PancakeSwap continues to improve its protocol while offering massive rewards to its user base.
PancakeSwap following the recent fix in their lottery contract error, have now launched lottery V2 with massive prizes and buffed security measures! The announcement of the new lottery launch was made just the other day on July 6th.
Following the launch, 1 participant was able to win $78,000 USD in $CAKE with two participants winning just under $20,000 USD (more details on this below). PancakeSwap is offering $5 million in prizes and lottery V2 tickets are now on sale! The prizes have only been ramping up since, on July 8th a user matched all 6 numbers and won 759,000 worth of CAKE!
The PancakeSwap is a massive Decentralized Exchange(DEX) and reportedly the biggest in trading volume on the Binance Smart Chain (BSC) network. So what does PancakeSwap’s lottery schedule look like? The image below details the lottery start and end times, as well as the prize money available in the pot.
All lottery contests shown will begin at 6AM UTC and end at 6PM UTC. The first two rounds are a bit smaller to see if there still remain any bugs. The prize money in the following rounds were purposefully spread out so that winners have a real chance at winning huge money.
PancakeSwap’s medium article detailing the event also notes that after round #20 which starts at 6AM UTC on July 12th, the PancakeSwap lottery will resume their regular $CAKE injection schedule of 10,000 $CAKE every 2 days.
V2 Lottery Details
Besides the recent bug clean up in coding, version 2 of PancakeSwap’s new lottery comes packed with new benefits to users.
The new benefits are as follows:
Tickets are now cheaper, costing only $5 in USD
The more tickets you buy, the more you save! This is shown in the image below, where there is a bulk discount, showing said user how much they save when buying in bulk! NOTE: One can only buy 100 tickets at once
Users if they choose can pick their own numbers when playing the lottery
ChainLink has partnered with PancakeSwap to randomize the numbers, providing greater transparency
A reduction of gas fees
The prize pool breakdown has also been adjusted, providing users with more rewards. This is shown in the image below:
How Does One Win?
For novices new to PancakeSwap’s lottery feature, click here for an in depth guide on how to participate. How one can win money in the V2 lottery is actually quite simple to understand.
There are 6 lottery balls, each with numbers 0-9. When given a ticket, the user will see 6 randomly selected numbers. The user must then match the first number from left to right from the numbers drawn in order to win anything at all. The image below provides further clarity on how to win when playing PancakeSwap’s lottery V2.
The more numbers you match in the correct order moving left to right, the more prize money you win. This is shown from the recent round 8 prize winners, where 2 people matched the first four numbers drawn and only one person matched the first five numbers drawn. Their earnings differ significantly, depending on how many numbers are matched correctly.
As the crypto world matures and grows, PancakeSwap continues to lead by example, offering huge rewards while engaging their massive base. Check out the first 6 number winner!
What is PancakeSwap?
PancakeSwap is the leading decentralized exchange on Binance Smart Chain, with the highest trading volumes in the market. PancakeSwap runs on Binance Smart Chain, a blockchain with much lower transaction costs than Ethereum or Bitcoin. As a result, trading fees are lower than other top decentralized exchanges, and the protocol offers a secure place to farm yields thanks to their Syrup pools.
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.