The decentralized exchange (DEX) PancakeSwap has officially become operational on the Arbitrum Ethereum scaling network, according to Chef Cocoa, a developer involved in the project. This move is part of PancakeSwap's strategy to expand its user base and generate more revenue.

PancakeSwap, like other DEXs, utilizes smart contracts to execute trading, lending, and lottery services for its users, eliminating the need for intermediaries. Prior to this expansion, PancakeSwap was already accessible on several blockchains, including BNB Chain, Ethereum, Polygon zkEVM, zkSync, and Aptos.

As of the most recent data from DefiLlama, PancakeSwap held tokens valued at over $1.54 billion. By integrating with Arbitrum, the platform aims to offer its users reduced fees and faster transaction processing. Presently, users can engage in trading with fees as low as 0.01%, one of the most competitive rates among DEXs.

Arbitrum, a well-liked layer 2 network, currently locks more than $2 billion worth of tokens. The decision to join this network underscores PancakeSwap's dedication to driving the widespread adoption of decentralized finance (DeFi). Chef Cocoa explained that by leveraging Arbitrum's scalability and cost-effectiveness, PancakeSwap aims to attract a broader user base and encourage greater involvement in the DeFi ecosystem.

PancakeSwap's native token, known as cake (CAKE), has experienced relatively minimal fluctuations over the past 24 hours, maintaining a trading value of $1.50 during the European afternoon, based on data from CoinGecko.