PancakeSwap Launches 3 Proposals for Farm Pools

Users voted on each project individually, giving them the ability to judge three diverse projects of worthiness.

By
Robert D. Knight
on
May 13, 2021
Category:
BSC News

What They’re Choosing From

A number of proposals for new Syrup and Farm Pools have been under consideration in the last 48 hours, with the PancakeSwap community voting on which proposals to accept. The three proposals voted on were HYFI, bMXX and Doge. Of the three, only one has made the final cut to become a Syrup Pool.

The Proposals

Source

Dogecoin

Dogecoin is perhaps the most topical of the three proposals which community members were invited to vote upon. Dogcoins have enjoyed considerable attention recently thanks in part to Elon Musk’s relentless marketing of Dogecoin. If the hype wasn’t already great enough, billionaire Musk recently added that it was his intention to put a SpaceX Dogecoin satellite in orbit around the Moon.

The Dogecoin proposal was for a reverse Syrup Pool. As PancakeSwap stated,

 “DOGE is currently extremely underutilized on Binance Smart Chain and we’re hoping to change that.”

Utilizing Dogecoin on the platform brings a pressing question, namely where the CAKE comes from for the rewards due to excessive volume. The answer is that PancakeSwap bought the CAKE rewards back from the market. PancakeSwap went on to add that the Dogecoin Syrup Pool would dilute farm rewards.

Result: Rejected

bMXX

Source

The second proposal for a new Syrup Pool was Multiplier, the company that has built Multi-Chain Lend (MCL), an algorithmic money market system which is designed to bring secure and unique lending and borrowing options on Binance Smart Chain including flash loans. The design is based on Aave with revenue sharing components for token holders and liquidity providers. bMXX is the governance token of the platform.

The proposal also came with a boost. As explained by PancakeSwap:

“Boost is basically an increase in farm multiplier over a set period of time, which is offered in exchange for additional tokens from the boosted project, which are then put into a new Syrup Pool!”

Result: Accepted


OIN Finance

Source

OIN is a platform for DeFi applications and functions such as the issuance of stablecoins. The OIN DAO allows other projects to label their own brand synthetic assets meaning that any project can create a stablecoin through OIN Finance.

To host the OIN syrup pool, PancakeSwap would need to provide an OIN-BUSD farm with 2x CAKE rewards for the first 48 hours reducing to 1x CAKE rewards thereafter.

Result: Rejected

Concluding Thoughts

Although PancakeSwap has a huge choice of syrup pools to choose from, not every project makes the grade. The community voting process separates the wheat from the chaff, and even big names such as Dogecoin don’t always make the grade. Allowing users to vote on the proposals helps PancakeSwap stay in touch with its users, which assists their efforts in maintaining their growth.




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Robert D. Knight

Robert D. Knight is an experienced journalist and copywriter who has been working in crypto for 4+ years. His bags are heavy and he also hodls some cryptocurrency.

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