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- 1 CAKE holders who staked their tokens over the platform are going to get rewards for their long-term relations.
- 2 PancakeSwap holds a market cap of more than $325 Million.
- 3 CAKE token price at the press time is $1.54 with a slight gain of 0.2% in a day.
Prominent decentralized exchange PancakeSwap announced incentives for CAKE token stakes. DEX decided to take the initiative of sharing part of the trading fee revenue with CAKE. Following the announcement, the CAKE token price saw an increase of nearly 6% in a day before settling down.
The exchange announced the intuitive dubbed Revenue Sharing Pool (RSP) on Sunday, July 30, 2023. According to this, the Fixed-term CAKE token holders who staked their assets with the platform would receive a share of the revenue. The decided amount planned to disbursed among stakers will be 5% of the weekly trading fees over the platform.
In the wake of this initiative, the CAKE token holders are likely to benefit in two ways. The holders get compensation for their staking as a yield according to the annual percentage rate (APR). With the RSP, the stakers will have the chance to “directly earn real yield.”
The said portion will be taken out of PanecakeSwap v3 pairs trading volume where the current fee tiers are 0.01% to 0.05%. The overall trading volume at the v3 platform of PancakeSwap stalls at around $12.5 Billion at the time.
The decentralized exchange platform noted the RSP initiative launch to take place on August 9, 2023.
Following the update, the CAKE token price saw an up move and elevated up to 6% in the upcoming hours. The token price surged up to $1.6 from around $1.5 before settling at the current trading price of $1.54 which is up by 4% in the last week.
PancakeSwap Holds Prominence Around the DeFi Space
The prominent decentralized finance analytics platform, DeFiLlama data, reveals that the PancakeSwap platform’s market capitalization has soared to an impressive $326 Million. A staggering $356 Million worth of tokens staked over the platform till date.
Notably, PancakeSwap has been witnessing a remarkable annualized trading volume, reaching a substantial $174 Billion. These figures undoubtedly underscore its significant presence in the DeFi space and reflect the robust activity on the platform.
The PancakeSwap platform explained the simple process outlined for users to retrieve their rewards. Users would be required to select the “Claim” option within the Locked CAKE Benefits pop-up to claim their rewards.
In the upcoming weeks of August 2023, users can look forward to receiving additional rewards. These rewards are derived from the revenue accumulated during the months of June and July 2023, promising an inflow of benefits for the community.
As part of the reward distribution plan, users can expect to receive their initial four distributions, with each distribution entailing a quarter share of the revenue-sharing rewards accumulated during the months of June and July 2023. These rewards will be distributed weekly, specifically on Wednesdays. This regular distribution schedule ensures users can anticipate consistent and timely access to their earned rewards.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
