PancakeSwap Officially Launches Perpetual Trading

Perpetual Futures Contract is now a new feature on the PancakeSwap platform through its partnership with ApolloX.

Perpetual Trading‍

PancakeSwap expands on its product suite with its latest feature, perpetual futures contracts through its partnership with ApolloX, the world’s first hybrid crypto derivatives exchange. The perpetual futures contracts can be traded on BNB Chain’s top Decentralized Exchange (DEX) starting from March 14.

PancakeSwap users can now trade in a wide selection of perpetual contracts with leverage on its platform. Perpetual futures are derivatives, where the contract price tracks the underlying assets. Traders on PancakeSwap can now trade long or short positions on margin, allowing traders to profit even in a bear market. 

Chef Snowball, the Head Chef at PancakeSwap said, ‍

“As the biggest decentralized trading platform for crypto traders, we are always looking to expand our product suite to value-add to our community. ApolloX’s trading infrastructure will provide our users with a sophisticated perpetual trading experience, while helping to maintain the privacy and security that are characteristic of PancakeSwap. Partnering them to launch this new feature was a no-brainer,” 

Perpetual contracts allow traders to be exposed to the assets without actually owning them. 

ApolloX Captain, the Founder of ApolloX views the partnership as mutually beneficial, ‍

‘We are delighted to partner with PancakeSwap to bring derivatives to the PancakeSwap ecosystem. As the crypto market continues to evolve each day, perpetuals are one way for users to better navigate uncertainty and hedge against market volatility. This partnership is an important initiative that furthers our mission of making blockchain and crypto accessible,” 

‍

Building More Utility for $CAKE 

PancakeSwap is a DEX built on the BNB Chain. $CAKE is PancakeSwap’s BEP-20 native token. The token’s price has fallen from its all-time high of $43.96 on CoinGecko. The popular DEX is the second biggest DEX in terms of its 24-hour trading volume.  
cdn.embedly.com/widgets/media.html?type=text%2Fhtml&key=96f1f04c5f4143bcb0f2e68c87d65feb&schema=twitter&url=https%3A//twitter.com/pancakeswap/status/1500874945651298304&image=https%3A//abs.twimg.com/errors/logo46x38.png

PancakeSwap’s community are concerned about $CAKE’s flagging price and there have been calls for revamped tokenomics. The team has been relentlessly working on building more utility for $CAKE and so far steered clear of its tokenomics. The perpetual futures contract utilizes $CAKE and incentivizes the use of the platform’s native token. Trading fees can be settled in $CAKE, $APX (ApolloX’s native token), or in $USDT.  Users that choose to pay in $CAKE enjoy a 5% discount on trading fees. 

What is ApolloX

ApolloX is the first CEX-DEX hybrid crypto derivatives exchange. Launched in 2021, ApolloX’s mission is to make crypto accessible to everyone, not just the professional trader. On ApolloX, users can trade a wide selection of perpetual futures with up to 150x leverage. 

In January 2022, ApolloX DEX entered the top 3 DEX on CoinMarketCap. The ApolloX crypto ecosystem is fast-growing and boasts its centralized and decentralized exchanges, native token, ApolloX Rockets NFTs, crypto education channel and more. APX is ApolloX’s utility token which can be obtained as trading rewards on ApolloX. 

ApolloX’s official links are available below: ‍

Website | Twitter | Discord | Telegram  

‍

What is PancakeSwap?

PancakeSwap is a Decentralized Exchange (DEX) built on the BNB Chain. 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. 

PancakeSwap’s official links are available below:‍

Website | Twitter | Medium | GitHub

Source : bsc.news