Binance and PancakeSwap Announce BNB Staking and Reward Pools

PancakeSwap and Binance have partnered up to further develop the BSC ecosystem; over $200,000 in farming rewards have been allocated for BNB staking and BNB rewards.

By
Goon Trades
on
November 30, 2020
Category:
Project Insight

Its finally here, a place to earn high yeilds on BNB, Binance has allocated $100,000 for a BNB reward pool on PancakeSwap. Binance has allocated these funds to the leading AMM (PancakeSwap) on the Binance Smart Chain (BSC) in order to promote further development in the ecosystem. The pool consists of 3,542.4 BNB which will be distributed throughout the month.

The remaining $20,000 in BNB will be equally airdropped across all wallets who stake BNB for CAKE. The snapshot will include all users who stake during the period, and will rewards be distributed at the end of the farming period.

But Wait There's More!

On top of the $120,000 BNB provided by Binance users will also be able to stake CAKE for BNB rewards, the pool consists of 432,000 CAKE from the Dev fund, to fund the rewards.

These pools launched on Nov. 27 and will be active till Dec.27.

Due to the rewards being limited PancakeSwap and Binance have set guidelines to provide fair distribution of the rewards, below are Binances’ terms and conditions:

Terms & Conditions

  • Maximum BNB staking limit of 10 BNB per user.

  • Users found to be creating multiple Binance Smart Chain wallets will be blacklisted from the activity and not receive rewards of any kind.

  • The $20,000 BNB participation airdrop will be distributed to eligible participants' Binance Smart Chain wallets within 14 days of the activity period ending.

  • Binance reserves the right to disqualify users that are deemed to be participating in bulk wallet creation.

  • Binance reserves the right to cancel or amend any Activity or Activity Rules at our sole discretion.

Concluding Thoughts

Binance has shown on multiple occasions now that they are committed to growing the BSC ecosystem. This partnership with PancakeSwap allows users to earn BNB through staking CAKE and more importantly users can stake BNB to earn CAKE. The fact that users can stake BNB to earn 80% APY at no risk of IL will bring a lot of new users to the BSC. PancakeSwap now offers the safest returns using BNB on the BSC, and the yields are very competitive.

New pools APY at the time of writing

Not only is this huge for PancakeSwap users, but Binance is beginning to drive more stimulus to the BSC ecosystem. Looking down the pipeline, Binance has barely began to distribute its accelerator fund, so more collaborations will probably follow suite.

All together the reward pools this partnership has brought to Pancakeswap is over $250,000, which brings some bountiful yields to PancakeSwap and to the users on the BSC.


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Goon Trades

Greg (GoonTrades) is BSC News' Chief Editor and is also a writer for the team. Currently enrolled as an economics major, he finds himself as a cryptocurrency researcher, writer, and technical trader.