PancakeSwap’s $CAKE token has enjoyed a significant increase following the launch of the Perpetual trading feature.
Perpetual Trading Boost
On March 14, PancakeSwap launched the perpetual trading feature with ApolloX, the world’s first hybrid crypto derivatives exchange. The feature was accompanied by a massive giveaway worth 100,000 USDT in prizes, and judging by recent price movement, it has positively affected the price of $CAKE.
The most popular Decentralized Exchange (DEX) on BNB Chain teamed up with ApolloX to reward users who utilize the new feature on PancakeSwap. The giveaway—Trading Campaign started on March 16 and will end on April 12. According to the details obtained from CoinMarketCap, both protocols would combine to give users 25,000 USDT weekly over four weeks.
“The total prize pool is 100,000 USDT equally sponsored by PancakeSwap and ApolloX. 25,000 USDT will be up for grabs weekly, for 4 consecutive weeks!” CoinMarketCap’s blog reads.
Users who trade using PancakeSwap’s Perpetual trading feature are eligible to profit from the reward pool. They need to trade any amount with any pair for three days within one week. Following this incentivization scheme, PancakeSwap’s $CAKE token has surged.
Before launching the Perpetual trading feature, $CAKE traded at $5.57. After launch, plus the massive giveaway, $CAKE has increased by over 50% and is currently trading at $8.51, according to CoinMarketCap data. With the giveaway still ongoing, $CAKE may continue its bullish run in the market. You can also visit the CoinMarketCap page to learn how to participate in the giveaway.
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:
Source : bsc.news
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