The new MasterChef upgrade promises to offer CAKE stakers more rewards with an improved CAKE staking pool. The upgrade also brings possibilities for future tokenomics and liquidity farming.
Bringing more Farming and Staking Possibilities
PancakeSwap is preparing to upgrade its MasterChef contract, a smart contract that controls farms and staking pools in its Decentralized Application (dApp). The leading Decentralized Exchange (DEX) on BNB Chain disclosed that the new MasterChef V2 upgrade would come with improved features.
Renowned PancakeSwap supporter Chef Xander announced the MasterChef V2 upgrade via a Medium publication on April 1. The upgrade features a new fixed-term staking CAKE syrup pool, allowing the PancakeSwap team to thoroughly control $CAKE emissions and rewards distribution.
“Chefs are proud to announce the latest development of the new PancakeSwap MasterChef contract — another major upgrade with a new fixed-term staking CAKE syrup pool. The new MasterChef contract will allow Chefs to have much better and comprehensive control over CAKE emissions and how the CAKE rewards get distributed,” Xander wrote.
The DEX has always wanted to introduce some exciting products to its ecosystem and improve liquidity farming, including plans to rebrand its tokenomics. However, the current MasterChef contract has hampered the innovations. With the upcoming MasterChef V2 contract, PancakeSwap would proceed to launch the new CAKE staking pool with the fixed-term staking option. Additionally, with the promise of better control over CAKE emissions and rewards, the DEX will offer more rewards to users who stake CAKE over a long period.
Currently, the PancakeSwap team is working on third-party audits and testing the contract ahead of migrating users safely to the MasterChef V2. The protocol is already in the final phase of completing the migration process and has urged users to visit its social pages for further updates and announcements before MasterChef V2 goes live. BSC News will also keep users updated with the protocol’s progress. In the meantime, PancakeSwap has not set any date to launch the upgrade yet.
What is PancakeSwap?
PancakeSwap is a Decentralized Exchange (DEX) built on 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.
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.
Where to find PancakeSwap:
Source : bsc.news
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