PancakeSwap and New Blockchain Proposal
The developers of the decentralized platform, “PancakeSwap” on October 20, proposed deploying the platform on the Aptos blockchain due to the innovative and technical capabilities offered by the network.
The text of the proposal was as follows:
After careful analysis, we suggest publishing on APTOS.
Currently, the trading platform PancakeSwap is based on the Binance blockchain and records a daily trading volume of about $47 million.
However, the protocol developer wants to try a new step into the new Aptos blockchain.
For this proposal, PancakeSwap chose to expand towards the Aptos blockchain because it represents the next generation of the first layer with low transaction costs, high transaction throughput, and fast transaction speeds.
Additionally, the Aptos team has worked on several crypto products, specifically in the Web3 industry.
Also, Aptos has an active developer ecosystem with many protocols in the pipeline.
The developers mentioned in the proposal that a large percentage of its ecosystem is suitable for PancakeSwap partnerships and products.
Finally, the developers added that PancakeSwap has developed a strong relationship with the Aptos team.
If the community approves the proposal, PancakeSwap with four key features, including swaps, lending protocols, and mining pools, will be deployed on Aptos by the fourth quarter of 2022.
As mentioned by the developers in the proposal, this move will be implemented quickly so that PancakeSwap can solidify its position as the leading decentralized trading platform on Aptos.
In addition, PancakeSwap's cryptocurrency will also be available on the Aptos blockchain, making CAKE the first time it is available on other networks.
Voting on the proposal will begin on the podium today.
According to blockchain developers Aptos, the network can process 130,000 transactions per second, which has made the network gain a lot of momentum since its launch.
It's worth noting that the Aptos network was only handling around 16 transactions per second at the time of writing this article, although that's significantly higher than the 4 TPS I started with on the main network's launch day.
Ahead of the launch of its main network, Aptos Labs raised a total of $150 million in July to support further development of its programming language, as well as expand its team and further develop the ecosystem designed to attract developers and grow its community.
