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- 1 PancakeSwap version 3 has extended its DEX Service to the Linea mainnet.
- 2 PancakeSwap is planning to inject $100K seed funding into the liquid pool.
- 3 The CAKE coin price has bounced off the immdiate support level of $2.14
PancakeSwap is a decentralized exchange that operates on the BNB Chain, formerly known as BSC and Binance Chain, instead of Ethereum. It provides a convenient way for users to exchange BEP-20 standard tokens.
Uniswap and SushiSwap have dominated the market, but most of the DApps were developed on the Ethereum blockchain, leading to a reliance on it. This created challenges such as slow transaction speeds and high gas fees.
Binance introduced BSC in September 2020, with a focus on improving performance. PancakeSwap followed suit and has become a strong contender for the top spot with its impressive features.
Pancakeswap Expands to Linea Mainnet
PancakeSwap version 3 (v3) has extended its decentralized exchange services to the Linea mainnet, which is built by Ethereum development lab Consensys. This move is aimed at attracting new users and generating more revenue.
PancakeSwap is already accessible on various blockchain networks such as Ethereum, BNB Chain, Aptos, Polygon zkEVM, zkSync Era, and Arbitrum.
The platform has completed its testnet phase, and now traders can use the service to trade tokens at reduced fees and improved capital efficiency. With PancakeSwap v3 on Linea, users can benefit from advanced Swap and Liquidity Provision functionalities, which make trading more seamless and efficient.
Liquidity providers can also maximize their capital efficiency by focusing their assets within specific price ranges where most trading occurs.
PankcakeSwap Planning for $100k Seed Fund
There has been a recent statement released by the LUNC validator which reveals that PancakeSwap is planning to inject $100K seed funding into the liquid pool. The aim is to create a pool between LUNC and BNB Chain.
The statement also mentions that LUNC is going to be whitelisted on the frontend to reduce traders’ losses while the exchange anticipates an increase in traders. LUNC will be listed automatically once whitelisted, without importing tokens. Despite efforts, its price fell, leading to speculation among crypto enthusiasts.
Technical Analysis and Prediction of the CAKE Coin Price
The current trend in the CAKE coin price is bullish. The coin has reached the level of $2.510 which is just below its immidiate resistance of $2.723.
As the CAKE coin price took off the first support level of $2.147, the investors and traders gained confidence. The RSI suggests that there is still some upward move left as it is still in the neutral zone of 58.
The price prediction for the CAKE coin is bullish and it is expected that the coin will break the immidiate support level.
Conclusion
PancakeSwap v3 is now available on Linea mainnet, with plans to inject $100K seed funding into the liquid pool. The current price action is bullish in the coin. The CAKE coin is expected to be bullish and break the immediate support level.
Technical Levels
- Support Levels: $2.14 and $1.108
- Resistance Levels: $2.723 and $3.586
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.
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.
