PancakeSwap, a dominant BNB Chain DEX, is preparing for a prospective expansion to an unidentified blockchain. Is syrup ready for the larger crypto community?
PanCake Swap Looks Beyond BNB Chain
PancakeSwap, a dominant BNB Chain DEX, is preparing for a future multichain growth.
The DEX aims to switch $CAKE from Syrup Pool rewards to Multichain Farm Emissions, a feature that will be enabled when the DEX debuts on additional blockchains, according to a recent proposal.
The proposal states: “Wen multichain? Soon.”
Users overwhelmingly (86%) voted in favor of the maximum amount of $CAKE redirection in furtherance of the multichain launch, compared to only 12% who voted for “no change.”
“Due to reasons of competitive advantage and confidentiality, we are unable to announce exactly which chains we are deploying to and specific details,” according to the PancakeSwap proposal.
In order to ensure a quick growth process, which will be facilitated by having a “war chest” of $CAKE from a defined Multichain Farm Emissions allotment, the plan stipulates that $CAKE must be redirected towards the DEX’s multichain expansion aims.
PancakeSwap asserts that the suggested redirection won’t jeopardize its current performance on BNB Chain, where it has a Total Value Locked (TVL) of $2.8 billion, or 54.4% of BNB Chain’s total TVL.
Regarding the operation of the Multichain Farm Emissions, PancakeSwap stated that it intended to choose trading pairings with the highest TVL, user growth, and possibility for CAKE incentives.
It did, however, provide a warning that, depending on which chain the trading pairs are chosen from, users would need to go back to its BNB Chain deployment in order to receive their farm rewards.
According to the tokenomics of the project’s currency, 11.6 CAKE tokens are released with each block created on the network, with 9 CAKE going to its Syrup Pool. Users might select redirections of “up to” 0.5, 1.0, or 1.25 CAKE — or “no change” at all — as per the proposal.
As a result of the community’s endorsement of the concept, PancakeSwap will soon open on an unnamed chain. The DEX will release a confirmation proposal after this deployment to see whether the community is happy with the chain and the deployment. The whole deployment on that chain will be finished if the confirmation proposal is approved.