PancakeSwap has announced the latest vote about adding the two Fan tokens into the platform for a 30-day period of time. JUV (Juventus) and PSG (Paris Saint-Germain) Fan Tokens are the two most popular and the most valuable ones among the fan tokens of the Chiliz partners.
What is PancakeSwap, briefly?
PancakeSwap is the leading AMM platform built on BSC (Binance Smart Chain). It is founded in late-September this year and gained so much popularity in less than 90 days. The help of increasing popularity and prices of cryptocurrencies, the support from the Binance exchange, and the wonderful community made this success in such a short time.
The main philosophy behind PancakeSwap is creating new, innovative gamified farming mechanics! So we can’t call them one another example of the existing DeFi platforms. In the past 3 months, PancakeSwap showed their team’s ability to construct the future with the help of Binance Smart Chain and shiny CAKEs on our wallets…
$CAKE: Not After Lunch, They’re in Your Pockets
$CAKE is the native token of the PancakeSwap platform. It’s designed to reward the community who contributes to the development and provides liquidity to the platform. Apart from swap and liquidity providing features, PancakeSwap users are able to swap their crypto assets in/out from BSC. It’s backed by Binance Bridge and easy to use on different chains. The total possible token number to peg-in to BSC is over 30. Check Binance Bridge for more information.
It allows you nearly feeless cross-chain swaps. Apart from that, the PancakeSwap platform provides you many ways to earn some CAKEs. the most basic method to earn CAKE is staking CAKE tokens! To stake CAKE tokens, you should first approve the transaction. It requires some BNB to spend as transaction commission. This will allow you to stake only CAKE tokens to earn rewards. If you want to earn different tokens as a staking reward, you should approve them for once.
There are 6 different staking pools to get rewarded. People can receive CAKE, BNB, TWT, VAI, and BLK at the time of writing. until the 27th of December, with the boost from the Binance exchange, CAKERs can receive 240,000$ worth BNB and CAKE. Apart from these 2 pools, the highest APY ratio belongs to the BLK Pool. You can get 219.53% APY. But please be careful that this ratio is not constant and can change at any time. Read my latest post about APYs before selecting the most appropriate pool for yourself. Understanding the Concepts of DeFi Platforms: APY and 1-Year Reward for HARD Protocol
It's normal that you can't see JUV and PSG token staking pools now. Because the PancakeSwap platform is run by the community and the $CAKE holders, there's an ongoing vote to add or not to add fan tokens. The voting has begun at 10.45 UTC today and it will finish at 07.00 UTC tomorrow. If you want to participate in the voting, please refer to the related page. At the time of writing, there is only 0.24 percent of voters don't want fan tokens on PancakeSwap.
If the vote passes, there will be a reward pool of nearly 600,000$ to grab. 20,000 JUV and 20,000 PSG tokens are allocated to PancakeSwap Staking Pool. It's calculated that 0.023148 JUV and 0.023148 PSG tokens will be distributed to CAKE stakers. It lasts 30 days until the 20th of January. Apart from staking rewards, there is one new pool for each fan token. Both of them will have BNB pairs and the LP tokens counted as 1X on the Pancake Farm.
In order to host the JUV and PSG Syrup Pools, we will need to provide them with a farm each. Both farms will have BNB pairs (JUV-BNB, PSG-BNB) and 1x CAKE rewards.
Why do we need a vote? Since it dilutes rewards, the chefs want BSC's greatest community to make the decision themselves.
What are Fan Tokens, briefly?
CHZ (Chiliz) token is the native token of the Socios app. CHZ is an ERC20 token with a total supply of 8,888,888,888. Chiliz has signed partnerships with football clubs to spread theirs over countries. Nearly after every partnership announcement, the native token of the related team has deployed on the ERC20 chain and those will be available to trade on Chiliz.net. You can track the prices and the volumes here. It's available to trade between different fan tokens and CHZ/BTC pairs easily.
Fan Tokens are fully fungible digital assets that give you voting rights and other fan-centric utilities in the different teams each Fan Token is associated with. Fan Tokens are team-specific, and each team only offers a finite available supply. Fan Tokens never expire, and since they’re fungible they can be exchanged freely against $CHZ both on the Socios.com marketplace and off-platform on any other Fan Token exchange provider that’s approved to operate on the Chiliz Blockchain.
Get your CAKEs ready not to miss this opportunity to enter the Chiliz ecosystem.
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