Popular automated market maker and decentralized exchange, PancakeSwap (PCS) has proposed its mainnet deployment to Aptos, a scalable layer 1 blockchain. The protocol confirmed the development in a Thursday Twitter post. According to the announcement, the proposal, if endorsed by PancakeSwap community will allow the deployment of CAKE to another chain.
According to the decentralized exchange, this proposal is its first native multi chain proposal. PancakeSwap, says its consideration of Aptos manifested owing to numerous reasons. First, it says Aptos runs as a next generation L1 blockchain. Further, PancakeSwap hinted that the blockchain avails low transaction costs, high transaction throughput, and fast transaction speeds. According to the decentralized exchange, Aptos utilizes a novel and developer optimized approach to parallel execution, thereby facilitating numerous technical and user improvements.
Further justifying its selection of the blockchain, PancakeSwap said Aptos has a team with rooted experience in crypto products. More so, it says the scalable Layer 1 blockchain possesses a vast developer ecosystem, enveloped with numerous protocols. The decentralized exchange added that these protocols on Aptos ecosystem will suit its future collaborations and products.
More so, PancakeSwap says its enjoys a robust relationship with the Aptos team. According to the protocol, it has started working with the team to support the deployment of PCS products to the ecosystem. Also, PCS says the Aptos team has already introduced its product to other projects in the ecosystem and also assisting with “move code deployment with Chefs.”
PancakeSwap proposes its approach to deployment on Aptos
Notably, PancakeSwap also disclosed its approach to the imminent deployment. According to PCS, it believes the protocol must become a multi-chain protocol and succeed on deployed chain to bring value to CAKE holders. To achieve a successful deployment outing, the PCS team proposes to deploy four of its main features on Aptos. These features, as listed, include swap, farm, pools, and IFO. The protocol believes the fast deployment of these features tends to establish PCS as the leading DEX on Aptos. More so, it believes such development will enable “Chefs to bring PCS’s best features to the ecosystem.”
Also, PCS wants to avail CAKE on the Aptos ecosystem, thereby becoming the first time that the token will be running on another chain. PancakeSwap plans to carry out the deployment in Q4. This, according to the protocol is because it feels Aptos is “a new blockchain and projects which PCS relies upon are gradually being rolled out.”
Meanwhile, PancakeSwap affirms its commitment to ensuring that CAKE holders benefit from the deployment. To fulfill this, it proposes to partner with bridges and centralized exchanges. This, as proposed, will enable the bridging of CAKE between the BNB chain and Aptos. With this development, CAKE holders tends to become eligible to participate on both chains.
Further, the protocol proposes incentives for early adoption with CAKE emissions. This, as proposed, tends to help expand the user base of PCS on Aptos. PancakeSwap also suggested the management of those incentives in the middle term to balance CAKE inflation.