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I have used Pancakeswap for almost as long as I have been in crypto. I mainly use it to swap and stake. But let us take a look at these new features. Maybe they offer something interesting for you?
iCake is the first of the there utility "tokens" to be introduced
While it is a token, it is not a token in the crypto sense. Meaning it is not a cryptocurrency. It is merely used as a gauge. What I mean by that is the amount of iCake available to you is based on the amount of Cake you have staked. With some modifications.
They have a threshold on the time you have staked your Cake. Meaning that if you have staked Cake for the same time as the threshold or longer you will get a 1 to 1 ratio of your iCake to your staked Cake. If you have it locked up for a shorter amount of time you will get a proportion of iCake. This proportion is the same as the relation between the time you have staked your Cake and the time of the threshold.
This iCake is the gatekeeper for the revamped IFO. Or Initial Farm Offerings. This is where Pankaceswap introduces new coins and lets their users farm them by staking Cake. But now the caveat is you can only stake as much Cake as you have iCake.
This means that the tokens you can farm in the IFO will be harder to come by, as you need to lock up some of your Cake in order to come by the iCake that acts as a gatekeeper.
Zap, the new and improved LP token creation
Zap is the new and improved way you can create LP tokens. Normally it can be pretty annoying to do this, as you have to either match the two tokens perfectly in relation to each other. Or have more of them than you want to make into LP tokens.
The Zap feature now helps you with this and makes it much easier for you to create the LP tokens. This is done by balancing the tokens for you. So in order to create an LP token you only need one of them in your wallet. The Zap will take care of the rest, swap, and balance them out for you.
This means that the creation of LP tokens is much easier than it was. And I for one think this is an excellent improvement. Even if I personally do not use LP tokens, not yet at least.
This type of feature is exactly what we need more in crypto if we want to bring in the masses. We need to make it so easy for everyone to use that no one can complain of it is too hard to understand. So I for one would like to see much more of these types of features. Pe in on Pancakeswap or anywhere else.
What are your thoughts on these changes on Pancakeswap, do you think they add to the site. Or is it a detractor for you? Please share your thoughts on this in the comment section down below.
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I have also just started a new series of weekly posts, that will go live every Friday. You can catch the tenth step here:
Staking frustration - My Journey to Financial Freedom
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Picture provided by: Pancakeswap
