The leading Binance Smart Chain protocol has successfully incentivized five protocols with 1x CAKE farms, burning $900,000 in CAKE.
PancakeSwap Announce Winners of Farm Auction
PancakeSwap has announced the five lucky winners of its first-ever farm auction event.
This event not only drives value to winning projects. PancakeSwap collected 920,000 in CAKE to be burned according to an official Tweet on August 3rd. The Binance Smart Chain (BSC) protocol also held a $2000 CAKE giveaway before the event’s conclusion using Twitter.
BSCNews published details of the farm auction event on 12th July. PancakeSwap launched the event for the benefit of project teams/owners. Five winners have emerged, and the leading yield farming protocol on BSC has announced the winners on 3rd August via Twitter.
“A massive congratulations to the first-ever #PancakeSwap farm auction winners! @BabyCakeBSC @binamonok @Metahero_io @WSGToken @macaronswap.” The Tweet read, “Each project’s 1x farm will be launched in around 3 hours’ time! Make sure to give each of them a follow too!”
Participating projects completed to obtain a 1x CAKE multiplier farm out of five CAKE farm slots. The event featured a total of 20 whitelisted projects.
These whitelisted projects had the license to bid CAKE and stand a fair chance to obtain 7-day incentivized farms on PancakeSwap. In this light, the five lucky winners — Baby Cake, Binamon, Metahero, Wall Street Games, and MacaronSwap will have 1x CAKE farms at their disposal.
Each farm acquisition will ensure that immediate liquidity is brought to their project tokens. In addition, Liquidity providers can farm CAKE at a very high Annual Percent Yield (APY).
PancakeSwap Celebrates Event With $2000 CAKE Giveaway
PancakeSwap hosted a giveaway to show appreciation to its users on Twitter. The protocol announced the participation details on Twitter hours before the five lucky winners were disclosed. Users predicted the winners of the farm auction on Twitter and retweeted the Tweet about participation to stand a chance to win.
“To celebrate the first-ever farm auctions, #PancakeSwap is giving away $2,000 in #CAKE!” PacnakeSwap exclaimed.
According to the Tweet, four winners will be given $500 each from the giveaway.
Moving Forward
The date for the next farm auction has not been published on PancakeSwap’s auction page. However, the bidding format and participants remain unchanged according to the protocol’s page.
The team has stated that they are looking to hold auctions every week or so.
PancakeSwap has successfully incentivized five unique protocols on the BSC network. Many more stand to benefit from the top-notch innovation by the leading Decentralized Exchange (DEX) shortly.
About PancakeSwap
PancakeSwap is a BSC-based DEX that offers users numerous features like Swapping, Yield farming, Syrup Pools, Automated Market Maker, Initial Farm Offering (IFO), etc. In addition, the protocol also maximizes the user’s yield through yield farming, lottery, prediction, and NFT collectibles.
PancakeSwap is the leading DEX on the BSC ecosystem, with the highest trading volume in the Decentralized Finance (DeFi) space.
Source : bsc.news
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