Pancakeswap, 277% upside potential. Huge updates coming!
Pancakeswap is a Decentralized Exchange with it's own token: CAKE. Works on the Binance Smart Chain, similar to the really popular Uniswap that works on the Ethereum Smart Chain. While most DEX's are functioning on Ethereum, Pancakeswap is a true gem because it is competing against all the other swaps with lower fees and faster processing.
While using the Automated Market Model it allows the assets to be traded without any perission, automatically by using Liquidity Pools instead of the old school markets that have buyers and sellers. So some people provide the liquidity, others can use it. Your decision on which team you want to be. Pancakeswap gained massive popularity when they managed to allow traders to instantly swap their tokens.
They also joined the hypetrain and have an NFT Market. What is so awesome about this, that you don't need NFTs to enjoy this market. All the fees of the NFT's, marketplace, and 2% of all trades will be used to burn CAKE. So this is an ongoing reduction of maximum supply.
Besides that, here are the options you have on the website to play around with:
-Stake it in the Syrup Pool to earn free tokens
-Use Yield Farming to earn more CAKE
-Buy Lottery tickets
-Participate in IFO Token Sales
-Create a Pancakeswap profile and mint NFT
-Vote proposals relating to the PancakeSwap ecosystem
Changes for 2022
They teased something pretty cool. You can read it back in the December recap from january 7. I citate:
“The current phase 1 version of the IFO 3.0 is not optimal. We realized it is time to say farewell to the current sales model, and replace it with something new and fresh,”
“Combined with the IFO CAKE Pool, the new IFO 3.1 aims to provide more opportunities to the loyal PancakeSwap product fanbase and (NFT?) holders.”
“Great things take time and improvements are worth waiting for. The new IFO 3.1 with a brand new type of sale structure is currently under development and expected to come with the future IFOs. Follow us on Twitter to catch the latest news about it,”
Could this mean a beginning of a new surge? New updates that totally beat other exchanges? So they stay relevant? I think and I hope yes.
Important to mention that when the first big surge of Pancakeswap happened (From 1 dollar to like 40), it happened in a time when Bitcoin and Ethereum (The Mothers of all Bombs) were surging as well. While Bitcoin and Ethereum are recovering, Pancakeswap is staying behind. If I have to put a price target on it for the end of 2022, I would see it above the $30 line. Which is an upside of 277%. And still, $30 is not even close to the all time high of 42 dollars. Let's hope the updates come before Ethereum 2.0 catches a big part of the spotlight.
I hope you've enjoyed my findings and have a great day!