SingularityDAO celebrates Pancakeswap auction win!
Greetings Singularitarians,
Yesterday we participated in a special DeFi auction hosted by Pancakeswap on Binance Smart Chain. Today we are happy to announce that not only did we win the auction but also that pools are now live for you earn your CAKE by providing SDAO and BNB to this Liquidity Pool.
What an amazing week! DynaSets just launched, we announced an amazing partnership with SoftServe and now we have won the Pancakeswap auction. It’s time to celebrate!
What are Pancakeswap farming auctions?
Pancakeswap, the largest protocol on Binance Smart Chain, with their CAKE token and over 5B$ TVL on their DeFi platform, proposes periodic auctions to host a 1-week LP yield farming event on their dApp, to earn CAKE: their native token (with a x1 multiplier).
Projects bid with their CAKE for a determined period — the winner has the farming pool applied to their liquidity pool, and the contributed CAKE bet gets burned.
Details about the pool
The SDAO-BNB yield farming pool will be live today, December 23rd 12 PM UTC
The CAKE yield provided will come directly from Pancakeswap emission, with a 1x multiplier.
Every new CAKE token (yes, 100% of them) is emitted from the staking and liquidity mining protocols. Special events (for example these auctions) will result in burning CAKE, reducing the total supply.
Winning the auction provides us a SDAO-BNB yield farming pool which is allocated a portion of the CAKE emission as reward.
The initial APR will be HUGE. Although of course, as more liquidity is added, the APR will go down.
Why is this good for SingularityDAO?
- Marketing: This will bring a lot of exposure on Binance Smart Chain, reaching new people who are already experienced, involved and invested in DeFi.
- Liquidity: Winning this farming auction will bring additional incentives to our current Liquidity Pool. People will need to provide liquidity on BSC (with SDAO-BNB) to earn CAKE directly on their dapp.
Of course, the SDAO-BNB and SDAO-BUSD on https://app.singularitydao.ai remain open - Community Growth: Thanks to the marketing exposure within Pancakeswap communities, this will help our own community grow with new members as well as raising awareness and trust for our project name on BSC
- Credibility on Binance Smart Chain: We have many ongoing discussions with potential partners on BSC, taking part and winning this auction shows our willingness to develop on BSC and that we aim to be a key player on every chain
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