PancakeSwap, developers of the popular decentralized trading platform, DEX, proposed Oct. 20 that its mainnet be deployed on Layer-1 blockchain Aptos.
PancakeSwap currently uses BNB Chain to process approximately $47 million in trading volume per day. Its developers, however, have written the DEX’s first multichain migration suggestion after Aptos launched on October 17.
“Aptos, the next-generation L1 has low transaction costs and high transaction throughput. It also uses a novel, developer-optimized approach for parallel execution. PancakeSwap has a strong relationship to the Aptos team. Many of its developers are compatible for PancakeSwap products and partnerships.
Developers will implement four major features of the DEX if the proposal passes, including Swaps, Farms, Pools, and Initial Farm Offerings, on Aptos by Q4-2022. Developers explain that this is done to make PancakeSwap the most popular Aptos DEX.
Natively, the Aptos blockchain will have CAKE, the native token of DEX, available. Tomorrow will see the start of a vote on the platform.
Former Meta employees Mo Shaikh, Avery Ching and Diem’s founders founded Aptos. Aptos Labs, which was founded by former Meta employees Mo Shaikh and Avery Ching, raised $150 million in July at a valuation of $1 billion. This round was led by FTX Ventures as well as Jump Crypto.
Due to its backing and claims of processing 130,000 transactions per minute (TPS), the project has received a lot of attention from developers. The Aptos mainnet currently handles 16 TPS at the time this article was published. This is a significant increase from the 4 TPS recorded when the mainnet launched three days earlier.
The APT/USDT pairing traded at 100 and $1 on Binance’s first day before stabilizing at $7.