Dominant BNB chain DEX PancakeSwap is gearing up for a possible expansion onto a yet-unnamed blockchain. Is the Broader Crypto World Ready for Syrup?
PanCake Swap looks beyond the BNB chain
Dominant BNB Chain Decentralized Exchange (DEX) PancakeSwap is gearing up for potential multichain expansion.
According to a recent proposal, DEX intends to redirect $CAKE from Syrup Pool rewards to multichain farm emissions – a feature to be implemented when DEX launches on other blockchains.
The suggestion is: “Who multichain? Soon.”
Users overwhelmingly (86%) voted for the maximum amount of $CAKE redirection to encourage multichain launch, compared to just 12% who voted for “no change.”
“For reasons of competitive advantage and confidentiality, we cannot disclose exactly which chains we support and specific details,” PancakeSwap proposed.
The redirection of $CAKE for DEX’s multichain expansion targets is necessary to ensure an accelerated expansion process supported by a “war chest” of $CAKE from a designated multichain farm emissions allocation, the proposal states.
According to PancakeSwap, the proposed diversion will not affect the already established success at BNB Chain, where it has a Total Value Locked (TVL) of $2.8 billion, accounting for 54.4% of BNB Chain’s total TVL.
On how Multichain Farm Emissions works, PancakeSwap said that it intends to select trading pairs with the largest TVL, user growth, and potential for incentives with CAKE. However, there was a caveat that users might have to go back to their BNB chain deployment to claim their farm rewards depending on which chain the trading pairs are chosen from.
According to the project’s currency tokenomics, 11.6 CAKE tokens will be issued with each block minted on the platform, with 9 CAKE being sent to its syrup pool. According to the proposal, users could vote for diversions of “up to” 0.5, 1.0, or 1.25 PIE — or “no change at all.”
As the proposal gains community support, PancakeSwap is set to be rolled out on a yet-to-be-named chain. After this deployment, the DEX will publish a confirmation proposal to assess if the community is satisfied with the chain and the deployment. If the confirmation proposal is successful, the full deployment in this chain is completed.
What is PancakeSwap:
PancakeSwap is a decentralized exchange (DEX) built on top of the BNB chain. It offers users various features like Liquidity Pools, Swaps, Yield Farming, Syrup Pools, Automated Market Maker, Initial Farm Offering (IFO), NFT Profile System and many others.
Additionally, the protocol helps users get the most out of their crypto assets by trading, earning through yield farming, and winning through lottery, prediction, and NFT collectibles. With the highest trading volume in the market, PancakeSwap is the leading DEX on the BNB chain.
Where to find PancakeSwap:
Website | Twitter | Medium | GitHub
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