20 October 2020
A new day brings a new Defi food farm and it is called PancakeSwap. This new DeFi food farming was announced on 20th September but came in the limelight today after following an announcement by leading crypto exchange Binance.
PancakeSwap follows the same tired theme and touts and has taken the concept from food farming platform SushiSwap. The DeFi food farming, PancakeSwap has launched its own protocol on Binance Smart Chain.
Binance is in the process of becoming Google of the crypto, and keeping this in the mind it has launched its own Binance Smart Chain and incentives to lure platforms off of Ethereum and on to it. Binance is concentrating more on Ethereum and as a result, it has published a full guide about the latest DeFi food farming ‘PancakeSwap.’
“Yes, another food protocol. But this time, it’s on Binance Smart Chain. Will things be different when fees are $0.03 and not $50 per transaction?”
PancakeSwap is somewhat similar to SushiSwap and does exactly the same thing. However, PancakeSwap is supported by a huge centralized exchange. There is a DEX, AMM, farms, or kitchens as it calls them, and a native token, CAKE.
PancakeSwap has its liquidity pools in BNB that will lead to boost the exchange’s native token. In total there are nine offering rewards for depositing BNB in addition to CAKE, BUSD, ADA, BAND, DOT, EOS, LINK, plus the two previous food farming tokens, BAKE and BURGER.
The farming platform went live on 22nd September and the total value after the first twelve hours locked at $35 million.