Pancake Swap Migration To V3 - Vox Populi DAO Snapshots
I discovered Pancake Swap in November 2020 and dived in! I have a sweet tooth and went munching on LPs, pools and farms. I started farming when one $CAKE was $0.20, and got a nice bag.
Has been a rollercoaster since then, sold most not even close to the All-Time High, and started earning back! Never left and not planning to leave the pancake shop!
I have a long history with Pancake Swap, farming in there since the early days, and still farming two years and a half later. I even earned some cool NFTs in there, collected from various events. No crypto should be kept idle, no asset should be sitting lazy in the wallet.
I can swap instantly crypto in a fairly decentralized exchange, with low fees even at high trading volumes. Pancake Swap has over 3,000,000 users and over 5 billion TVL. Used by million ... trusted with billions!
But you ever wondered why Pancake Swap maintained on top of the chain even during the perpetual market? The platform has up to date security audits from Certik and a Certik Shield insurance. In addition, PancakeSwap has a Slowmist security audit, a Slowmist Auto-CAKE Pool security audit and a Peckshield's Prediction V2 security audit.
The Q2 roadmap includes IFOs and cIFOs, new farms/syrup pools, V3 implementation, Ethereum integration, and the expansion to another chain! The affiliate program and the website will also be revamped.
The ecosystem is transparent, built on open-source software and all the smart contracts are publicly visible. The exchange never stops improving, and the migration to V3 started.
This evolution is powered by the token holders... vox populi ... vox dei! I found three active votes when I checked, all important for the smooth running of the Pancake ecosystem. The token holders were asked about the CAKE tokenomics v2.5, the upgrade of the $MGP and $UNW LPs.
The V2.5 $CAKE tokenomics will target a low annual inflation rate of 3-5%, transitioning to a CAKE staking model based on real yield and benefits favoring long term stakers.
The staking allocation will be reduced from 6.65 CAKE/block to max 1 token minted each block. The revenue of long term stakers will be boosted, as well token emissions weighting. This is the journey to .... ULTRASOUND CAKE!
The V2 $MGP - BUSD farm had 2x multiplier, sharing 84 CAKE per day. The new V3 farm will start at 8x for the first week, dropping to 4x after, and sharing more tokens at the start of the farm. The proposal was approved with 99.77% of the votes!
The V2 UniWhale farm had 2x multiplier, sharing 84 CAKE per day. The new V3 farm will start at 8x for the first week, dropping to 4x after, and sharing more tokens at the start of the farm. The proposal was approved with 98.70% of the votes! Why are this votes important? Because it gives power to every single token holder, and creates a powerful DAO system.
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I heard about pancake swap before but I never tried to use that before.