PancakeSwap will share fee revenue with stakers
Date: 2023-08-02 Author: Karina Ziganova Categories: BLOCKCHAIN
One of the largest decentralized crypto exchanges (DEX) PancakeSwap will provide users with an additional reward for staking the native token of the CAKE platform.
The new revenue sharing pool will be a sustainable model based on real profitability and platform growth. It will expand the benefits of owning CAKE and become an inflation mitigation tool.
“We decided to share some of the income and add it to the pool. In addition to the annual interest rate, stakers will be able to count on profit from trading fees.
Users of the fixed plan staking product will receive 5% of the exchange's income on all PancakeSwap v3 trading pairs with a commission of 0.01% and 0.05%. Payouts will be made on a weekly basis on a regular basis, provided that users keep CAKE staked for at least seven days.
The new offer will go into effect on August 9th. Trading pairs with commissions of 0.01% and 0.05% account for 80-90% of PancakeSwap v3 trading volume.
Existing CAKE staking users will need to update their staking positions to join the offer. New members just need to start using the product. The exact reward amount will be calculated in proportion to the volume and duration of the staking period. The maximum staking time is 52 weeks, which is a year.
What's going on with CAKE
After the announcement, the price of CAKE jumped to $1.59 on major trading platforms, up 6.7%. The token returned to the top 100 largest crypto assets on CoinMarketCap with a total capitalization of $337.4 million.
Play-to-Earn program
In May, PancakeSwap launched a Play-to-Earn (“play and earn”) program, under which users will have access to a crypto game called Pancake Protectors. As part of the game, users can receive unique non-fungible tokens (NFT) and rewards in the native CAKE token.
Owners of CAKE will receive unit heroes that can increase player stats. In addition, the game features two types of unique NFTs - rabbits and squads, which can be used to enhance the abilities of heroes. Moreover, the best participants will be able to share an additional prize pool of 10,000 CAKE.
