PancakeSwap — The Flippening.
PancakeSwap. “Oh not another food based DeFi farm!” we hear you shriek.
Yeah, we know. (Trust me, we know).
Laugh, smile or cower in the corner through fear of pancake donning rabbits.
We got fresh mix to whip up, cakes to stack and syrup ready to pour. Time to cook.
Stacks of pancakes, syrup, whipped cream.
Then after breakfast, PancakeSwap is aiming to be the #1 liquidity provider on Binance Smart Chain and the home of new, innovative gamified farming mechanics, many of which we suspect will make it to other chains and beyond.
Why Binance Smart Chain (BSC)?
To be honest, it’s a no brainer. In very simple terms, why would we want to drive a slower car that costs more to run? While BSC might not have the level of adoption Ethereum does at current, we believe in Binance’s ability and drive to get it mighty close in the foreseeable future. Sure, launching on Ethereum would be the easiest thing to do and probably receive faster initial uptake, but we like a challenge and are betting on BSC’s future.
Faster, cheaper. Sold.
What makes PancakeSwap different from every other “farm”?
We’re here to have fun.
What does that mean exactly? We’re going to be trying new things, with a focus on gamification.
Anyway, let’s get down to the specifics. It’s CAKE time.
Contract Address: https://bscscan.com/token/0x7d813C828b0d1083Bb08b38841C45304A920060b
Chain: Binance Smart Chain (BEP-20)
Reward per block — 40 CAKE
Daily emission (Based on 30k blocks per day) — 1,200,000 CAKE per day
- Farmers — 75% of the rewards per block (30 CAKE)
- SYRUP holders — 25% of the rewards per block (10 CAKE)
- Farmers daily — 900,000 CAKE (based on 30k blocks per day)
- SYRUP holders daily — 300,000 CAKE (based on 30k blocks per day)
(Jump down to SYRUP/Staking to learn more about the mechanism!)
Initial Liquidity Pools (LPs) for farming CAKE tokens:
(Farms, or as we like to call them, “Kitchens”.)
- CAKE/BNB (20x Rewards)
- BUSD/BNB (10x Rewards)
- ADA/BNB (5x Rewards)
- BAND/BNB (5x Rewards)
- DOT/BNB (5x Rewards)
- EOS/BNB (5x Rewards)
- LINK/BNB (5x Rewards)
- BAKE/BNB (1x Rewards) — You can use Bakery’s LP token.
- BURGER/BNB (1x Rewards)
CAKE incentives (Additional mechanisms)
Stack your CAKE with syrup.
- 25% of CAKE emissions will be distributed to SYRUP holders every block. Users can claim these rewards and re-invest them.
- CAKE holders can swap CAKE for SYRUP at a 1:1 ratio.
- CAKE is distributed proportionally at each block based on SYRUP holdings.
- We will only record and distribute CAKE rewards to the wallet address that initiated the SYRUP staking. While Syrup can be sent to other addresses only the initiating address will receive the CAKE rewards,
Golden Syrup (Lottery):
Seeing as this is a brand new mechanism that nobody’s implemented yet, and ours won’t be ready until a few days after farming starts, we’re playing the actual specifics close to our chests, but:
- It will be fun.
- You will potentially have the chance to earn a lot with a little.
- It will bring a deflationary element to CAKE emissions through a hybrid reward/burn model.
Other bits and pieces:
- PancakeSwap Info/Analytics — in the works
- CAKE voting — in the works
We will implement the timelock before the start of farming. We value your safety and the peace of mind that a timelock brings. The exact time period of the initial time lock will be confirmed ASAP and relayed to the community.
As per the notices/disclaimers on the site, PancakeSwap is currently in BETA and as such, has not YET been audited by accredited external parties. Use at your own risk.
What does the PancakeSwap team get?
- No pre-mine
- No overzealous pie chart with the word “team” on it
So, what’s left? Just the crumbs? Does your love and admiration count for nothing?
We believe that value and with it, the right and justification to be “paid” needs to be earned.
It may be that in the future, the community decides to reward us (The PancakeSwap team) with CAKE tokens (via vote) as a thank you for providing value to the CAKE token holders, delivering on our promises, etc..
On the “flip” side (get it!), it may be that the community is not happy with the team’s efforts etc and as such do not deserve to be “rewarded” as such, in which case, that is on us.
That’s pretty much much a wrap for our first “blog” post.
Now, the “golden” question. When can you start farming CAKE tokens?
10:00 PM (SGT) — Tuesday 22nd September 2020.
In the meantime, find us preparing ingredients in “The Kitchen”,