Dominant BNB Chain DEX PancakeSwap is gearing up for a potential expansion to an as-yet-unnamed blockchain. Is the broader crypto world ready for syrup?
PanCake Swap Looks Beyond BNB Chain
Dominant BNB Chain Decentralized Exchange (DEX) PancakeSwap is gearing up for a potential multichain expansion.
According to a recent proposal, the DEX intends to redirect $CAKE from Syrup Pool rewards to Multichain Farm Emissions – a feature to be implemented when the DEX launches on other blockchains.
The proposal states: “Wen multichain? Soon.”
Users overwhelmingly (86%) voted in favor of the maximum amount of $CAKE redirection in furtherance of the multichain launch, compared to only 12% who voted for “no change.”
“Due to reasons of competitive advantage and confidentiality, we are unable to announce exactly which chains we are deploying to and specific details,” according to the PancakeSwap proposal.
The redirection of $CAKE for the DEX’s multichain expansion goals is necessary to ensure a fast-tracked expansion process which will be aided by having a “war chest” of $CAKE from a designated Multichain Farm Emissions allocation, the proposal states.
According to PancakeSwap, the proposed redirection will not harm its already established success on BNB Chain, where it has a Total Value Locked (TVL) of $2.8 billion, which accounts for 54.4% of BNB Chain’s overall TVL.
On how the Multichain Farm Emissions is designed to function, PancakeSwap said that it intends to select trading pairs with the most TVL, user growth, and potential to incentivize with CAKE. It, however, provided a caveat that users may have to return to its BNB Chain deployment to claim their farm rewards depending on the chain the trading pairs are selected from.
Per the project’s currency tokenomics, 11.6 CAKE tokens are emitted with every block minted on the platform, with 9 CAKE sent to its Syrup Pool. Per the proposal, users could vote for redirections of “up to” 0.5, 1.0 or 1.25 CAKE — or “no change” at all.
With the proposal receiving the community’s support, PancakeSwap is set to be launched on a yet-to-be-named chain. Following 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 passes, the full deployment on that chain will be completed.
What Is PancakeSwap:
PancakeSwap is a Decentralized Exchange (DEX) built on BNB Chain. It offers users various features such as Liquidity Pools, Swapping, Yield Farming, Syrup Pools, Automated Market Maker, Initial Farm Offering (IFO), NFT profile system, and many others.
In addition, the protocol helps users make the most out of their crypto assets by trading, earning through yield farming, and winning via lottery, prediction, and NFT collectibles. With the highest trading volumes in the market, PancakeSwap is the leading DEX on the BNB Chain.
Where to find PancakeSwap:
Website | Twitter | Medium | GitHub
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