Komal Joshi · Oct 20, 2020 . 7min read
Binance shills PancakeSwap, new DeFi project on Binance Smart Chain
PancakeSwap is a decentralized exchange for swapping BEP20 tokens whose anonymous founders modelled similar to SushiSwap.
By Victor Ugochukwu · Sep 24, 2020 . 5min read
Cryptocurrency exchange Binance in its bid to draw attention to its growing smart contract enabled blockchain platform shills PancakeSwap, a new DeFi project on Binance Smart Chain.
Binance tweeted of this development from one of its official Twitter handles as well as even putting up an article in its Binance Academy resource site. PancakeSwap is one of the decentralized exchange for swapping BEP20 tokens whose anonymous founders modelled similar to SushiSwap. In a similar vein, liquidity providers in their bid to farm yields on PancakeSwap deposits some list of supported assets and earn LP tokens which may then be staked. For instance, an LP supplying USDT and BNB to PancakeSwap pools will get BNB-USDT FLIP tokens in return.
Additionally, on staking the PancakeSwap LP tokens on Binance Smart Chain, users can farm CAKE tokens. Hence, at the moment, LPs can stake about 12 LP assets to farm CAKE. Some of them include ADA-BNB FLIP, BURGER-BNB FLIP, DOT-BNB FLIP, etc.
Still, there’s another twist in the staking functional of the PancakeSwap protocol. After staking LP tokens to receive CAKE, users can stake their CAKE to get SYRUP. LPs may be able to use SYRUP for governance and more functions as per the Binance Academy article. Also, the protocol reserves 75% CAKE supply to token farmers and 25% to SYRUP holders.
Binance Smart Chain wooing developers aggressively start building on Binance Smart Chain.
It looks like Binance’s efforts at attracting DeFi projects onto its Binance Smart Chain is paying off. CZ tweeted about BurgerSwap which was the first DeFi food project to ever go live on the Binance Smart Chain. Digging deeper to see other DeFi projects apart from BurgerSwap and PancakeSwap on BSC, at least 8 DeFi projects have debuted on it. Some of them include CREAM, TunaSwap, BakerySwap etc. Anyone searching through Debank can find these data.
As an edge over Ethereum, Binance Smart Chain allows users and developers to build on with extremely low fees and faster transaction confirmation times. Moreover, this is a good selling point for the smart contract platform, but many criticize it as a centralized platform.
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