On Thursday, the leading Binance’s decentralized exchange PancakeSwap revealed its first multichain initiative, proposing to the community for approval to deploy on the new layer-1 blockchain, Aptos.
PancakeSwap Will Deploy on Aptos
PancakeSwap is looking to lead the charge on the Aptos ecosystem and intends to quickly launch four of its main features on the blockchain – Swap, Farm, Pools, and IFO. Besides the protocol, the team also intends to deploy the CAKE token on Aptos, making the 66th-largest cryptocurrency multichain assets as well.
The team expects that deployment to the Aptos blockchain will be finalized in Q4 of 2022. “The deployment will be done over Q4 as Aptos is a new blockchain, and projects which PCS rely upon are gradually being rolled out,” the announcement reads.
Giving reasons for the proposal, the PancakeSwap team said Aptos supports low transaction costs, high transaction throughput, and fast transaction speeds. Moreso, they have built a strong relationship with the Aptos and are closely working on launching several other projects in the new ecosystem.
APT Drops by Over 87% on Binance
Aptos is a new Layer-1 blockchain network founded by ex-Meta employees. Since the mainnet reportedly launched on October 12th, the blockchain has gained lots of attention, especially due to its token (APT) airdrop and support by major crypto trading platforms, like Binance, Coinbase, and FTX.
About 20 million APT tokens were airdropped to about 110,000 eligible early participants of the network’s testnets. At the time of writing, APT was trading at $7.27, with over a $945 million market cap. This represents about a 15% decrease from the listing on Coinmarketcap but more on Binance.
Shortly after listing on Binance, APT spiked to $59.3 before dropping to correspond with the market price. Investors who chased the pump to the top are currently down by more than 87%.
