The latest innovation is an easy way for project teams to bootstrap liquidity and volume to their Binance Smart Chain tokens.
PancakeSwap Opens Farm Auctions
PancakeSwap has dropped an exciting update for Binance Smart Chain (BSC) projects. The announcement came via a Tweet on the 10th of July, allowing projects to bid on PancakeSwap farms.
The number one Decentralized Exchange (DEX) and yield farm on BSC brings an innovation called the PancakeSwap Farm Auction. The new creation is a simple way for project teams to bring volume and liquidity to their BSC tokens while also rewarding the liquidity providers of their tokens with CAKE to farm.
The premier auction event will begin in a couple of weeks, and PancakeSwap will disclose the actual date for users to participate.
Insight on PancakeSwap’s Farm Auctions
The weekly farm auction is a platform created for projects to compete with each other through bidding for a week-long incentivized farm. The bids are made with CAKE tokens.
The acquisition of a farm will ensure that immediate liquidity is brought to their project tokens. Liquidity providers can farm CAKE at an extremely high Annual Percent Yield (APY).
How to Participate in Farm Bidding
Project teams interested in participating will need to submit their applications here. Projects will be screened for the address from which they wish to contribute CAKE.
After this is done, the address will be connected to their project’s token address and placed on a whitelist for participation. Once the address makes the whitelist, project teams will need to navigate to the auction page; projects must then bid on the auction using CAKE.
It is essential to note the whitelisted address i.e., Users must contribute CAKE from their whitelisted address.
Highest Bidder Wins
PancakeSwap will provide five 1X CAKE multiplier farms for the first farm auction scheduled to commence in 1-2 weeks. Project teams have to bid enough CAKE to be among the top five projects to stand a chance to win a slot.
CAKE tokens contributed by the winners will be collected as payment and burned in each CAKE weekly burn. Teams who do not bid enough CAKE will be able to claim their CAKE and farm again in the next auction round.
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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