After Binance Labs, the incubation and venture capital arm of crypto exchange Binance made a strategic investment in PancakeSwap, the network’s utility and governance token, CAKE, which has once soared by nearly 10%.
As the leading decentralized exchange (DEX) built on BNB Chain, PancakeSwap’s daily active users have reached at least 400,000 since its launch in September 2020.
CAKE was up by 5.3% to hit $4.62 before dropping over 2.5%, hitting $4.35 during the Asia trading section, with its 24-hour trading volume clocking $159 million, according to CoinMarketCap.
The investment made by Binance Labs is meant to open the doors to the next wave of blockchain adoption like Web3 exploration by providing enterprise solutions, marketing and community support, and technology development.
Bill Qian, the head of Binance Labs, pointed out:
“PancakeSwap has been leading the development and mass adoption of BNB Chain. Given that PancakeSwap is the most widely used dApp and the DeFi project with the highest TVL on BNB Chain, we have and will continue to provide strong support for the project.”
Unlike most other decentralized exchanges, PancakeSwap harnesses the BNB Chain, which uses a next-generation consensus mechanism known as Proof of Staked Authority (PoSA) to enhance efficiency levels.
Therefore, PancakeSwap represents a turning point for decentralized finance (DeFi) on BNB Chain since it paves the way for many DeFi solutions, including yield farms, synthetics, and wrapped asset swaps.
PancakeSwap’s AMM model
Using an automated market maker (AMM) model, PancakeSwap enables the swapping of BEP-20 tokens and permits users to trade against a liquidity pool.
BNB Chain is a decentralized public blockchain network launched by Binance. It has played an instrumental role in powering the decentralized application (dApp) sector. For instance, it hosts more than 1,300 active dApps in different areas like non-fungible token (NFT), Metaverse, blockchain games, and DeFi.
As a result, BNB Chain has carried out at least 3 billion transactions undertaken by 163 million unique addresses since its inception in 2020.
Ethereum’s (ETH) October protocol revenue is dwarfing Axie Infitinty (AXS) and other crypto protocols.
Data collected by crypto metrics site Token Terminal shows that the second-largest cryptocurrency by market cap’s protocol revenue over the last 30 days reached $932.8 million.
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Ethereum’s October revenue intake is more than five times that of the play-to-earn blockchain platform Axie Infinity, which saw nearly $185 million in revenue during the same timespan.
Source: Token Terminal
Ethereum-based decentralized exchange dYdX (DYDX) saw the third-highest protocol revenue over the past month at $70.4 million, followed by OpenSea at $62.7 million and PancakeSwap (CAKE) at $20.5 million.
Ethereum competitor Avalanche (AVAX) enjoyed the 16th-highest protocol revenue at $2.9 million.
Ethereum’s second-consecutive monster month of revenue comes alongside the rollout of the Altair upgrade, which is laying the groundwork for Ethereum’s merge into a proof-of-stake system.
It also follows the recent implementation of EIP-1559, which introduced a new mechanism that burns a portion of Ethereum’s transaction fees as a way of countering inflation.
ETH is trading at $4,428 at time of writing, down just slightly from the freshly printed all-time high (ATH) of $4,467, according to CoinGecko.
AXS is also seeing new ATHs today, trading at $158.49 at time of writing, down slightly from a very fresh high of $162.24.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
One closely followed crypto trader thinks a low cap altcoin is set to spring back towards its all-time high.
The pseudonymous crypto strategist known as Loma thinks that Binance’s upcoming $1,000,000,000 growth fund could reignite Binance Smart Chain’s popular decentralized exchange Pancake Swap (CAKE).
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He tells his 209,000 Twitter followers that CAKE could make a run back to its previous all-time high of $44, alluding to Binance’s growth fund as a potential catalyst.
“Damn, I wish Binance would announce a $1B incentive program or something.”
Source: LomahCrypto/Twitter
Binance announced on Tuesday that it had received $1 billion to expand the Binance ecosystem. The expansion plans include allocating $100 million towards the Liquidity Incentive program, which alongside more flexibility and support for professional traders, will provide liquidity rewards to specific protocols based on innovation, total value locked (TVL), active users, or trading volumes.
A talent fund geared towards acclimating investors to the crypto ecosystem will receive $100 million, and a Builder & Incubation Program will receive $300 million. The remaining $500 million will be reserved for investment in the BSC ecosystem and supporting blockchain infrastructure outside of Binance.
At the time of writing, Pancake Swap’s TVL totals $5.5 billion and is up 11% on the day, trading at $19.81, according to CoinGecko.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Tithi Luadthong/Vladimir Sazonov
A popular crypto trader and analyst says XRP looks bullish while highlighting two other altcoins on his radar.
The trader known in the industry as Credibletellshis 243,400 Twitter followers that the digital currency XRP looks ready to move higher against Bitcoin (XRP/BTC).
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“Bullish. XRP”
Source: Credible/Twitter
The crypto analyst shares the inverse chart of XRP/BTC, which shows that the pair is poised to rally to 0.000055 BTC, worth $2.54. The move represents an upside potential of over 160% from its current value of 0.000021 BTC ($0.89).
Credible is also bullish on decentralized exchanges Curve (CRV) and Pancake Swap (CAKE).
The crypto strategist shares data from decentralized finance (DeFi) insights firm Coin98 Analytics showing that CRV is leading the decentralized exchange market in total value locked (TVL) with more than $13.2 billion year-to-date. CAKE comes in at number three with $4.74 billion in TVL for the same period.
“A lot of people [are] sleeping on CRV (and therefore CVX) and CAKE. I’m not. Been loading up on these three for the past month or two. Still plenty of time to get on board but this won’t be the case for much longer.”
The crypto trader also gives an update on Bitcoin (BTC). Heexpectsaltcoins to fly while Bitcoin ranges in the near term, sending the Bitcoin dominance chart to new all-time lows.
“We hit 49% on BTC [dominance], 1% shy of my target. Close enough. Expecting BTC to chop around in the coming weeks/months allowing alts to rally and sending BTC dominance to new all-time lows.”
Source: Credible/Twitter
The Bitcoin dominance chart shows the market share of BTC relative to the market cap of all other crypto assets.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/diversepixel/nsimsek0
Decentralized trading platform PancakeSwap’s native token Cake burned 5,300,000 cake tokens at a total price of $72 million on Monday. Cake’s transaction price subsequently increased by 11.63%, which is the largest daily increase since June 23.
Mainstream currencies do not experience a powerful positive stimulus amid the overall cryptocurrency market downturn. This decentralized finance token is undoubtedly good news to the market.
Token destruction is a common event in cryptocurrencies, reducing the overall supply, thereby adding values to tokens. At the same time, it can better provide a more sound ecosystem; for example, some users will destroy intentionally or unintentionally to put tokens into black hole addresses.
PancakeSwap (CAKE) is a decentralized trading platform built on the Binance Smart Chain (BSC), which uses an automatic market maker mechanism to provide liquidity. It is the No.1 automated market maker (AMM) and liquidity mining project on Binance Smart Chain.
Cake’s trading price has fallen by nearly two-thirds from the all-time high of $47.68 set on April 30. During the intraday, it was trading at $15.24.
According to Coinmarketcap, PancakeSwap ranks 33 with a market cap of $2,926,326,865 among many cryptocurrencies.
PancakeSwap also stated that it has repurchased $1.7 million worth of Cake from the market, including transaction and forecast fees.
Due to the destruction of tokens today, PancakeSwap tweeted that:
PancakeSwap is a decentralized exchange that is similar to Ethereum’s Uniswap, but it runs on Binance Smart Chain instead.
The DEX lets you swap tokens without an intermediary, as well as earn liquidity pool and staking rewards, enter a lottery, and other options.
Unlike popular, centralized cryptocurrency exchanges like Binance and Coinbase that are operated by a single, corporate entity, decentralized exchanges (DEXs) allow for trading without an intermediary. Many such DEXs are based on Ethereum, where the bulk of the decentralized finance (DeFi) action takes place.
However, as rival smart contract blockchains take root, comparable DEXs are springing up elsewhere, sometimes with unique twists. In the case of PancakeSwap, it’s built on Binance Smart Chain rather than Ethereum, and offers much lower trading fees as a result. Binance Smart Chain is newer and less established than Ethereum, but PancakeSwap is already making major waves among DEXs.
Here’s what you need to know about PancakeSwap on the Binance Smart Chain, including a quick primer on how to get started.
What is PancakeSwap?
PancakeSwap is a decentralized exchange that allows you to trade cryptocurrencies and tokens without a centralized intermediary, keeping custody of your tokens all the while. It is built on automated smart contracts deployed on Binance Smart Chain, the blockchain platform run by crypto exchange Binance.
Even though Binance operates a centralized exchange service, it does not control or operate PancakeSwap—it was built by anonymous developers. The service looks and feels very similar to the popular Ethereum DEX, Uniswap. PancakeSwap is used specifically for BEP-20 tokens running on Binance Smart Chain, although it’s possible to bring over tokens from other platforms via Binance Bridge and “wrap” them as a BEP-20 token for use on the DEX.
Like many other DEXs, PancakeSwap is built on an automated market maker (AMM) system, which relies on user-fueled liquidity pools to enable crypto trades. Rather than dealing with an order book and finding someone else who wants to swap the tokens you have for the ones you want, users lock their tokens into a liquidity pool via smart contracts. That allows you to make the swap you want, and users who keep their coins in the pool earn rewards all the while.
PancakeSwap is part of the rising wave of DeFi services that enable crypto traders to conduct transactions with trade tokens without a middleman taking a significant cut of the funds. It is one of the largest such DEXs on the Binance Smart Chain, although there are DEXs on Ethereum (such as Uniswap) with significantly higher average trading volume.
Did you know?
PancakeSwap has flipped Uniswap on multiple occasions to become the most popular DEX based on trading volume, but hasn’t consistently maintained that title as of yet.
How does PancakeSwap work?
As described above, token swaps take place via liquidity pools between token pairs. Users are able to exchange one type of token for another without an intermediary, while other users who stake their tokens in the liquidity pools earn a share of the rewards generated by transactions.
However, that’s just one part of the overall PancakeSwap experience. The DEX also lets you stake coins into so-called Syrup Pools that provide growing rewards. For example, you can stake CAKE, PancakeSwap’s native token, and earn even more CAKE just by letting it sit there in the Syrup Pool over time. There’s even an auto-stake option that will re-stake your CAKE at least once per hour, continuously compounding your rewards.
Automatic restaking on PancakeSwap. Image: Decrypt
PancakeSwap offers game-like experiences, such as wagering on whether the price of Binance Coin (BNB) will rise or fall within a limited window of time. It also has a lottery feature that lets users buy a ticket in hopes of winning a major windfall of CAKE, plus the DEX offers a wide array of bunny-themed collectible non-fungible tokens (NFTs) to purchase. There are also Initial Farm Offering (IFO) sales that let you buy brand new coins from budding projects.
Did you know?
PancakeSwap is the latest in a long line of food-themed crypto projects, including SushiSwap, Yam Finance, BakerySwap, and Kimchi Finance.
What’s so special about it?
PancakeSwap cuts out the middlemen of centralized exchanges, letting other users reap the rewards instead. If you’re willing to lock up your tokens for a while, the rewards can be very plentiful, particularly with some of the liquidity pools and staking options.
Granted, as with other DEXs, crypto newbies will likely struggle to navigate PancakeSwap and understand its myriad features. It could be worth your while to take the time to figure it out, though.
A beginner’s guide to using PancakeSwap
You will need your own crypto wallet to use PancakeSwap, as the DEX does not support fiat currency. PancakeSwap works with wallets such as Trust Wallet, MathWallet, Binance Chain Wallet, and even MetaMask. Yes, MetaMask is an Ethereum wallet, but it can be configured to work with Binance Smart Chain. Unlike centralized exchanges, you won’t have to input a bunch of personal data—you don’t even have to create a profile.
Decrypt opted to use Trust Wallet on a smartphone. The first step is to purchase some Binance Coin (BNB) from Binance.US and transfer it to your wallet. Then you’ll need to convert it to Binance Smart Chain to use it at PancakeSwap. You can do that within Trust Wallet by pressing the “More” button, tapping “Swap to Smart Chain,” and paying a small transaction fee to convert your coins.
Trust Wallet. Image: Decrypt
All of PancakeSwap’s functions are shown on the left side of the screen in your web browser. To swap tokens, go to Trade and select Exchange, and then choose which token in your connected wallet you want to trade, for which supported token on the DEX. You will need to confirm the transaction within your wallet to execute it.
PancakeSwap. Image: Decrypt
For farms, or liquidity pools, you must spend an equal value of tokens in a pair (such as CAKE-BNB) to purchase LP tokens, which provide liquidity to the DEX and earn you rewards in the process. This liquidity can be removed at any time, and will be disbursed in the individual tokens that were initially swapped for the LP tokens.
Adding liquidity on PancakeSwap. Image: Decrypt
The future:
Binance Smart Chain is growing quickly as developers take advantage of its low fees and speedier transactions compared to Ethereum. In April 2021, Binance revealed that the platform had executed some 4.9 million transactions in a single day, or three times the amount that Ethereum has ever managed in a day.
PancakeSwap doesn’t have the same level of average daily volume as Uniswap or SushiSwap, Ethereum’s two biggest heavyweight DEXs, but it’s already very popular considering the relatively young age of Binance Smart Chain.
If Binance’s decentralized app (dapp) platform continues to grow and pull in more developers and users alike—and Ethereum’s soaring gas fees and network congestion continue—then PancakeSwap may well put up an even stronger fight against rival exchanges in time.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
The totalcrypto market caplost $72 billion of its value for the last seven days and now stands at $1,982billion.Thetop 10coins were mostly in red for the same time period with Dogecoin (DOGE) losing 22 percent while Uniswap (UNI) turned green, adding 8.2 percent. Bitcoin (BTC)iscurrentlytrading at$53,331, ether (ETH) is at $2,475.
BTC/USD
Bitcoin formed its third consecutive red candle on the daily chart on Sunday, April 18, and continued to decrease in value. It was on its way down ever since it hit its highest ever value of $64,840 last Wednesday, prior to the Coinbase COIN stock market debut on NASDAQ.
The Sunday drop was the biggest for the BTC/USDT pair since February 23 when it erased $5,343 or almost 10 percent of its value for a day. The price of BTC moved below the short-term EMAs on the daily timeframe and touched the lower boundary of the old $59,500-$56,000 range.
On Monday, the market volatility continued to be felt by traders as the leading cryptocurrency was moving in the $57,700 – $54,230 area before closing yet another session in red at $55,600.
On Tuesday, April 20, it fell as low as $53,500 during intraday but managed to recover in the late hours of trading, eventually closing in green at the $56,480 mark.
The mid-week session on Wednesday did not bring any change in the market direction and BTC continued to hover around $56,000– a significant support/resistance line from the last few corrections and a lower part of the old trading range on the daily timeframe. Bears were once again in control and the BTC/USDT pair ended even lower – at $53,770.
On Thursday, April 22, bitcoin continued to slide, not being able to break above the 21-day EMA on the lower timeframes. It erased 4 percent for the day and reached the $51,500 – $52,000 support zone. The session was marked by extremely high volatility as the price was bouncing up and down the $55,500 – $50,400 range.
The last day of the workweek came with an even sharper drop – this time to $47,500 after US president Biden announced its latest tax hike plan. Still, the quick reaction from bulls prevented a catastrophe, and the biggest cryptocurrency closed with a small red candle to $51,177.
The weekend of April 24-25 started with another drop below the 100-day EMA on daily on Saturday, which was followed by its fifth consecutive red candle on Sunday and another intraday low – $46,960 later improved to $49,160. The coin was 12 percent down for the week.
What we are seeing on Monday is a solid reversal to the upside as BTC is trading 9 percent higher compared to the Sunday close.
ETH/USD
The Ethereum Project token ETH hit a new all-time high at $2,544 on Friday, April 16, but it hasn’t been able to maintain the bullish momentum since then. The coin registered three consecutive red days and erased more than 11 percent of its value by Sunday evening. Still, the sudden decline did not impact the general uptrend that much and the ether closed the week with a 4.4 increase.
It is worth noting that the Sunday flash crash pushed the price of ETH all the way down to the next major support zone near $1,980, but buyers were quick to react on the same day thus preserving the bullish market structure.
On Monday, the coin fell further to $2,162 but found stability near the previous weekly open and the 21-day EMA.
On Tuesday, April 20, and Wednesday, April 21, the bulls successfully initiated a recovery and reclaimed their presence above $2,400, which represented an $8.85 percent of growth for the two-day period and a daily close at $2,358 on the third day of the workweek.
On Thursday, the ETH/USDT pair hit a new all-time high touching $2,645 in the morning, but then made almost full retracement down to $2,396 to close the day with a short green candle.
The leading altcoin corrected its price down to $2,364 on Friday following the tax hike news coming from the US. The price temporarily dropped below the $2,140 support on the news but managed to recover in the late hours of the session.
The first day of the weekend was not that good for bulls as their preferred digital asset made a pullback to $2,210 losing 6.5 percent. Then on Sunday it jumped back up from the fast EMA and ended the week at $2,313.
The ether is trading at $2,482 as of the time of writing this market update.
Top 10 Movers
Solana (SOL)
Another alternative solution to the Ethereum blockchain, Solana is on the rise thanks to its solid fundamentals and the backing by the FTX exchange.
The SOL token value increased by 47 percent for the last seven days and is now 4446 percent up from its December 2020 low of $1. The SOL/USDT pair is on a stable macro uptrend and looking at the lower timeframes (4-hour), we can establish a support line around $41, where the 21-day EMA is currently placed.
Naturally, the next target up should be the psychological $50 level. It’s worth noting that Solana is evaluated at $12.9 billion and a projected price of $100 will make it a Top 10 coin, right behind Polkadot.
Altcoin of the Week
Our Altcoin of the week is PancakeSwap (CAKE). Uniswap’s biggest competitor is growing stronger every day thanks to the lower transaction fees on the Binance Smart Chain compared to the current Ethereum Layer 1. The PancakeSwap exchange now has more than $8 billion in total value locked on its platform and more than 200,000 active users. This, combined with the Initial Farm Offering (IFO) feature, is the main driver behind the recent price surge.
The project’s native token CAKE added 37 percent to its value for the last seven days and is now comfortably sitting at the 26th spot on CoinGecko’s Top 100 list with a total market capitalization of approximately $5.47 billion, still way below the leading Defi aggregator – Uniswap, which is valued at $18.4 billion.
The CAKE/USDT pair is currently trading above its all-time high of $29.9 after hitting $34.9 in the early hours on Monday.
Popular crypto YouTuber Lark Davis talked about Binance Smart Chain (BSC) many opportunities for investors. With its low fees and fast transactions, Davis believes this ecosystem provides the kind of experience that the people want.
BSC flagship product PancakeSwap (CAKE) has given its competitor a run for their money and even managed to “eclipse Ethereum” in terms of transaction volume, according to Davis. The analyst cited data from DappRadar that claims BSC outperformed Ethereum on this metric, at least for a 24-hour period.
Source: DappRadar
PancakeSwap experienced an all-time high number of users during the past week and registered some issues due to the high congestion. Davis said:
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Binance Smart Chain hit a an all-time of 8.5 million transactions. I think it is pretty obvious what we are seeing right here. People want exposure, they want to get into DeFi. They want to get into crypto and use the different products.
The analyst reiterated Ethereum’s disadvantages and the high number of users that have been price out of the platform. When it comes to adoption, the “numbers speak for themselves”. PancakeSwap’s native token trading volume sits at $1.1 billion in the daily chart. Ethereum DEX Uniswap record a similar number but has been lagging behind its competitor. David added:
I suspect that we’re going to continue to see Pancakeswap moving up the charts and becoming a more and more prominent decentralized exchange. The users are there. The daily volume’s there. Just the market cap is a bit behind in comparison to Uniswap which only does half the daily volume right now.
Binance Smart Chain (BSC) Expansion And New Opportunities
This ecosystem is anything but static and will be making an entry into other crypto trends, like non-fungible tokens (NFT). For that, they will launch the BSC Station to allow users to do auctions for these assets to a “wide” audience. The platform will also integrate a BSC Swap feature along with the NFTs.
This development will be supported by Morningstar Ventures, NGC, BSCPad, x21, and many others. Its growth could positively impact PancakeSwap (CAKE), and the other projects on Davis’ list, Refinable (FINE), and Smoothy Finance (SMTY).
Refinable seeks to leverage the NFT’s nascent period. Davis believes this project could “get a good share of the market”. The platform is supported by Mr. Beast, a YouTuber with 60.4 million subscribers, in cooperation with Binance.
The platform’s native token FINE will give power to their holders, the NFTs creators trading on Refinable. For example, FINE holders can increase the royalties and distribution of an asset and participate in the governance model.
Davis’ second project, Smoothy Finance (SMTY) is also doing some “serious stuff”. Users can leverage their swap feature with 0 slippages to trade different dollar-pegged coins. Davis added:
(…) this is the infrastructure that actually allows DeFi to work in a smooth fashion for people. It allows it to be a good user experience where you’re not getting crushed on fees, you’re not getting crushed on slippage and so this kind of product actually allows users to have that nice user experience.
Binance native token BNB is trading at $500 moving sideways in the daily chart. In the weekly and monthly chart, BNB has a 3.1% loss and a 113% gain in respectively.
BNB with sideways movement in the 24-hour chart. Source: BNBUSDT Tradingview
Crypto influencer Lark Davis is naming three low-cap altcoins on the Binance Smart Chain (BSC) that he believes are ready to explode in value.
In a new video, the trader starts off his list with Pancakeswap (CAKE), noting that the Binance-based decentralized exchange (DEX) recently managed to overtake the Ethereum network in the number of transactions it’s processing per 24 hours.
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From Davis’ point of view, CAKE has all the attributes of an undervalued coin ready to rocket upward.
“I suspect that we’re going to continue to see Pancakeswap moving up the charts and becoming a more and more prominent decentralized exchange. The users are there. The daily volume’s there. Just the market cap is a bit behind in comparison to Uniswap which only does half the daily volume right now.”
The second coin Davis puts on his list is FINE, the native asset of NFT (non-fungible token) marketplace Refinable. The Refinable marketplace allows users to create, trade, and leverage any digital content.
Davis posits that since the NFT space is still so nascent, projects like Refinable have huge upside potential to grow and claim a chunk of the industry.
“There’s still a lot of opportunity for people like Refinable and these kinds of projects to be able to come in and actually get a good share of the market.”
The trader also mentions that Refinable has a noteworthy investor base, including Binance, the world’s largest crypto exchange, and Mr.Beast, one of the most successful YouTubers and content creators.
“So that is a big, big deal in terms of getting eyes on Refinable moving forward. I mean just imagine when Mr. Beast starts launching his own Youtube creator NFTs on the Refinable platform. That’s going to be big, that’s going to bring a lot of attention to Reifnable and of course to the Refinable token.”
Refinable’s FINE token was set to launch this past Friday, but was delayed due to heavy traffic on the CAKE platform. The team has not rescheduled its IDO (initial DEX offering) as of yet.
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The last altcoin on the Binance Smart Chain that Davis sees exploding to new heights is SMTY, the governance token behind Smooth Finance. Smoothy is a single pool liquidity protocol that allows users to swap between different stablecoins with little to zero slippage. According to the widely-followed crypto analyst, SMTY could end up being a major cog to the infrastructure of the decentralized finance space.
“This one has got a lot of potential because these key pieces of infrastructure for decentralized finance (DeFi), they may not be as sexy and exciting as the cool NFTs backed by Mr. Beast – which is cool obviously – but this is the infrastructure that actually allows DeFi to work in a smooth fashion for people. It allows it to be a good user experience where you’re not getting crushed on fees, you’re not getting crushed on slippage and so this kind of product actually allows users to have that nice user experience.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/GentleJune/stockphoto-graf
Centralized and decentralized exchanges are stepping up their game, with the upcoming launch of Uniswap v3, competition in the sector is bound to be fierce. PancakeSwap’s second iteration is also around the corner. CAKE holders will be able to profit.
In a recent vote, PancakeSwap’s community decided to approve a feature called the “Big Burn”. Therefore, after April 23rd “Great Migration” the exchange will buy back and burn more CAKE “than ever before”. Every trade in PancakeSwap v2 will “contribute” to this mechanism.
The exchange’s daily trading volume sits at around $4 billion. According to the recently approved burn mechanism, this figure will be multiple by 0.05%. As a result, around 2.2 million CAKE could be buyback and burned each day. If PancakeSwap maintains its current daily trading volume, its native token buying pressure could skyrocket for the benefit of investors.
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Source: PancakeSwap
Analyst Vivian Medithi published an article on Nasdaq making some bullish predictions on CAKE. At that time, CAKE was trading at $21.26 following a 1,200% year-to-date rally in February. The analyst highlighted the bearish sentiment of some investors and the token’s capacity to prove them wrong.
Medithi quotes Coinpedia, Wallet Investor, and Digital Coin to backed up a bullish case for this token. The predictions place CAKE between $44 to 80 by the end of 2021. Next year, CAKE could trade for $150 and $280 by 2026. These predictions were made before the “Big Burn” was approved and don’t take into account the new potential increase in buying pressure.
What’s PancakeSwap “Great Migration”?
Tomorrow at 5:00 am UTC, the “Great Migration” will take place on PancakeSwap. Due to the upcoming update, the exchange’s smart contract PancakeSwap Router and PancakeSwap Factory required a change in their feed structure. CAKE holders can vote to modify this component.
They were presented with 4 options: Split (increase trading fee to 0.22%), Burn (0.22%), Big Split (0.25%), and Big Burn (0.25%). As mentioned, users opted for the latter which also provides a 0.17% fee for liquidity providers and keeps PancakeSwap’s fee below the “tradition 0.3%” used by their competitors, according to an official post. The migration will also add the following:
(…) we’re creating a new set of LP Tokens, and our farms and exchange will start supporting the new type instead of the old ones.
Investors with tokens on this exchange should be aware that they will stop receiving rewards for the “old type of LP Tokens. Instead, the rewards will shift to the new ones. Users must take their tokens out of all PancakeSwap’s products and add liquidity with the new token to re-stake in new farms to maintain their rewards. The team behind the exchange added:
We’ll also make a new set of farms with the same rewards and token pairs as the old ones. The old farms will stop giving out rewards, so you’ll need to transfer to the new ones to keep farming yield.
CAKE is trading at $26,85 with a 2.9% loss in the daily chart. In the weekly and monthly chart, CAKE has 17.1% and 144.9% profits, respectively.
CAKE with moderate losses in the daily chart. Source: CAKEUSDT Tradingview
