This Yield Farm Has Over $5 Billion Locked Up - And It's Not Even On ETH

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Avatar for AbsoluteUnit
2 years ago
Topics: Bsc, Defi, Binance, Cryptocurrency, Money, ...

That's right - the largest Yield Farming Aggregator, according to Defi Llama, has over $5.00b locked up and it's not even on ETH. One of the fastest growing Yield Farms since it's launch in late 2020 has absolutely exploded onto the scene. It has rocketed past the likes of Yearn.Finance (almost doubling it's TVL) and nearly 5x'ed those ranked just below them. 

So, what is Pancakebunny?

Pancakebunny was created in partnership with the largest AMM (Automated Market Maker) and Yield Farm on Binance Smart Chain, Pancakeswap, to help "Expand the the same interest that was created by other Yield Aggregating projects on ETH, and bring that to the BSC ecosystem" (source). Well, I would say they more than accomplished that. In the 5 months Pancakebunny has been around they've not only brought that interest to the BSC ecosystem, they absolutely demolished the competition around them.

Pancakebunny works very similarly to how other Yield Farm Aggregators do. When you stake to a liquidity pool on Pancakeswap you get LP tokens, essentially tokens that represent your share of the total pool, and you can then stake those to Pancakebunny to earn both additional CAKE and BUNNY (Pancakebunny's native token). You can also stake straight BUNNY or CAKE to earn rewards as well. 

The BUNNY Token

Pancakebunny has also created their own token, the BUNNY token. BUNNY has gone up nearly 14,000% since it's ATL in 2020 and I don't think it's seeing that price anytime soon.

Without getting too far into how the tokenomics work, since they have an incredibly well written writeup on their wiki - here, what essentially happens is each time 1 BNB is earned in performance fees, 5 BUNNY is minted. On their wiki they do talk briefly about potentially doing a token burn or limiting the number of tokens created but their current focus is to grow BUNNY.

Final Thoughts

While you're by no means getting in on this one early, the cat is definitely out of the bag with Pancakebunny, I do believe there's still some room for growth with this project. Binance Smart Chain is currently one of the hottest places for DeFi since they offer incredibly low fees and an already large user base thanks to the machine that is Binance. As always though I highly recommend everyone to Do Your Own Research and do not take my advice as gospel. I'm just one dude on the internet with an opinion and enough time to write this out. 

As always thanks for reading, liking and following! If you liked this you might like my previous article on The #1 DeFi Tool You're Probably Not Using.

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Avatar for AbsoluteUnit
2 years ago
Topics: Bsc, Defi, Binance, Cryptocurrency, Money, ...