2021-10-5 14:22 |
CAKE is the native token on the PancakeSwap exchange used for transaction, governance, and running reward programs. PancakeSwap is part of a growing trend of food-themed projects among them BakerySwap, Uniswap (UNI), and SushiSwap among other projects.
Unlike other food projects that run on Ethereum (ETH), PancakeSwap is built on the Binance Smart Chain (BSC), a complementary network of the Binance Chain (BC). This article gives a detail review of the CAKE token, its price prediction and an overview of the PancakeSwap ecosystem;
What is PancakeSwap?PancakeSwap is a decentralized exchange on the Binance Smart Chain (BSC) that offers automated permissionless liquidity pools that run on algorithms. It is the use of algorithms that PancakeSwap an automated market maker. As an automated market maker (AMM) PancakeSwap offers multiple innovative ways for crypto holders to earn from their assets.
How Does PancakeSwap Work?The PancakeSwap offers several advanced and innovative features that set it aside from other DeFi protocol. Although Ethereum was a pioneer in the DeFi space, some of its features failed to resonate many users which saw many migrate to PancakeSwap. Some of PancakeSwap’s best features include allowing seamless interaction between Ethereum-based dApps and BSC-based dApps, trading BEP-20 tokens, lottery, staking, and farming.
PancakeSwap ExchangeThe PancakeSwap protocol uses the automated market maker (AMM) model to offer liquidity to traders. The AMM uses an algorithm to price assets as opposed to centralized exchanges (CEXs) that rely on traditional order books. In an AMM, borrowers can access liquidity in a liquidity pool as opposed to a typical order book that relies on buyers and sellers.
The main feature of the PancakeSwap is the ability to trade BEP-20 tokens in the place of ERC-20 tokens. Users deposit their funds in liquidity pools from where they draw returns in the form of Liquidity Provider (LP) tokens, called CAKE.
Trading on PancakeSwapMuch of CAKE token trading takes place on PancakeSwap although some amount of trading happens on Binance. Users can also buy the tokens on Binance, transfer to compatible wallet from where they can be staked on PancakeSwap.
PancakeSwap Supported WalletsIn addition to the native wallet, PancakeSwap supports other wallets like MetaMask and MathWallet, WalletConnect, TokenPocket, and Trust Wallet.
CAKE Token Distribution
Users can buy CAKE tokens or earn them through staking their crypto assets. Currently users earn 40 CAKE for every block created. However, 15 CAKE are burned when created as a single block. In a day, a total of 30k blocks are created and 1.2 million CAKE awarded while 450,000 tokens per day. The effective daily emission is 750,000 CAKE. The rewards per block are distributed as follows;
· 60% or 15 CAKE are allocated to farmers
· 40% or 10 CAKE go to CAKE holders
· Of the 30 blocks created every day, 450,000 CAKE are set aside for farming
· A total of 300,000 CAKE are assigned to token holders every day.
How to Stake CAKE?To stake CAKE tokens, you need to first buy them from any listing exchange and transfer them to a wallet that is compatible with or supported by PancakeSwap. In addition, users can also opt to buy BNB tokens which can be staked to earn CAKE tokens on PancakeSwap.
Before staking, users need to first connect their wallets to PancakeSwap from where they access liquidity pools in the “Pools” tab. You can then select where to stake your tokens in the listed liquidity pools. If dealing with BNB, the user can transfer them to a BEP-20 BSC address to facilitate payment of transaction fees. One of the advantages of using the BSC is the low transaction fees charged on all trades.
Adding Liquidity on PancakeSwapThe first step when using an AMM like PancakeSwap is to add liquidity. PancakeSwap users can add liquidity to the platform by clicking on “Trade” in the left sidebar which then brings a drop down menu. Click on “Add Liquidity” and select the token pair you want to deposit to supply liquidity.
FarmingThere are several ways in which CAKE holders can earn from the tokens deposited in a liquidity pool on PancakeSwap. The platform is especially for having high returns on staked assets. Users can stake the LP tokens deposited to earn more CAKE tokens. Staking is one of the easiest and safest ways to earn tokens without engaging in risky investment.
To stake, hover over the PancakeSwap and click on the “Farm” tab located in the left sidebar. There are several ways that users can earn from their tokens on PancakeSwap. Currently there are 69 liquidity pools listed where users can stake their assets and earn returns ranging between 23.52% and 378.19% APY. To complete the transfer of liquidity to the platform, users need to approve the movement of the deposited tokens to the pools. The approval authorizes the smart contracts to withdraw and withdraw funds on behalf of the user.
Click on “Approve Contract” and confirm the amount of tokens you have with top stake. The tokens will be deducted from the wallet and returns will start accumulating on the staked assets after sometime. Users can redeem their earned token rewards by clicking on “Harvest.” Examples of pools available for staking include;
· CAKE-BNB LP
· DODO-BNB LP
· BRY-BNB LP
· SUSHI-ETH LP
· DAI-BUSD LP
· ZEE-BNB LP
· SWINGBY-BNB LP
· LTC-BNB LP
Users are rewarded from the LP in CAKE tokens which can be used to pay transaction fees, for governance votes, and staked to earn more CAKE.
Apart from farm yielding the LP tokens, users can stake the CAKE tokens in SYRUP pools to benefit from returns ranging between 43.33% and 275.12% APY. Users can also stake CAKE tokens to earn rewards to earn other coins like UST, LINA, and SWINGBY to name a few.
DeflationaryPancakeSwap has integrated with several deflationary protocols to maintain its token’s value. For instance, all CAKE tokens raised in the Initial Farming Offerings (IFOs) gets burned. In addition, 10% of profits from the PancakeSwap lottery plus a certain percentage of farmed CAKE are burned. These protocols help developers to protect investors and maintain price stability in a highly market.
CAKE Price Prediction For The Next 90 Days The whole crypto market is currently on the verge of a real bull run. There is no broader consensus as crypto analysts are divided as some of them are still calling this market a bull trap. Others, lead by famous on-chain experts like Will Clemente and Willy Woo, are calling this a preparation stage for a face-melting bull run. As always, bitcoin has the final say and altcoins will follow suit once the flag bearer decides the direction. Our price prediction model is bullish for the next 90 days with a hint of a bear market at the turn of the year. CaptainAltcoin team created a price prediction model with a multi-faceted approach to crypto that takes into account both technical analysis and fundamental assessment of each project. Fundamentals that we evaluate are team, tokenomics, use case, community, marketing efforts, liquidity and exchange availability, hype & speculative potential and some other proprietary factors developed in our crypto lab.Below is a tabular overview of how will CAKE develop in the short-term (for the next 90 days), according to our prediction model:
Next 30 days Next 60 days Next 90 days 2021-10-06 $ 20.91 2021-10-07 $ 19.87 2021-10-08 $ 21.12 2021-10-09 $ 22.20 2021-10-10 $ 22.89 2021-10-11 $ 22.66 2021-10-12 $ 22.44 2021-10-13 $ 23.90 2021-10-14 $ 22.79 2021-10-15 $ 23.76 2021-10-16 $ 22.80 2021-10-17 $ 23.23 2021-10-18 $ 24.45 2021-10-19 $ 23.90 2021-10-20 $ 24.96 2021-10-21 $ 26.27 2021-10-22 $ 26.21 2021-10-23 $ 26.56 2021-10-24 $ 25.97 2021-10-25 $ 25.71 2021-10-26 $ 26.87 2021-10-27 $ 27.19 2021-10-28 $ 27.73 2021-10-29 $ 27.50 2021-10-30 $ 28.04 2021-10-31 $ 30.11 2021-11-01 $ 28.17 2021-11-02 $ 31.01 2021-11-03 $ 28.72 2021-11-04 $ 31.09 2021-11-05 $ 32.28 2021-11-06 $ 31.74 2021-11-07 $ 30.23 2021-11-08 $ 32.11 2021-11-09 $ 30.67 2021-11-10 $ 31.97 2021-11-11 $ 31.97 2021-11-12 $ 34.14 2021-11-13 $ 33.27 2021-11-14 $ 33.67 2021-11-15 $ 35.39 2021-11-16 $ 34.75 2021-11-17 $ 36.78 2021-11-18 $ 34.72 2021-11-19 $ 35.70 2021-11-20 $ 34.70 2021-11-21 $ 36.96 2021-11-22 $ 38.35 2021-11-23 $ 38.23 2021-11-24 $ 35.90 2021-11-25 $ 36.95 2021-11-26 $ 38.59 2021-11-27 $ 37.36 2021-11-28 $ 39.17 2021-11-29 $ 39.65 2021-11-30 $ 41.33 2021-12-01 $ 38.38 2021-12-02 $ 39.56 2021-12-03 $ 41.02 2021-12-04 $ 39.85 2021-12-05 $ 41.97 2021-12-06 $ 42.07 2021-12-07 $ 43.28 2021-12-08 $ 43.79 2021-12-09 $ 41.05 2021-12-10 $ 40.95 2021-12-11 $ 45.31 2021-12-12 $ 44.14 2021-12-13 $ 42.22 2021-12-14 $ 46.43 2021-12-15 $ 46.84 2021-12-16 $ 45.17 2021-12-17 $ 43.53 2021-12-18 $ 47.67 2021-12-19 $ 45.26 2021-12-20 $ 48.20 2021-12-21 $ 44.34 2021-12-22 $ 45.45 2021-12-23 $ 46.00 2021-12-24 $ 48.50 2021-12-25 $ 49.67 2021-12-26 $ 50.34 2021-12-27 $ 46.33 2021-12-28 $ 48.55 2021-12-29 $ 49.55 2021-12-30 $ 48.08 2021-12-31 $ 52.47 2022-01-01 $ 50.99 2022-01-02 $ 52.11 2022-01-03 $ 49.18 let tableHeaders = document.getElementsByClassName('short-table-header-item'); let tableContents = document.getElementsByClassName('short-table-content-item'); for(let i=0; iSimilar to Notcoin - Blum - Airdrops In 2024
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