The recently launched DeFi food farming platform, PancakeSwap, appeared to be dominating token stats on Binance’s DeFi platform. This was first revealed by CZ, the CEO of the cryptocurrency platform himself, who tweeted a screenshot of the protocol’s native token CAKE ranking at the top in all the three charts for unique senders, unique receivers as well as total uniques. His tweet read,
— CZ Binance (@cz_binance) September 28, 2020
It should be noted that the PankcakeSwap launched its protocol on Binance Smart Chain just a week ago and registered the first-ever transaction of its native CAKE token only on the 22nd of September. Even then, it has managed to outpace some popular tokens to dominate the charts.
Pancake: ‘Yes, Another Food Protocol’
Ethereum happens to be the home of some of the largest DeFi projects. In response to this, Binance Smart Chain was created which aimed to provide faster and cheaper transactions. Taking a jibe at the high transaction fee of the Ethereum network while announcing the launch of PancakeSwap, Binance Academy had earlier tweeted,
"Not another food protocol" shrieks the world.
Yes, another food protocol.
But this time, it's on Binance Smart Chain. Will things be different when fees are $0.03 and not $50 per transaction?https://t.co/P9yQSL5g3U
— Binance Academy 🔑 (@BinanceAcademy) September 23, 2020
PancakeSwap is very much similar to BurgerSwap and BakerySwap, which Binance had previously unveiled. This had earlier resulted in a huge upside price break of BNB. Notably, BNB has maintained a consistent upward trend and noted an uptick of nearly 20% since the launch of PancakeSwap on Binance Smart Chain. It was now trading at $27.00.
Venus Protocol Dipping its Toes in Syrup Pool
PancakeSwap further revealed Venus Protocol, which is an algorithmic money market and synthetic stablecoin protocol for the Binance Smart Chain. It is the first project available on SYRUP Pool. It can be farmed by SYRUP holders, who stake their SYRUP tokens. However, it needs to be approved by SYRUP holders, following which Venus Protocol will support the DeFi clone with a grant in the native XVS token and bonus to distribute to their protocol users.