PancakeSwap Infinity, the fourth version of the PancakeSwap decentralized exchange (DEX), has made it to Coinbase’s Ethereum layer-2 network, Base.
According to a Tuesday announcement shared with Cointelegraph, PancakeSwap Infinity is now live on Base. The announcement follows the launch of PancakeSwap Infinity on BNB Chain at the end of April.
The announcement comes as Base’s total value locked (TVL) reached a new high of $4.295 billion, according to DefiLlama data. This represents a 33.75% increase from its TVL of $3.211 billion reported on Jan. 1.
Base’s growth in TVL was also accompanied by an increase in decentralized exchange volume on the protocol. According to DefiLlama data, the Base DEX volume reached a new high of $1.616 billion over the latest 24 hours.
Base TVL (blue) and DEX volume (green) chart. Source: DeFiLlama
The announcement also follows the launch of PancakeSwap one-click crosschain swaps using the Across Protocol. The supported networks were BNB Chain, Arbitrum and Base.
PancakeSwap had not responded to Cointelegraph’s request for comment by publication.
Related: Base creator Jesse Pollak admits ‘Base is for pimping’ art was a mistake
Hooks power customizable DeFi pools
PancakeSwap Infinity is a multichain protocol and features multiple pool types aiming to serve different liquidity strategies. The updated PancakeSwap protocol also allows for fee structure personalization.
The new protocol also promises lower fees. The announcement claims up to 99% of fee savings on pool creation and about 50% on trading Ether (ETH) against ERC-20 tokens.
The update also introduces hooks, which are smart contract plug-ins that can be linked to liquidity pools. Those smart contract hooks are executed before or after key events such as pool creation, the addition or removal of liquidity, swaps or donations.
Hooks enable developers to add custom logic to pools, implementing rebate schemes, dynamic fees or onchain limit orders without requiring direct edits to the core automated market maker implementation. With hooks being external to the main contract, pool administrators can deploy them independently.
Related: Base mulls launching tokenized COIN stock
Base is on the rise
Base has seen a heightened level of activity recently. In May, the platform also briefly processed over 1,000 transactions per second, bringing it closer to the performance of layer-1 blockchain Solana.
Last month, Naveen Mallela, an executive at JPMorgan’s blockchain division, Kinexys, said that the organization chose the Base network to pilot its deposit token, JPMD. Then, this month, Kinexys’ head of blockchain payments innovation, Nelli Zaltsman, stated that the firm is aiming to integrate institutional-grade payments infrastructure with emerging onchain assets.
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