PancakeSwap version two derivative contract on Arbitrum crosses the $200M trading volume landmark in under two months.
The most prominent decentralized trading platform on the BNB Chain has hit a significant milestone regarding its recent support of the Arbitrum (ARB) network.
In a recent tweet, PancakeSwap revealed that its Perpetual V2 based on the Arbitrum network has exceeded $200 million in crypto trading volume. PancakeSwap attributed the remarkable feat to the effort and dedication of the crypto community.
?Milestone Alert!
? PancakeSwap Perpetual V2 on Arbitrum has surpassed $200 million in trading volume, Thanks to our amazing community! ?
? With over 780 active traders on perps v2, our community's support has been incredible.
? Enjoy the market-lowest 0.05% trading fees,… pic.twitter.com/yOx0L5i7DR
— PancakeSwap?Everyone's Favorite DEX (@PancakeSwap) October 18, 2023
780+ Traders Pull $200M Transaction Volume
The PancakeSwap team is particularly delighted at the $200 million target, given that it comes in under two months after launching Arbitrum Perpetual V2. Moreover, the decentralized exchange highlighted the formidable army of traders, nearly one thousand of whom helped achieve the milestone.
“With over 780 active traders on perps v2, our community’s support has been incredible,” PancakeSwap remarked in the notification.
Recall that late in August, PancakeSwap expanded its offerings to include a new iteration of derivative contracts on the Ethereum Layer-two scaling solution, Arbitrum. The Crypto Basic reported that ApolloX Finance, the principal DEX for BNB Chain-based crypto derivatives, powers the Arbitrum Perpetuals v2.
In the launch month, PancakeSwap offered users what it described as the most competitive trading fees for derivatives contracts in the market. Specifically, users enjoyed a 0.05% fee rate following the August launch month.
According to the recent statement, PancakeSwap is maintaining the 0.05% fee structure. Moreover, the notification mentioned that users can earn 25% on its trading rewards program. The 25% applies to platform revenues while transacting on the Arbitrum Perpetuals v2.
Notably, PancakeSwap’s Perpetuals v2 is compatible with thirty trading pairs on the BNB network. However, only seven pairs are available on the Arbitrum Perpetuals v2.
PancakeSwap already stated in the launch notification that other pairs will be supported much later. The current tradable pairs include ETH/USD, ARB/USD, XRP/USD, BTC/USD, and DOGE/USD.