Updates to GameFi Plans by PancakeSwap and Hints at Multi-Chain Expansion
The leading Decentralized Finance (DeFi) protocol on the BNB Chain, PancakeSwap, has temporarily halted its plans to expand GameFi.
Bye for now: PancakeSwap games
In order to create sustainable games that will actually provide entertainment value, the team realized they would need to invest a lot of time, energy, and research, according to Chef Cadbury. The group has decided to explore the possibility of working with other protocols more knowledgeable in the field of game development rather than taking the chance of releasing something of subpar quality. Currently, PancakeSwap has no plans to publish a blockchain game in the third quarter of 2022.
In an Ask-Me-Anything (AMA) in February, The Decentralized Exchange (DEX) made a suggestion that it was creating a straightforward game as part of its initial foray into the GameFi market. Then, on July 20, PancakeSwap’s project manager, Chef Cadbury, revealed during a Twitter Space AMA that the platform would no longer pursue the development of its own native game.
Although the decision may be disappointing to some members of the PancakeSwap community who had hoped to see the platform follow the GameFi trend, it was made because PancakeSwap wanted to focus on its traditional strengths as a DEX.
Ethereum: What’s Next?
Behind Compound in terms of TVL and third among DEXes in the much larger Ethereum ecosystem (which has more than eight times as much TVL as BNB), PancakeSwap would come in at number seven (behind Uniswap and Curve, and ahead of Balancer).
The July report and third quarter road map for PancakeSwap can be found here.
PancakeSwap will probably start its multi-chain journey on the Ethereum blockchain, as stated in July’s Twitter Space AMA. The team anticipates fierce competition from the already-existing DEXes on Ethereum, but it also hopes to replicate the success of the BNB Chain on the latter platform.
According to DefiLlama data, PancakeSwap is the leading Decentralized Application (dApp) on BNB Chain, holding $3.3 billion in Total Value Locked (TVL), or roughly half of all TVL on the chain.
On a different subject, PancakeSwap acknowledged in its July Monthly Report that it is indeed attempting to expand to additional blockchains.
“We are working hard to build on other chains in a way that is familiar to all current PancakeSwap users, the report claims. We think it’s important to treat both new and current users on other chains well in order to entice them to explore all of BNB Chain’s wonderful features. Keep an eye out for us and come along as we get better and better! ”
Behind Compound in terms of TVL and third among DEXes in the much larger Ethereum ecosystem (which has more than eight times as much TVL as BNB), PancakeSwap would come in at number seven (behind Uniswap and Curve, and ahead of Balancer).
The July report and third quarter road map for PancakeSwap can be found here.
Since the platform’s chefs are already creating their recipes for the year’s final third, the PancakeSwap community can anticipate updates in the days to come.
What is PancakeSwap?
Built on the BNB Chain, PancakeSwap is a decentralized exchange (DEX). It provides users with a number of features, including liquidity pools, swapping, yield farming, syrup pools, an automated market maker, initial farm offerings (IFO), an NFT profile system, and many more.
The protocol also aids users in trading, earning money through yield farming, and winning prizes through lotteries, predictions, and NFT collectibles so they can get the most out of their cryptocurrency assets. PancakeSwap is the top DEX on the BNB Chain, with the highest market trading volumes.
To learn more about PancakeSwap, visit their website
