PancakeSwap V2 and Current Roadmap Update

The PancakeSwap team has picked up the pace, and many innovations are to come. New features such as a lending market and a prediction market will be great additions to the PancakeSwap ecosystem.

By
Rich
on
March 5, 2021
Category:
BSC News

Introduction

PancakeSwap is the most prominent decentralized exchange (DEX) on the Binance Smart Chain (BSC). Utilizing its Automated Market Maker (AMM) technology, it handles the hundreds of millions of dollars traded on the DEX each day. A Total Value Locked (TVL) of over three billion Dollars across its platform makes it a top contender in the De-Fi landscape.

The successful formula of the syrup pools and the yield farms has kept people coming for more. This has made the PancakeSwap community a vast community that loves cake and syrup. The only thing they are thinking about is "stacking them cakes."

PancakeSwap has recently announced version 2, which will bring many enhancements to the project.

Emissions cuts will be implemented before the V2 release. This proposal is currently up for voting, and it seems it will is most likely be accepted.

Suggested emission cuts:


What's Changing With V2?

The release date for V2 is planned for the second quarter of this year. There will be a migration of the master chef contact to make the new features possible. The old contract was not suited for these changes, so a migration is necessary. 

Innovation is essential for the success of the protocol, and the new Master Chef contract will be able to accommodate these needs. PancakeSwap has hired external resources and auditors to streamline things making the process seamless. Some exciting things that the migration will allow for are:

  • The ability to create a referral program (users can earn a percentage from referral fees).
  • Adding an automated buyback and burn mechanism (from trading fees).
  • Enable automatic compounding on syrup pools.
  • Enable access to minting logic; governance votes decide on emission rates.
  • Many more options are open with the new Master Chef contract, so more to be expected.

The team has announced that more concrete information will be made available in the coming time.


Lending and Borrowing

PancakeSwap is currently working on a Minimal Viable Product (MVP) version for lending and borrowing. The high demand for such products can be seen in projects like Venus, which is currently the project with the highest TVL on the BSC. PancakeSwap wants to be able to offer this service to its users as well. The fees generated by lending and borrowing would be used to buyback and burn $CAKE. This product will be released after the release of their prediction market.


Prediction Market

Tentative

PancakeSwap is rolling out what is known as binary options. This feature will be coined as the PancakeSwap Prediction Market. This option system will allow users to speculate on market movements; whether the market goes up or down.  The team will disclose more details once developments are finalized. Currently, the team is diligently testing the smart contracts.

A nice thing to note is that a percentage of the prize pool will be used to buyback and burn $CAKE—yet another deflationary mechanism to benefit long-term $CAKE holders.

Lottery  

The lottery is currently held twice a day, and it has received a fantastic amount of traction. The team has lowered the ticket price from 10 $CAKE to 1 $CAKE.  As the $CAKE price continues to rally to over ten dollars, the protocol is debating a further reduction. These reductions allow more people to enter the lottery and ultimately create more winners. 

How are they going to do this, you ask?

  • The price of a lottery ticket will be pegged at 1 Dollar
  • The payout split will be changed; tickets with one correct number can win
  • This means that the win rate has to be adjusted to handle the new parameters
  • To save on gas fees, the tickets will no longer be an ERC-721 token but will be an ERC-1155 
  • Adding the possibility to choose your own lucky numbers.
  • Get a discount if you buy tickets in bulk, the more tickets you buy, the cheaper they get.

Good luck!!!


Collectibles and Gamification

PancakeSwap recently added NFT profile functions alongside a team and points system. The community was very pleased, and there are already over 12,000 profiles created.

On the release of V2, users will be able to earn"achievement points" through participating in IFO's among other events. These points will grant you access to NFT packs or give users benefits. For example, users will be able to get early entry into new syrup pools. By having/creating a profile, you will also be eligible for airdrops of collectible NFT's.

There will be new tasks to perform, and new achievements can be unlocked through completing tasks. Some achievements will even earn rewards in the form of $CAKE tokens. So if you want an extra "gaming" dimension to your crypto experience, I recommended that you create a  profile.


Summary

The PancakeSwap team has picked up the pace, and many innovations are to come. New features such as a lending market and a prediction market will be great additions to the PancakeSwap ecosystem. These products allow the protocol to generate even more income through fees which are ultimately used to buyback and burn $CAKE. 

The team is rapidly innovating, but with fixed-term staking and margin trading still on the roadmap, the team is far from finished. The team has its hands full with a plethora of developments, and they are tirelessly working to bring them to the mainnet. This is why the team is actively recruiting engineers and a technical writer to enhance their team of 14 members.

I like stacking CAKES, and I like it even more with syrup. That reminds me, the $SYRUP token will finally be removed when the V2 contract goes live.

Time for some pancakes! 

For those who wish to learn more about PancakeSwap, check out the following resources:

Website

Medium

Twitter

Telegram


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Rich

Richard is a multilingual writer, located in the Netherlands, husband and father, cryptocurrency and tech enthousiast enjoys long walks and bicycle rides. Fervent Binance Smart Chain projects promotor.

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