DeFi farming protocol PancakeSwap has recently announced adding new liquidity pools for yield farmers to earn on staked Binance Coin. The DeFi food farming platform has launched its new services such as pools, or farms for liquidity providers to earn big by staking on the cryptocurrency exchange’s native BNB token.
PancakeSwap: Binance Smart Chain-based DEX
Announced on Sept. 20, PancakeSwap was immediately taken up by the centralized crypto exchange for running its own Binance Smart Chain in contrast to the usual Ethereum platforms.
PancakeSwap works similarly to SushiSwap DEX, AMM, liquidity pools, or any food farming platforms while featuring its own native token called CAKE.
Binance CEO Changpeng Zhao, who has been quite vocal recently on criticizing the Ethereum platform has added that PancakeSwap is its biggest contributor to Binance Smart Chain (BSC).
Biggest contributor to activities on #BSC. 🙏
— CZ Binance (@cz_binance) October 13, 2020
As of now, there are 20 liquidity farms on the protocol with all but one, USDT/BUSD, paired with Binance Coin.
DeFi Yield farmers need to buy Binance Coin to stake them with their chosen pairs in these pools while getting rewarded in PanCakeSwap’s native CAKE token.
PancakeSwap’s Booming APY Yields
Meanwhile, new BNB pairs have also been introduced today such as USDT, XRP, DAI, YFII, ATOM, XTZ, and BCH.
The DeFi platform is getting quite an attention lately due to its booming high annual percentage yield from new farms such as USDT and DAI.
— PancakeSwap 🥞 #BSC (@PancakeSwap) October 13, 2020
According to PanCakeSwap’s own analytics dashboard, the platform’s liquidity hits its all-time high of $216 million, putting it at a similar level to InstaDApp (according to Defipulse.com which does not list BSC protocols). The daily trading volume on Monday equaled its highest ever level of over $20 million.
Defipulse.com states that its 24-hour volume on Monday equaled its highest ever level of over $20 million. According to Coingecko, PancakeSwap has boosted BNB prices yet again with the token surging over 8% today while topping out at $31.60.