National Geographic, 3Commas & 2022 Year in Review - DeFi Edition
Protocol of the week: PancakeSwap 🥞
Welcome to the 41st edition of DeFi Fridays!
Access all the previous editions here.
101 today:
Protocol of the week: PancakeSwap 🥞
Major happenings in the ecosystem. 🔰⚠️
In this week’s good reads:
22 top pieces from 2022.
Top 10 market defining events of the year.
2022 Defi Year in review.
Protocol Of The Week: PancakeSwap
What is PancakeSwap?
PancakeSwap is an Automated Market Maker (AMM) built upon the Binance Smart Chain. An Automated Market Maker is a type of Decentralized Exchange (DEX) that operates on programmed mathematical formulas to price assets, allowing for a permissionless trading experience through the use of Liquidity Pools (LPs).
It is the biggest DEX on the Binance Smart Chain with ~$2.18 Billion in Total Value Locked.
What are they doing?
They provide a number of services to their users ranging from Yield Farming to Token Swapping. Read on to know about each service:
Learn how to set up your MetaMask on PancakeSwap here.
Trading on PancakeSwap: PancakeSwap is popular among users due to its minimal transaction and gas fees. To learn how to swap tokens on PancakeSwap, click here.
PancakeSwap also deploys a feature called StableSwap which allows users to trade stablecoins with lower trading fees.
Becoming a Liquidity Provider on Pancake Swap: Providing liquidity to the market enables users to earn passive income on their crypto tokens. To learn how to become a liquidity provider on PancakeSwap, click here.
Yield Farming on PancakeSwap: Yield farming is a way of earning high returns on your crypto by staking or lending LP token pairs in the market. Learn how to yield farm on PancakeSwap here.
Syrup Pools: Syrup Pools allow users to earn high rewards by staking their CAKE tokens on PancakeSwap. To learn how to participate in Syrup Pools, click here.
Lottery v2: PancakeSwap also has a lottery feature on their website letting users win big bounties by buying lottery tickets. To know how to participate in the lottery, click here.
They also have features like Prediction and Pottery that enable users to earn more.
How are they doing it?
PancakeSwap is a fully transparent and decentralized protocol built on BSC. It is built on open-source software and all its Smart Contracts are visible publicly. The developers also use multi-signature contracts in all their features for additional security.
Check out PancakeSwap here.
Check out PancakeSwap stats here.
We explain one DeFi Protocol every Friday:
Major News in the Ecosystem:
🔰National Geographic to launch an NFT collection in 2023.
⚠ 22 million lost due to an API leak.
3Commas, a platform that lets users link multiple crypto accounts, and uses APIs to carry out trades was attacked by an anonymous hacker that stole about 100,000 APIs and published them online.
More Good Reads:
✍️Top 22 DeFi pieces from 2022.
✍️10 Defining Market Events of 2022.
✍️2022 Defi Year in review by The DeFi Llama.
That’s it for today, folks. See ya next Friday. 🧢
Disclaimer: Nothing included in DeFi Fridays should be taken as financial advice.