{"id":174352,"date":"2023-10-15T02:49:53","date_gmt":"2023-10-14T21:19:53","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=174352"},"modified":"2023-10-15T02:49:53","modified_gmt":"2023-10-14T21:19:53","slug":"pancakeswaps-launch-on-zksync-era-proves-to-be-a-match-made-in-defi-heaven-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/pancakeswaps-launch-on-zksync-era-proves-to-be-a-match-made-in-defi-heaven-crypto-news\/","title":{"rendered":"PancakeSwap\u2019s launch on Zksync Era proves to be a match made in DeFi heaven &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<br style=\"clear: both;float: none\" \/><\/p>\n<ul>\n<li><em>PancakeSwap sees robust uptick on Zksync Era in just 2 months<\/em><\/li>\n<li><em>To catch the falling knife or not? Our take on whether to buy CAKE.<\/em><\/li>\n<\/ul>\n<p>It\u2019s been roughly two months since <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/arbitrum-chooses-to-fund-pancakeswap-gmx-while-lido-gets-left-out\/\" data-wpel-link=\"internal\">PancakeSwap<\/a> V3 rolled out on Zksync Era. Preliminary data already reveals that the launch and subsequent operations have so far been quite successful.<\/p>\n<hr \/>\n<p style=\"text-align: center\">Is your portfolio green? Check out the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/calculator\/pancakeswap-token-profit-calculator\" data-wpel-link=\"internal\">PancakeSwap Profit Calculator<\/a><\/p>\n<hr \/>\n<p>PancakeSwap\u2019s latest update reveals the extent of that success. According to the update, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/pancakeswap-v3-deploys-on-opbnb-heres-what-it-entails\/\" data-wpel-link=\"internal\">PancakeSwap V3<\/a> recently surpassed $850 million in trading volume. A sign of healthy uptick within the short period since its launch on Zksync Era. This signals that the DEX has been experiencing healthy uptick since then despite the not so favorable market conditions.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83e\udd5e PancakeSwap v3 on <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/zksync?ref_src=twsrc%5Etfw\" data-wpel-link=\"external\">@zksync<\/a> Era has crossed over 850m in trading volume in the first 2 months since launch \ud83c\udf89<\/p>\n<p>Don&#8217;t miss out on:<\/p>\n<p>\ud83d\udd01 Swap: 0.01% fees<br \/>\ud83d\udeb0 Increased returns for LPs<br \/>\ud83d\ude9c Earn CAKE by staking LP tokens in Farms<br \/>\ud83d\udcb3 Buy crypto with fiat directly<\/p>\n<p>Here&#8217;s how it works\ud83d\udc47 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/2awW5wLoiE\" data-wpel-link=\"external\">pic.twitter.com\/2awW5wLoiE<\/a><\/p>\n<p>\u2014 PancakeSwap\ud83e\udd5eEveryone&#8217;s Favorite DEX (@PancakeSwap) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/PancakeSwap\/status\/1712756458696454648?ref_src=twsrc%5Etfw\" data-wpel-link=\"external\">October 13, 2023<\/a><\/p>\n<\/blockquote>\n<p>PancakeSwap\u2019s rising volume is consistent with address activity. The number of active addresses on Uniswap V3 has been rising in the last 3 months according to Glassnode. This confirms that the DEX has been handling more activity within that period.<\/p>\n<div id=\"attachment_350866\" style=\"width: 1810px\" class=\"wp-caption aligncenter\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/glassnode-studio_cake-active-addresses.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-350866\" class=\"wp-image-350866 size-full\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/glassnode-studio_cake-active-addresses.png\" alt=\"CAKE active addresses\" width=\"1800\" height=\"1013\" \/><\/a><\/p>\n<p id=\"caption-attachment-350866\" class=\"wp-caption-text\">Source: Glassnode<\/p>\n<\/div>\n<p>So, what are the key driving forces behind this impressive adoption? Well, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/base-trumps-zksync-era-in-tvl-as-competition-between-l2s-heats-up\/\" data-wpel-link=\"internal\">Zksync Era<\/a> has been experiencing robust uptick as one of the first Ethereum layer 2 solutions to offer ZK technology. As a result, the demand for this layer 2 has been rising. The PancakeSwap DEX was among the first decentralized exchanges to support Zksync Era hence it was able to tap into the growing utility.<\/p>\n<p>In addition to the support, PancakeSwap has been offering incentives that have facilitated the uptick. Some of those incentives include low swap fees, as well as healthy returns for liquidity providers to encourage participation.<\/p>\n<h4><strong>Will the surge in trading volume impact CAKE\u2019s demand?<\/strong><\/h4>\n<p>The growing PancakeSwap volumes underscore the need for liquidity which means there is organic demand for cake from Liquidity providers. However, that kind of demand often pales in comparison to trading\/speculative demand in the spot and derivatives market.<\/p>\n<p>Speaking of demand, appetite for CAKE continues to dwindle and is once again threatening to dip into oversold territory. It is also about to retest the same low range where the price previously bounced back in September. A whole piece of cake exchanged hands at $1.08 at the time of writing.<\/p>\n<div id=\"attachment_350865\" style=\"width: 1432px\" class=\"wp-caption alignnone\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/CAKEUSD_2023-10-14_13-53-36.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-350865\" class=\"wp-image-350865 size-full\" src=\"image\/svg+xml,%3Csvg%20xmlns=\" alt=\"CAKE price action\" width=\"1422\" height=\"740\" data-lazy-srcset=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/CAKEUSD_2023-10-14_13-53-36.png 1422w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/CAKEUSD_2023-10-14_13-53-36-300x156.png 300w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/CAKEUSD_2023-10-14_13-53-36-1024x533.png 1024w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/CAKEUSD_2023-10-14_13-53-36-768x400.png 768w\" data-lazy-sizes=\"(max-width: 1422px) 100vw, 1422px\" data-lazy-src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/CAKEUSD_2023-10-14_13-53-36.png\" \/><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-350865\" class=\"wp-image-350865 size-full\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/CAKEUSD_2023-10-14_13-53-36.png\" alt=\"CAKE price action\" width=\"1422\" height=\"740\" \/><\/a><\/p>\n<p id=\"caption-attachment-350865\" class=\"wp-caption-text\">Source: TradingView<\/p>\n<\/div>\n<hr \/>\n<p style=\"text-align: center\">Read about <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/predictions\/pancakeswap-token-price-prediction\" data-wpel-link=\"internal\">CAKE\u2019s price prediction for 2024<\/a><\/p>\n<hr \/>\n<p>CAKE\u2019s extended downside has resulted in a new 2023 low. This price action suggests declining trader confidence which may have perpetuated the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/why-cakes-september-burn-had-a-trivial-impact-on-its-price\/\" data-wpel-link=\"internal\">falling cake prices<\/a>. The proverbial falling knife has been slicing through CAKE but is it close to the bottom?<\/p>\n<p>It is unclear whether CAKE is at the bottom of its lengthy bearish trend. However, RSI has been achieving higher lows over the last few months which may suggest that relative strength is gradually returning.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>PancakeSwap sees robust uptick on Zksync Era in just 2 months To catch the falling knife or not? Our take on whether to buy CAKE. It\u2019s been roughly two months since PancakeSwap V3 rolled out on Zksync Era. Preliminary data already reveals that the launch and subsequent operations have so far been quite successful. Is [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":174353,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-174352","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/174352","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=174352"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/174352\/revisions"}],"predecessor-version":[{"id":174359,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/174352\/revisions\/174359"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/174353"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=174352"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=174352"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=174352"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}