Decentralized exchange (DEX) PancakeSwap listed a new BNB reflection token on Wednesday. The asset known as $PENNYBAGS is a Binance Smart Chain cryptocurrency that allows its holders to earn instant rewards on all transactions through its unique buyback and burn protocol. 
<h2>PancakeSwap Lists New BNB Reflection Token $PENNYBAGS</h2>
In a <a href="https://www.businesswire.com/news/home/20210818005857/en">press release</a> issued on August 18, Pennybags announced that its token has been listed on the PancakeSwap DEX. The token assures passive income to its owners in the form of 10% BNB rewards, deposited automatically to their wallets every 60 minutes. 

$PENNYBAGS, which functions as a buyback token, will be secured via a one-year lock-in period after the presale. Additionally, its protocol will execute quarterly burns to maintain scarcity and boost the value of remaining tokens in circulation. 

Although Pennybags is still in its nascency, its website indicates that it has completed most goals listed in the first phase of its roadmap. However, the project has a lot more to offer to its investors in the future.

Presently, the protocol’s developers are planning to release farming and staking features to expand investor rewards, an <a href="https://www.cryptoknowmics.com/news/chicagos-physical-nft-artwork-gallery-imnotart-exists-in-the-ethereum-metaverse-too/">NFT gallery</a> housing collections from world-class artists, and a virtual casino with play-to-earn opportunities. An exclusive merchandise store and partnerships with <a href="https://www.cryptoknowmics.com/news/chicago-bulls-partners-with-shopify-to-start-nft-series/">Shopify</a> merchants across the world might also be on the cards.

To lure more investors and organize grand giveaways, the project will allocate 5% of its taxes to marketing efforts. Philanthropy will also be a major focus for Pennybags, which said that its first charity event will occur in the next 30 days.
<h2>Its Raining Tokens on PancakeSwap</h2>
PancakeSwap has seen a flurry of launches in the last few weeks. Just a few days back, the DEX opened Burnace’s hyper-deflationary ACE token and Predator network’s $PRED token for trading.  The new listings came shortly before the exchange surpassed decentralized finance (DeFi) giant Uniswap in total locked assets.

According to data aggregator, DeFi Llama, PancakeSwap’s current TVL (Total Value Locked) -- which inflated over 50% in the last four weeks -- stands at $149.78 billion. The rise coincides with the bullish trend in the overall crypto market, which has grown to a market capitalization of $2.02 trillion.

BNB Reflection Token $PENNYBAGS Listed on PancakeSwap

Decentralized exchange (DEX) PancakeSwap listed a new BNB reflection token called $PENNYBAGS on Wednesday. The asset is a Binance Smart Chain cryptocurrency

Divya is a postgraduate from Jawaharlal Nehru University specializing in International Relations and a professional writer with more than 5 years of experience writing for the web. She is an avid reader interested in the global financial system and the effects of decentralization. At Cryptoknowmics, she hopes to deliver clear and understandable content to inform readers about the latest events in the crypto sector.

BNB Reflection Token $PENNYBAGS Listed on PancakeSwap

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