AXS Lands on the Binance Smart Chain, But Fails to Land on PancakeSwap

Axie Infinity joins the BSC network but fails to win at the PancakeSwap polls.

By
John Tunney
on
July 18, 2021
Category:
BSC News

AXS Hyped Two Proposals for PancakeSwap

On July 15th, the Binance Smart Chain (BSC) Twitter account announced that Axie Infinity has come to the BSC network! 

Following that news, PancakeSwap announced on July 16th, through a Twitter post, that a new proposal supporting Axie Infinity with two new liquidity pools was open for voting. 

PancakeSwap holders had the chance to vote on the launch of two AXS pools. In one pool, users could stake AXS to earn CAKE, and in the other pool, users could stake AXS-BNB to earn CAKE. If the vote passed, the two pools would have launched the next day, July 17th. 

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A proposal is when a protocol has an update or an added feature coming to the platform. The protocol then typically lets the community vote on whether or not the new update or feature will be implemented. 

Unfortunately, the voting for the Axie pools has now ended and the results––shown below––did not support bringing the implementation of the new Axie Infinity liquidity pools to the PancakeSwap ecosystem. 

Source


Why Didn’t the Vote Pass? 

Well, there may be multiple reasons why Axie Infinity was denied integration to the PancakeSwap platform. However, PancakeSwap’s Twitter following pointed to one primary reason.

PancakeSwap flipped the typical way of staking in this new pool. Instead of staking CAKE to earn X token, you would now instead stake the new token to earn CAKE. In this case, staking AXS to earn CAKE.

The community seemed confused by the new pools PancakeSwap was offering. It would appear that this new staking style is not popular with PancakeSwap investors. 

Multiple Twitter accounts that responded to the original PancakeSwap Twitter post told viewers to “vote no, we want AXS by staking CAKE.” 

As of now, this is surmised as the major reason the vote did not pass in Axie Infinity’s favor. It also hints that similarly ‘flipped’ pools may not be successful. 

What is Axie Infinity?

Axie Infinity is a gaming crypto platform based on the Ethereum network. Axie Infinity has also very recently joined the Binance Smart Chain network. The protocol can be best described as an open-ended digital pet universe. In the game, users have pets named Axies. Users, once in game, can battle, fight, earn, and build empires for their pets. 

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The protocol has grown tremendously in part to their novel “play to earn” style, where users contribute to the Axie ecosystem and are financially rewarded. In 2021, users can now earn the AXS governance token by playing. 

What’s incredibly interesting about Axie Infinity is they have attracted many people from developing countries who used the Axie Infinity protocol as a means of maintaining an income during the pandemic. 

Where to find Axie Infinity: Website | Twitter | Medium | Discord | Reddit |


About PancakeSwap 

PancakeSwap is a Decentralized Exchange (DEX) built on BSC. 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 BSC. 

Where to find PancakeSwap: Website | Twitter | Medium | GitHub


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John Tunney

John Tunney is an accomplished analyst and crypto enthusiast. The UCLA alum has been actively reporting and blogging for 3 years, and has a passion for all things finance.

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