1/ Pancakeswap launched on Ethereum.
Here's why 🧵
Here's why 🧵
2/ First of all, it wasn't a secret.
Multichain strategy was announced already in July's roadmap update.
Back then they were 'exploring the possibilities' of launching for 'flipping more $CAKE'.
Multichain strategy was announced already in July's roadmap update.
Back then they were 'exploring the possibilities' of launching for 'flipping more $CAKE'.
3/ And Pancakeswap isn't going to stop at Ethereum.
During a recent AMA, Pancakeswap team disclosed there 'will be a major announcement on the next chain, and that is coming soon'.
Polygon, Avalanche or Arbitrum would make the most sense thanks to high TVL and active users.
During a recent AMA, Pancakeswap team disclosed there 'will be a major announcement on the next chain, and that is coming soon'.
Polygon, Avalanche or Arbitrum would make the most sense thanks to high TVL and active users.
4/ Launching on other chains makes Pancakeswap a mighty competitor.
Its trading volume is only second to Uniswap with $206M in the past 24h.
In comparison, Quickswap on Polygon only generated $10M and Avalanche's Trader Joe just over $5M.
Its trading volume is only second to Uniswap with $206M in the past 24h.
In comparison, Quickswap on Polygon only generated $10M and Avalanche's Trader Joe just over $5M.
5/ Pancakeswap is not just an AMM.
It brings unique features to other chain users:
• Easy to use binary options to speculate
• On-chain lottery
• Perps via partnership with @ApolloX_com
• New farming opportunities
It brings unique features to other chain users:
• Easy to use binary options to speculate
• On-chain lottery
• Perps via partnership with @ApolloX_com
• New farming opportunities
6/ The reason Pancakeswap is expanding is very clear.
Chef Mochi communicated it during July's AMA:
• Improve protocol's revenue
• Partner with more protocols from other chains
• Bring additional users from other chains back to Pancakeswap on the BNB Chain.
Chef Mochi communicated it during July's AMA:
• Improve protocol's revenue
• Partner with more protocols from other chains
• Bring additional users from other chains back to Pancakeswap on the BNB Chain.
7/ The engine of Pancakeswap is its $CAKE token.
Similar to $BNB itself, Pancakeswap team burns $CAKE from protocol revenue.
Higher revenue -> burn more $CAKE -> price up.
Thus more chains -> more users -> more revenue.
Elementary, my dear Watson.
Similar to $BNB itself, Pancakeswap team burns $CAKE from protocol revenue.
Higher revenue -> burn more $CAKE -> price up.
Thus more chains -> more users -> more revenue.
Elementary, my dear Watson.
8/ What's more, $CAKE was criticized due to lack of supply max cap.
Yet the team has totally revamped $CAKE (ve)tokenomics:
• Capped supply at 750M CAKE
• vCAKE – Boosted Governance voting
• iCAKE – Boosted IFO Benefits
• bCAKE – Boosted Farms Benefits
Yet the team has totally revamped $CAKE (ve)tokenomics:
• Capped supply at 750M CAKE
• vCAKE – Boosted Governance voting
• iCAKE – Boosted IFO Benefits
• bCAKE – Boosted Farms Benefits
9/ Pancakeswap also runs profitable Community Farm Auctions
Projects buy and stake CAKE to win 10-day $CAKE farming rewards.
Winner's staked tokens are burnt. Usually projects pay a lot more in CAKE then they receive.
Launching on other chains brings new projects for auctions.
Projects buy and stake CAKE to win 10-day $CAKE farming rewards.
Winner's staked tokens are burnt. Usually projects pay a lot more in CAKE then they receive.
Launching on other chains brings new projects for auctions.
10/ Overal, it'll be very interesting to follow Pancakeswap multichain expansion and how it will compete with other DEXes.
With only three farms launched on Ethereum, TVL stands at $11M and 24h volume at only $135k USD.
Farming APY for ETH/USDC or USDT is ~9%+
With only three farms launched on Ethereum, TVL stands at $11M and 24h volume at only $135k USD.
Farming APY for ETH/USDC or USDT is ~9%+
11/ What's your take on it?
Follow me @DefiIgnas for more.
Like/Retweet the first tweet below if you can:
Follow me @DefiIgnas for more.
Like/Retweet the first tweet below if you can:
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