Lock 'n' Load MORE $Cake
The much anticipated release from the Pancakeswap kitchen has arrived. It is indeed smoking hot with everyone scrambling for a piece of the $Cake. Fixed lock staking is now available for all $Cake lovers and the perks that come with it are indeed mouthwatering.
As I previously wrote there is now only one Cake syrup pool with the option of either flexible or fixed locked staking. Since the upgrade to MasterChef V2, the flexible option had been the only option available but users can now access the fixed lock option which has now been deployed on the Pancakeswap platform.
The fixed lock staking comes with the option of locking Cake tokens for a minimum of 1 week to a maximum of 52 weeks. As stated in the Pancakeswap docs on the new updated pools, the fixed lock pool will ALWAYS have a greater APY than the flexible staking pool. However, this APY is not fixed and will fluctuate as with other pools based on the number of Cake tokens staked in it.
Users currently staked in the flexible pool can easily migrate to the fixed locked pool by following the steps below.
1. Navigate to the Cake syrup pool
2. Click convert to locked button
3. Select the lock duration or period by entering any value between 1 and 52 weeks or choosing from the available presets of either 1, 5, 10, 25 or 52 weeks.
4. Click confirm and wait for the transaction to be completed for the migration to the locked pool
There is no limit as to the number of Cake a user can stake. The more Cake staked, the more the benefits that accrue to the staker. The fixed lock pool comes with the absence of the performance fees charged in the flexible pool. However there are some caveats that stakers must take note of. One of which is that a particular wallet address cannot be simultaneously staked in the flexible and fixed lock pool.
The implication of this is that if a user for example has a 100 Cake tokens and intends to stake 50 Cake each in the flexible and fixed lock pool respectively, such user has to send 50 of the Cake tokens to a different wallet in order to be able to use the two options available in the Cake syrup pool at a time.
The following cannot also be done until the end of the lock period or duration
1. harvesting Cake rewards or earnings
2. Withdrawing staked Cake
Stakers can however add more cake to their stake or choose to extend the lock period for more benefits as the APY and yield boost for one's stake increases as the period or duration selected to lock one's tokens.
Lest I forget, the maximum IFO Cake credit will also be obtained from the fixed lock or term staking pool. The PancakeSwap Chefs also hinted in the last AMA that other benefits are in the works for stakers who opt for the fixed lock staking pool. Thus if you're Cake holder who intends to HODL for long term, then the fixed term staking option is the right package for you to earn more benefits on your holdings.
