PancakeSwap, a DEX platform based on Binance Smart Chain (BSC), has made several new changes to its distribution of farming rewards.
According to the announcement, these changes were brought on by popular demands of the PancakeSwap community members. First, PancakeSwap launched a new proposal for the new farm reward distribution structure. Then, community members had to vote to support introducing the new farming reward distribution regime.
More Details of The Proposal
The proposal, in simple terms, advocates the redistribution of farming rewards from underperforming farms. According to reports, the proposal sailed through with huge support from PancakeSwap community members.
The purpose is to redirect $CAKE rewards given to farms that are performing poorly and give them to farms that are providing the most value.
Interestingly, the proposal had a total of 1,603,709.75 votes. Notably, a whopping 1,582,004.67 votes supported the proposal. However, 21,705.08 of the total votes were against the new proposal. Finally, the proposal passed with an estimated 98% approval rating during the entire voting process.
The next Farm Auction is going live on January 4th!
If you’re a project looking to boost liquidity on PancakeSwap via a farm, use the form to apply for whitelisting in the community Farm Auctions!
⬇️https://t.co/ErsW39vZdF pic.twitter.com/qipIf8lfKy
— PancakeSwap 🥞 #BSC (@PancakeSwap) January 3, 2022
On the other hand, speaking on the new farming reward regime, PancakeSwap disclosed: “Changes made will help make popular farms even more rewarding.” Also, adding that $CAKE rewards on subpar farms will be redistributed across all existing farms. This, in turn, will help provide more “[…] space to add more new Syrup Pool/farm combos, etc.”
Also, Some of the affected farms include:
- LAZIO/BNB
- OKT/BNB
- RPG/BUSD
- BETA/BNB
- MCB/BNB
- DVI/BNB, etc.
Source: PancakeSwap
Also, thanks to the reward adjustments, PancakeSwap users can now enjoy more rewards on quality farms.
More About PancakeSwap and $CAKE
Built on the BSC network, the decentralized exchange provides various essential features. These features include Liquidity Pools, Yield Farming, Syrup pools, AMM, IFO Profile system, etc. Also, PancakeSwap is the top decentralized exchange on Binance Smart Chain.
Also, it’s important to say that $CAKE has a burning mechanism that avoids inflation. For example, today, more than 6.6 million tokens have been burned. However, 318,000 $CAKE tokens have been re-established for trading, prediction, and the NFT market.
On the other hand, at the time of writing, $CAKE was trading at $12.33 with a market cap of $3,1 billion and a 24-hour trading volume of $109 million. The token price is also up by 2.5% in the last 24 hours.
Also, join us on Telegram to receive free trading signals.
Above all, for more cryptocurrency news, check out the Altcoin Buzz YouTube channel.
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