PancakeSwap continues to look to the people, and that should lead to its success.
What’s in a name?
Despite not yet having a name for their new product, PancakeSwap hyped up their launch early because they couldn’t contain the excitement.
It doesn’t matter what they will be called because they’re going to be scarce. The announcement by PancakeSwap that it will be entering into the Non-Fungible Token (NFT) market has caused excitement across Binance Smart Chain (BSC). The team has commenced a naming campaign as a frenzy of users has begun.
In true democratic fashion, PancakeSwap sought out advice from the community on what to name their NFTs on August 25.
Following a day of suggestions and 8,550 votes, it appears that ‘Pancake Squad’ has won the vote. Nothing has been officially confirmed, but it would be hard to see the PancakeSwap going against that. Other notable names included Cake Club and Cake Crew.
Amidst much fanfare, the largest automated market maker and yield farm on BSC continued to heed the calls of their community. From governance proposals to the naming of their NFTs, the success of the platform and the reason users keep coming back could be how well it continues to respond to users.
NFTs For The People?
PancakeSwap continued their call to the people. The team went further to the community on August 26 with a Tweet asking for questions from users. Over 200 comments and scores of questions poured in from users. Not a single comment or reply from PancakeSwap yet, so they must be cooking up a reply.
One of the most common questions so far is when the minting of the NFTs will begin. Users are hoping that NFT holders become eligible for airdrops or details about farming and staking capabilities. Despite dropping some big hints, users still lack some key answers regarding the new venture.
There is much going on in the world on NFTs right now. Celebrities and major financial companies are purchasing various NFTs and rocks–yes, like boulders––are selling for over $1 million. However, some users have challenged if OpenSea will be a better marketplace for NFTs, considering it does NFTs very well. Ultimately, that doesn’t mean PancakeSwap cannot join in on the party! Right now, it appears like there is plenty of room at the NFT party.
It’s still early in Decentralized Finance (DeFi), and PancakeSwap has the right track record for users to feel confident in a successful NFT launch. There is no reason to think that integration with OpenSea is not impossible either. We’re talking about the largest decentralized exchange on Binance Smart Chain and the second or third largest in all of DeFi. If there is really any platform in BSC that feels comfortable moving into NFTs, it should be PancakeSwap.
About PancakeSwap
PancakeSwap is a Decentralized Exchange (DEX) built on BSC. It offers users various features such as Liquidity Pools, Swapping, Yield Farming, Syrup Pools, Automated Market Maker, Initial Farm Offering (IFO), NFT profile system, and many others. In addition, the protocol helps users make the most out of their crypto assets by trading, earning through yield farming, and winning via lottery, prediction, and NFT collectibles. With the highest trading volumes in the market, PancakeSwap is the leading DEX on the BSC.
Source : bsc.news
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