to the token’s availability on BNB Chain and Aptos.
Can PancakeSwap Dominate Aptos Blockchain?
DeFiLlama data indicated that Aptos TVL (total value locked) stood at around $15.44 million during this publication. Also, the TVL maintained upsides, increasing by more than 11% within the past 24 hours. That indicated the total value locked surge that the new platform noted.
Analyzing the data indicated that the decentralized exchange, with a TVL of about $10.18 million, contributed to Aptos’ impressive total value locked. Also, two decentralized exchanges (as of this publication) had a combined $5.1 million TVL.
PancakeSwap’s TVL shows the DEX locked in nearly $2.83 billion. The graph shows PancakeSwap’s 24hr trading volume was $169.34 million. For now, PancakeSwap will dominate Aptos as far as the new blockchain’s TVL is concerned.
The decentralized exchange team said the Chefs would utilize Syrup Pool emissions to build farms on the Aptos blockchain. Also, developers will deploy products such as Farm, IFO (Initial Farm Offering), Pools, and Swap.
CAKE’s 12hr chart shows the price action presented some higher lows, visible during this publication. That indicated that the token’s price movement maintained upside trends. Nevertheless, the shift didn’t affect the prices immediately, with the token hovering in the red – similar to the previous session.
Also, the chart indicated that the 200MA and 50MA served as support and resistance, respectively. CAKE had a foothold at $4.5 – $4.7. though the current price stayed far from peaks, it amazed market players. Overcoming the nearest resistance line will welcome a notable upside for the alt.