- PancakeSwap devs have published a proposal to deploy the DEX platform on Aptos
- The voting will start later today, at 12:00 UTC, and last 48 hours
- If the vote passes, PancakeSwap will expand beyond BSC and become multichain
If the proposal passes, PancakeSwap will be deployed natively to Aptos
Later today, the voting on a proposal to deploy PancakeSwap (CAKE) on the Aptos mainnet will commence, which will see CAKE holders exercise their governance rights to decide whether the popular decentralized exchange (DEX) platform will go multichain.
According to the PancakeSwap team, the voting process will last 48 hours, ending on October 23, at 12:00 UTC.
PancakeSwap v2 is a BNB Smart Chain (BSC) deployed DeFi trading platform, which launched in September 2020 as a clone of Uniswap (UNI), the largest decentralized exchange running atop the Ethereum (ETH) chain. PancakeSwap includes a long list of DeFi products and services, including crypto swaps, liquidity pools, initial farming offerings, and more.
According to CoinCodex data, the PancakeSwap app handled $94 million in trading volume in the past 24 hours, which placed the exchange third on the list, behind Uniswap and DODO.
Why are PancakeSwap devs eyeing Aptos?
PancakeSwap developers listed a number of reasons why they think Aptos deserves to become the first chain, other than BSC, to support the platform’s operations.
According to the proposal, Aptos’ low transaction costs paired with high transaction throughput and speed are the primary reasons why devs are strongly considering it. In addition, Aptos’ vibrant ecosystem reportedly provides a number of opportunities for partnerships. The PancakeSwap exchange added a strong relationship with the Apots team as another reason:
“PCS has developed a strong relationship with the Aptos team and has been working directly with them to support our deployment of our various products, including introducing PCS to various projects within the Aptos ecosystem and assisting on Move code deployment with Chefs.”
If the proposal passes, CAKE will be natively supported on Aptos, making it the first time when PancakeSwap’s native governance and utility token will be available on a chain other than BSC.
David is a crypto enthusiast and an expert in personal finance. He has created numerous publications for different platforms. He loves to explore new things, and that’s how he discovered blockchain in the first place.