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- Pancake Swap has offered to place its mainnet on layer-1 blockchain Aptos.
- The platform has started taking votes on its decision.
- 99.54% votes went for yes, whereas 0.46% went for no.
On October 20, the creators of the very famous decentralized exchange, or DEX, Pancake Swap offered to place its mainnet on layer-1 blockchain Aptos.
At present, PancakeSwap works on BNB Chain and generates nearly $47 million worth of trading volume every day. Although, its creatrs have launched the DEX’s first multichain migration offer after the introduction of Aptos on October 16, explaining:
“Aptos is a next gen L1 with less transaction fees, more transaction production and quick transaction speeds, uing a novel and developer-enhanced approach to parallel implementation. PancakeSwap has created a firm relation with the Aptos team, and a big number of its creator ecosystem are appropriate for PancakeSwap collaborations and products.”
Should this offer pass, creators will place four main characteristics of the DEX, such as swaps, farms, pools and initial farm offering on Aptos by fourth quarter of this year. As suggested by developers, this is to make sure that PancakeSwap can immediately setup itself as the dominating DEX on Aptos.
The native token of DEX, that is CAKE, will also be naturally available on the Aptos blockchain. A vote for this thing has begun on the platform tomorrow. At the time of writing, a total votes of 359,814,028. 67 votes that is estimated at 99.54% are for deploying. On the other hand, 1,664,217.15 votes that is 0.46% went for not deploying.
Initially, Aptos was established by ex-Meta staffs Mo Shaikh and Avery Ching, who was also involved in the company’s unsuccessful stablecoin project, Diem. In July, Aptos Labs generated $150 million at a $1 billion estimation in a round conducted by FTX Ventures and Jump Crypto.
The project has influenced much attraction from developers because of its supporting and purport of being capable of generating 130,000 transactions per second (TPS). Although, at the time of writing, the Aptos mainnet is just managing almost 16 TPS, though it is remarkably higher than the four TPS seen when its mainnet first introduced three days before.
The price trend
With the special case of the moderate fall that can be witnessed on the daily timescale, an analysis of the price movement of CAKE disclosed that the asset was still in an elevation. The price range tool disclosed that CAKE had retrieved more than 70% at the present value stage after the collapsing trend it went by in June.
However, the backing levels were anticipated to shift because of the elevation, they were witnessed at almost $4.1 and $3.7.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
