Binance Smart Chain transactions are exploding, with Pancake Swap leading the way.
Pancake Swap, a syrupy rabbit-themed decentralized exchange that runs on the Binance Smart Chain, has outperformed the entire Ethereum network in terms of 24-hour transaction rate. According to DappRadar, Pancake Swap has over 2 million transactions compared to 1.55 million for Ethereum. Binance Smart Chain registered over 6 million transactions at the same time, with approximately 20% of them emerging in the same 24-hour period.
What Does Version 2 of PancakeSwap Mean?
We’re preparing for PancakeSwap V2. We’ll do this by transferring (“migrating”) two of our existing smart contracts to new, upgraded contracts.
Simply put, we’re making a new collection of LP Tokens, and our farms and exchange will begin to accept them instead of the old ones.
Why is it necessary for us to migrate?
Upgrades are not available for the existing PancakeSwap Router and PancakeSwap Factory contracts. This means that, for the time being, we won’t be able to do cool stuff like changing the fee structure to add more benefits. Yeah, and we’re using this opportunity to strengthen our organizational security as well. As a result, we’ll need to modify the fee structure a bit. But you get to choose how much!
Take a look at the possibilities below, and make sure to vote!
PancakeSwap has proposed four fee structures and has offered the CAKE community the choice of picking one. The following are the proposals:
1-Trading Fee: 0.22 percent Split
- LP token holders make up 0.15 percent of the total.
- Treasury yields 0.03 percent
- Buyback and burn of 0.02 percent CAKE
- CAKE holders received 0.02 percent of the total
2- The trading fee is 0.22 percent
- LP token holders account for 0.15 percent of the total.
- Treasury yields 0.3%
- CAKE BUY-BACK & BURN 0.02 PERCENTAGE
- CAKE holders received a 0.02 % bonus
3-Trading Fee — 0.22 percent Burn
- LP token holders make up 0.15% of the total.
- Treasury yields 0.03 %
- Buyback and burn of 0.04 % of CAKE
4- Significant break — 0.25 percent trading fee
- 0.17 percent of holders of LP tokens 0.03 % Treasury Department
- CAKE buyback and burn at 0.025 percent
- CAKE holders receive 0.025 percent
- CAKE holders receive 0.025 percent
5-Big burn — 0.25% Trading Fee
- LP token holders make up 0.17 % of the total.
- Treasury yields 0.03 percent
- Buyback and burn of 0.05 percent CAKE
When will the migration process begin?
The migration will begin at 5 a.m. UTC on Friday, April 23rd.
What am I supposed to do now?
- Unstake your old farm LP tokens.
- Remove the old type of LP’s liquidity.
- To the latest form of LP, add liquidity.
- Reinvest in new farms.
Why do I need migration?
Because of the migration, PancakeSwap will no longer offer CAKE prizes to old farms and will now give them new ones.
That means super high APRs for a while after the migration because it’ll be like starting over a fresh new yield farm all over again! However, if you remain in the old ones, you will not collect any CAKE or trading fees.
