PancakeSwap Infinity, the latest iteration of the popular decentralized exchange (DEX), has officially launched on Base, Coinbase's Ethereum layer-2 network. This expansion coincides with Base achieving a new record in total value locked (TVL), signaling a significant boost for the L2 network's ecosystem and adoption.
PancakeSwap Infinity Arrives on Base
PancakeSwap Infinity, which previously launched on BNB Chain in April, is now live on the Base network. This multichain protocol introduces enhanced features designed to cater to diverse liquidity strategies and offers greater flexibility in fee structure personalization. Users can anticipate potential fee savings, with claims of up to 99% on pool creation and around 50% on trading Ether (ETH) against ERC-20 tokens.
Base Network Sees Record TVL and DEX Volume
The launch of PancakeSwap Infinity on Base aligns with a period of substantial growth for the layer-2 network. Base has recently hit a new all-time high in total value locked (TVL), reaching $4.295 billion. This marks a significant increase of over 33% since the beginning of the year. Alongside the TVL surge, decentralized exchange (DEX) volume on Base has also seen a notable uptick, reaching $1.616 billion in a recent 24-hour period, according to data from DefiLlama.
Innovative Features of PancakeSwap Infinity
A key innovation introduced with PancakeSwap Infinity is the integration of 'hooks.' These are smart contract plug-ins that can be attached to liquidity pools, enabling custom logic execution before or after critical events such as pool creation, liquidity adjustments, swaps, or donations. Hooks allow for the implementation of features like rebate schemes, dynamic fees, and on-chain limit orders without altering the core automated market maker (AMM) implementation. Pool administrators can deploy these hooks independently, offering enhanced customization and flexibility.
Growing Momentum for Base
Base has been experiencing a heightened level of activity, even briefly processing over 1,000 transactions per second in May, rivaling the performance of some layer-1 blockchains. Major financial institutions are also showing interest, with JPMorgan's blockchain division, Kinexys, selecting Base for piloting its deposit token, JPMD. This indicates a growing confidence in Base's infrastructure for institutional-grade applications and payments.
Sources
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PancakeSwap Infinity hits Base as network hits record TVL, Cointelegraph.
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PancakeSwap Infinity hits Base as network hits record TVL, StartupNews.fyi.
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