It’s a Date: Ethereum Shapella Unstaking Upgrade Set for April 12
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Project Insight: PancakeSwap
January 26, 2023
MINS
Pancakeswap has taken the BNB Chain by storm and continues to innovate and bring excitement to the decentralized finance space.
What is PancakeSwap:
PancakeSwap is the leading multichain Decentralized Exchange (DEX) across Decentralized Finance (DeFi). Since establishing itself as one of the first DEX on BNB Chain in November 2020, PancakeSwap has become the top protocol in all of DeFi with a suite of innovative products and a powerful community.
PancakeSwap landed during the end of DeFi Summer, alongside other famous projects like SushiSwap, BakerySwap. With CAKE, the native token of PancakeSwap, deployed as a BEP-20 token via BNB Chain, it allows users to boast fast transactions and fees that have made it the most used DEX around.
PancakeSwap is the number one Automated Market Maker (AMM) platform on BNB Chain, which puts it in the same field as ERC-20-based AMMs such as Uniswap and Sushiswap. The DEX uses permission-less liquidity pools run by algorithms and this process creates what is known as an automated market maker (AMM).
For those who are unfamiliar with AMMs in DeFi, they allow people to trade their digital assets against liquidity pools. This differs from traditional financial markets that use an order book to match buyers and sellers. On AMMs, users can provide their funds and, once deposited, become liquidity providers (LP) to the respective pool to receive LP tokens.
Key Features Advantages of PancakeSwap
Earn tokens from PancakeSwap
PancakeSwap has its own native BEP-20 token, CAKE, which can be staked––or spread––across Syrup Pools. Syrup pools provide tokens from other notable BNB Chain projects. Every day PancakeSwap emits hundreds of thousands of CAKE tokens but these tokens are a great way for users to earn passive income in various ways.
The CAKE token has had a volatile history, as with most cryptos. The token has seen highs over $40 but has recently been living below the $10 mark. The token did maintain value better than Ethereum and Bitcoin in the latter half of 2022.
No Know Your Customer (KYC) policy
Unlike Centralized Exchanges (CEX), anybody can trade hundreds of digital assets with over $100,000,000 in liquidity. Did I mention it's super simple to use? There will be more information below.
Low Fees & Super Fast Transactions
As previously mentioned, PancakeSwap runs on BNB Chain, using BEP-20 tokens. BNB Chain has much lower fees than most blockchains, with fees ranging anywhere from $0.04- $0.20, and transactions taking about five seconds on BNB Chain.
The speed on the multichain options of Ethereum and Aptos is also very fast. For example, PancakeSwap's users can take advantage of Aptos transaction speeds that process 100k tx per second, while Ethereum’s speed comes with its robust security. The fees on both Aptos and Ethereum are negligible and vary.
PancakeSwap also has one of the fastest ZAP features in DeFi. Zap was built by PancakeSwap to make adding and removing liquidity from PancakeSwap easy for all levels of users. With Zap, liquidity providers on PancakeSwap can add liquidity with a single token in the trading pair of their choice.
Multichain Interoperability
2022 was a big year for PancakeSwap as the project went multichain. With the help of Celer Network’s C-Bridge technology, PancakeSwap has been able to successfully bridge its Decentralized application (Dapp) to Ethereum and Aptos. And using the CAKE Bridge, users can flip their tokens between Aptos and BNB Chain with ease.
PancakeSwap currently dominates both BNB Chain and Aptos, with over 50% of the Total Volume Locked (TVL) on both chains. The Ethereum integration is a much harder hill to climb, where PancakeSwap retains a minor market share.
PancakeSwap is Secured and Audited
PancakeSwap has gone above and beyond and received audits from top security protocols like Slowmist, Peckshield, and CertiK. PancakeSwap has also participated in several bug bounty programs to help protect user funds.
Tokenomics
The CAKE Chefs worked extremely hard to get the token to where it is today. After starting out inflationary and with an unlimited supply, the token battled through market adversity and to maintain the market share it has today.
It is essential to note that CAKE now has a total supply of 750M across all blockchains, according to the v2 tokenomics. At this time, there are over 285,000 new CAKE tokens added to the supply every day.
The current supply of the CAKE token can be tracked on their website. There is a current circulating supply of over 160 Million CAKE. There have also been more burned tokens to date than in total supply: 700 Million.
Some strategies used by the PancakeSwap team to control token supply are regular token burns built into the lottery system and a new 0.05% burn made of every trade made from the recent PancakeSwap V2 update.
Yield Farming
One of the main reasons why most users are attracted to PancakeSwap is yields that you cannot even fathom from centralized finance (banks). They are a couple of different ways to earn yield rewards on PancakeSwap. After beginning with just under thirty pairs, there are dozens of liquidity pools on PancakeSwap. They also offer Annual Percentage Yields (APYs) ranging into the hundreds for for supplying liquidity and working in boosts.
To name a few:
· CAKE-BNB FLIP
· BUSD-BNB FLIP
· ADA-BNB FLIP
· BAND-BNB FLIP
· DOT-BNB FLIP
· EOS-BNB FLIP
· LINK-BNB FLIP
· BAKE-BNB Bakery LP
· BURGER-BNB FLIP
The yield from the LP is rewarded in CAKE and sometimes other tokens. The CAKE governance token can also be staked and used to participate in a deflationary lottery.
When providing liquidity to these pools, it is crucial to understand how AMMs work and the arbitrage opportunities they provide, putting the LPs at risk of Impermanent Loss (IL). This can be exceptionally risky when pooling un-correlated assets and have high volatility, so it is essential to understand the risks associated.
Yield can also be generated through staking CAKE tokens. CAKE can be staked in the SYRUP pools. Less than twenty of these staking pools exist, and they are usually on a rotation. Staking proved extremely valuable at the start of PancakeSwap, with APYs soaring around 500%, but now average about 20-30% APY at the writing time. As mentioned previously, you can stake CAKE to earn tokens like INJ, CTK, CAKE, and even TWT.
Pancake Non-Fungible Tokens (NFTs)
In late 2021, PancakeSwap ventured into the world of Non-Fungible Tokens (NFTs). The team has developed a marketplace to launch and sell NFTs that has maintained a stronghold on BNB Chain. The two main collections have been released by the developers from PancakeSwap: Pancake Squad and Pancake Bunnies. Made by artist Cecy Meade, the Squad NFTs are some of the most popular and highest prices on BNB Chain, Each collection has been some of the hottest NFT releases on BNB Chain, with more collections on the way.
Accessing PancakeSwap
To access PancakeSwap, you must use one of the crypto wallets below. For this guide, we will show how to create a custom network in a Metamask wallet and connect it to BNB Chain.
If you are unfamiliar with navigating Metamask, follow this tutorial about setting up a BNB Chain wallet on MetaMask. Remember to keep your account safe and never share your seed phrase.
Once completed, you will be able to access PancakeSwap and begin swapping, staking, and providing liquidity.
Once liquidity is provided, simply navigate to the farm tab, select your respective pool, approve the FLIP tokens, and begin farming.
To stake CAKE, navigate to the SYRUP POOL tab and approve the contract, and then stake CAKE to the respective pool.
Overall Thoughts
PancakeSwap is the most used AMM and farming projection on BNB Chain. It boasts a TVL of over $2 Billion and a daily volume of nearly a quarter-billion dollars. The DEX currently has over one million Twitter followers. It is the largest DEX on BNB Chain and the second in all of DeFi.
PancakeSwap will continue to provide high volume and lots of liquidity to BNB Chain, especially as the world of DEFI expands. DeFi on BNB Chain is a massive alternative as it allows users to participate DeFi while not worrying about exorbitant fees, which can be seen on Ethereum.
Overall, the DeFi space is rapidly expanding, and PancakeSwap has built itself a name in the room where it continues to innovate. The team has plans to develop itself further and bring more innovation to both DeFi and BNB Chain making it a project worth paying attention to.
Where to find PancakeSwap:
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Related News
Radiant Capital Expands From Arbitrum to BNB Chain
March 28, 2023
Radiant’s expansion from Arbitrum to BNB Chain is the first-step in its omnichain DeFi aspirations.
DeFi on Arbitrum, BNB Chain
Aspiring omnichain money market Radiant Capital is now live on BNB Chain.
The expansion by the Arbitrum-native lending platform is another link in the cross-chain Decentralized Finance (DeFi) ecosystem that is emerging on the two Ethereum Virtual Machine (EVM)-compatible networks.
As BSC News reported previously, Radiant recently launched its v2 product on Arbitrum. Built on Layer Zero, Radiant intends to allow users to deposit assets from any major blockchain, borrow assets across multiple chains, and withdraw funds to any major blockchain.
According to DefiLlama, Radiant has the second-largest Total Value Locked (TVL) on Arbitrum, with nearly $334 million. That puts it above Uniswap and only behind GMX.
Radiant’s Arbitrum TVL would put it in fourth place on BNB Chain, behind PancakeSwap, Venus and Alpaca Finance.
On launch, Radiant has just over $28 million in TVL on BNB Chain, according to DefiLlama.
In a Twitter thread accompanying the announcement of its expansion, Radiant cited BNB Chain’s growth and overall size in terms of users and TVL.
“In short: @BNBCHAIN is dominating DeFi onboarding[.] And Radiant v2's BNB integration means it's one step closer to the ultimate vision: Become DeFi's premiere, cross-chain lending market,” Radiant tweeted.
Radiant’s announcement comes one day after stableswap Wombat Exchange announced it would be expanding from BNB Chain to Arbitrum on April 5, bringing with it the WOM Wars competition among yield-boosting protocols Wombex Finance, Magpie XYZ and Quoll Finance.
Other DeFi protocols that are live on both BNB Chain and Arbitrum include Uniswap, Trader Joe, ApeSwap, ApolloX and Dopex.
What is Radiant Capital:
Radiant intends to be the first omnichain money market, allowing users to deposit any major asset on any major chain and borrow a variety of supported assets across multiple chains.
Lenders who provide Radiant with liquidity will earn a passive income from their deposit assets. Borrowers can withdraw against collateralized funds to obtain liquidity (working capital) without selling assets or closing positions.
Radiant's cross-chain interoperability is built on Layer Zero, taking advantage of Stargate's stable router interface. Lenders who want to reclaim their collateral can specify which chain to withdraw funds from and what percentage to send to each chain.
Learn more about Radiant Capital:
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Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
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Chingari Announces Integration with Wormhole for Cross-Chain Expansion to Aptos
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March 29, 2023
The integration will also enable Gari Network with an easy and efficient way to migrate assets from Solana to Aptos, paving the way for a smooth bridging operation.
Chingari Goes Crosschain
Chingari, the on-chain social app, announced its integration with Wormhole to enable cross-chain expansion to the Aptos network.
“This partnership seeks to enable Gari Network with an easy and efficient way to migrate assets from Solana to Aptos, paving way for a smooth bridging operation,” The Gari Network team stated.
Last month, Gari Network announced its plans to go multi-chain, enabling the Chingari app to launch on the Aptos blockchain in the second quarter. But what the recent integration will bring for Gari Network:
Benefits of Wormhole Integration
According to Gari Network, users can access different blockchain networks from a single wallet with the recent integration. By integrating cross-chain interoperability, Chingari looks to expand its user base to the Aptos community and offer more innovative features.
Further, core contributors to Gari Network can use Wormhole to transfer emissions to Aptos' Gari wallet when it becomes available. With the Chingari app, new users can use the Aptos-backed Gari wallet seamlessly without needing to migrate.
Furthermore, the protocol believes that the integration can significantly improve performance by offloading some transactional load to other networks.
Having over 5 million daily active users and 2.2 million GARI wallet holders, Chingari has become an increasingly popular platform for entertainment and social interaction.
Gari Network (GARI) is trading at $0.05153, up 1.07% in 24 hours.
What is Chingari:
Chingari is a video-sharing mobile app. In these videos, users can add visual effects, lip-sync, dance, or voice-over movie scenes and comic dialogues. The Company’s vision is to be the best of its short video-sharing platform for its users. A hot new stage for flaming talent to show the world who you are by capturing flawless videos and sharing them in seconds. Express yourself, Create amazing videos, and connect with the content you love! We are a growing family that values diversity by doing the right thing with precision, pace, and passion for reaching the Fast Moving Needs of Modern Bharat.
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Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
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It’s a Date: Ethereum Shapella Unstaking Upgrade Set for April 12
March 29, 2023
The Shanghai + Capella (Shapella) update to the Ethereum mainnet is the biggest on-chain event of the year, as it allows for the withdrawal of staked $ETH.
Ready for ETH Unstaking?
The biggest on-chain event of the year finally has a firm date. The Shanghai + Capella (Shapella) upgrade to the Ethereum mainnet will take place around 10:30 p.m. UTC on Wed., April 12.
Ethereum core developer Tim Beiko said in a Twitter thread that Shapella bug bounties are being doubled until April 5. Additionally he included a link to the Shapella Watch Party on YouTube.
According to an announcement from the Ethereum Foundation Blog, the update’s March rollout to the Goerli testnet has gone smoothly, and developers quickly reached a consensus on the timing of the mainnet upgrade.
“This upgrade follows The Merge and enables validators to withdraw their stake from the Beacon Chain back to the execution layer. It also introduces new functionality to both the execution and consensus layer,” according to the blog.
The immediate knock-on effect of the anticipated Shapella upgrade has been to create new demand for Ether liquid staking projects. The thinking is that the new ability to unstake $ETH will attract more users to stake their $ETH – and, instead of just staking directly, to use a liquid staking protocol that enables them, effectively, to “double-dip” in yield farms and Decentralized Finance (DeFi) platforms.
What is Ethereum:
Ethereum is an open-source, distributed computing platform based on blockchain technology that can execute smart contracts - that is, the terms written in the contract will be executed transparently, automatically when the previous conditions are satisfied, and no one can interfere. At the same time, Ethereum also allows developers to build decentralized applications (DApps) and decentralized autonomous organizations (DAO).
Find more about Ethereum here:
Website | Twitter | Documentation | Whitepaper | Reddit | Discord | Youtube | GitHub | Ethereum Foundation Blog |
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Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
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This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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SafeMoon’s Liquidity ‘Compromised’ for $9M, SFM Token Plummets
March 29, 2023
PeckShield said a “public burn bug” was introduced during an update by the official SafeMoon deployer.
More Trouble for SafeMoon
There’s been another incident with the SafeMoon project, which announced that its SFM/BNB Liquidity Pool had been “compromised.” On-chain data indicates the amount drained approached $9 million.
SafeMoon CEO John Karony tweeted that only the SFM/BNB LP was affected, and the project’s exchange platform is “safe” along with the wallet.
This isn’t the first time SafeMoon has been in the negative spotlight. In April 2022, YouTuber Coffeezilla published two videos looking into the project’s troubles, some of which predated Karony’s tenure.
In regard to the current incident, blockchain security firm PeckShield tweeted that the code that was exploited – a “public burn bug” – was introduced by the official SafeMoon deployer.
“The upgrade, with the exploited public burn bug, was initiated by the official SafeMoon: Deployer. (Admin key leak?),” PeckShield said.
Data from BscScan indicates that the exploiter’s wallet transferred the funds to a second wallet, which sent a message to the SafeMoon deployer, saying “Hey relax, we are accidently frontrun an attack against you, we would like to return the fund, setup secure communication channel , lets talk”.
Upon news breaking about the incident, the SFM token’s value dropped by about 30%, according to CoinGecko, though it has since regained some of that loss.
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Pi Network Introduces Ambassador Program to Onboard Local Businesses to the Pi Ecosystem
March 29, 2023
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Pi Network created the local business ambassador program to onboard Pioneers who can convince users to integrate Pi payments into their businesses.
Become a Local Business Ambassador on Pi Network
Becoming a local business ambassador is the second ecosystem program unveiled by Pi Network on Pi Day 2023. Like the ecosystem ambassador program, Pioneers can contribute to the network’s development.
The local business ambassador program is for stores, shops, and small businesses that accept Pi payments. Already, numerous stores have started receiving Pi payments for goods and services, and Pi Network has recognized its importance in contributing to a solid infrastructure in the Decentralized Finance (DeFi) space.
“Local businesses are an important component to the Pi ecosystem and will make great contributions to building substance and utilities for the network,” Pi Network’s announcement read. “Local businesses are also where the grassroots power of the Pi community can be unleashed to have great potential and impact—something rarely seen in other networks.”
Pi Network created the program to onboard Pioneers, contributing to Pi’s development by bringing local businesses into the Pi ecosystem through Pi payment integration. However, while it promotes the network’s awareness, there may be some challenges.
To solve these challenges, such as location, accountability, and many more, Pi Network opened community proposals for Pioneers to submit their ideas on encouraging users to integrate Pi payments into their local businesses.
“If you are knowledgeable about local businesses or enthusiastic about this direction of ecosystem building, submit your ideas via the Pi support portal. Stay tuned for more updates on this program,” Pi Network wrote.
Open the Pi Day announcement HERE to submit your ideas about the initiative.
What is Pi Network:
Pi Network is a novel cryptocurrency and developer platform allowing mobile users to mine Pi coins without draining the battery. Pi’s blockchain secures economic transactions via a mobile meritocracy system and a full Web 3.0 experience where community developers can build decentralized applications (Dapps) for millions of users.
Where to find Pi Network:
Website | Twitter | LinkedIn | Facebook | Instagram |
Disclaimer: This is a paid Ask Me Anything (AMA), BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement AMA for $2000 Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the AMA.
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This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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