Pancake and Magicpie pop up new DeFi! BNB high-yield farm Cakepie introduction, multi-currency staking tutorial

07-23

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What is Cakepie: PancakeSwap’s new revenue method

Cakepie is one of the SubDAOs founded by Magpie. It is mainly used to expand the existing gameplay of PancakeSwap, a decentralized exchange on BNB Chain, to provide users with more diverse income channels, and also to provide more long-term benefits for PancakeSwap’s native token $CAKE Value empowerment. The long-term goal is to drive growth by locking $CAKE into veCAKE to reduce the circulating supply and provide more passive income opportunities for DeFi users on PancakeSwap.

PancakeSwap is a decentralized exchange started on BNB Chian and spanning multiple blockchains, allowing users to conduct uninterrupted cryptocurrency transactions without the need for third-party institutions. Through a decentralized approach, it provides users with a stable source of income and a safe fund management method, improves transaction transparency and reduces transaction costs. The current products span staking income, liquidity mining, and IFO, and are one of the best on-chain income channels on BNB Chian!

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Brand new multi-token model

After Cakepie was launched, Pancakeswap added three additional DeFi tokens, $mCAKE, $veCAKE, and $CKP, in addition to the original $CAKE.

Simply put, users can exchange $CAKE into $mCAKE at a 1:1 ratio, and the locked |_20241111120233_| will be converted into $veCAKE. Users can use $mCAKE and hold |_20241111120235_| for richer DeFi operations and obtain higher DeFi returns; holders of $CKP can exchange $CKP for $vlCKP at a ratio of 1:1, receive protocol dividends, and vote to determine PancakeSwap’s DeFi mechanism.

・$mCAKE: Cakepie version of $CAKE token, which can be staked on Cakepie to receive rewards.

・$veCAKE: When $CAKE holders lock their tokens on PancakeSwap and obtain $veCAKE, they will receive governance rights, voting rights and passive income at the same time. PancakeSwap provides a variety of staking periods, from a minimum of 7 days to a maximum of 4 years. The longer the locking period, the higher the returns.

・$CKP: Cakepie’s governance and dividend token. Users can lock CKP tokens into $vlCKP at a 1:1 ratio to gain passive income opportunities and governance rights of PancakeSwap and Cakepie. Cakepie will allocate the collective voting rights obtained by holding a large number of $veCAKE to |_202411111202313_| holders, allowing them to directly participate in PancakeSwap's governance decisions and vote to affect the yield and row distribution of $CAKE.

Why choose Cakepie?

Users can participate in more diverse mining and revenue farms than the original Pancakeswap to achieve higher profits.

・Increased income for $CAKE holders: $CAKE holders can choose to convert their tokens to mCAKE and receive bonus benefits without locking the asset itself. When users convert $CAKE tokens to $mCAKE, Cakepie will automatically lock all converted $CAKE into $veCAKE in PancakeSwap, significantly reducing the selling pressure on $CAKE in the long run.

・Priority to obtain new tokens: When PancakeSwap holds an IFO, participants in the $mCAKE Stability Vault will be able to get priority in purchasing new tokens through Cakepie's IFO.

Cakepie key data

・The TVL locked on Cakepie currently exceeds US$44 million, and the platform has sufficient liquidity

・More than 12.87 million $CAKE have been locked

・Up to 64% of CKP is locked, and the market value of CKP is currently only US$2.54 million

・The price of Cakepie native token $CKP has performed well, with the highest increase since the opening reaching $13.5, which is 9 times the price of IDO.

How to use Cakepie: Cakepie revenue tutorial

To make money using Cakepie, you first need to have $CAKE or $CKP in your wallet. $CAKE can be purchased directly on the Binance exchange, or you can choose to purchase $BNB When it comes to wallets, use Pancakeswap for Swap exchange purchases $CAKE or $CKP.

Convert $CAKE to $mCAKE, stake and get rewarded $CKP

After entering the official staking page , find the pledge pool of $mCAKE. Except for the APR, the two are slightly different. Selecting $mCAKE Stability Vault can also participate in the IFO of the platform , so it is also the pool with the highest lock-up at present.

After connecting to the wallet on the website, enter the amount of $CAKE to be converted in the "Convert" column. Selecting "Smart Convert" will get the conversion token $mCAKE. Selecting "Smart Convert & Stake" will convert and lock the pledge at the same time.

After completing the pledge, you can go to the official claim page to check or get your staking rewards$CKP.

(Please note that once the conversion is completed, $mCAKE cannot be converted back to $CAKE on the official page, but the two tokens can be exchanged in the secondary market. The actual ratio depends on different pools and may not be official. 1:1 provided. Additionally, $mCAKE pools can be redeemed instantly, but $mCAKE SV pools require a 60-day cooling-off period)

Convert $CKP to $vlCKP, stake it and get the protocol profits

After entering the official staking page , find the pledge pool of $vlCKP. After connecting to the wallet on the website, enter the amount of $CKP to be locked. It will be completed after "Approve" authorization and "Lock" locking. You can also check on the official claim page. Or get your profit sharing rewards.

(Please note that if you want to redeem $CKP, you need to go through a 60-day cooling-off period)

1.82 times bonus version of liquidity mining

In addition to fully staking, using $mCAKE and $CAKE to form LP for liquidity mining can also obtain a higher share than simply staking $mCAKE, and you can also participate in IFO.

Participate in Cakepie IFO

If you have previously locked $mCAKE in the $mCAKE SV pool, or you are a liquidity provider of mCAKE/CAKE, you can go to the official IFO page to participate in new currency subscription every time a new project is launched. The specific subscription amount will be allocated according to different stages and contribution proportions.

Backtesting the last LISTA DAO IFO, in the first stage, each $mCAKE locked in the stable library can obtain a guaranteed subscription quota of 1 $CAKE. The first-come-first-served model will be adopted 6 hours after the sale starts. Each |_202411111202337_| locked in the stable library can obtain a subscription quota of 1 $CAKE, while each mCAKE/CAKE LP token can obtain 15 | _20241111202339_| The subscription quota is on a first-come, first-served basis. The available subscription quota will gradually increase over time until the available subscription quota is exhausted.

In the first phase of IFO, the cost of each $LISTA is about US$0.02, compared with the highest of about US$0.82 when it went online, which is a nearly 40 times profit !

V2E Vote Earn Vote Earn

In order to encourage users to exercise their governance rights, Cakepie will issue rewards from time to time to users who participate in voting. Users can go to the official voting page and use the pledged $vlCKP as a voucher to vote. Each time they vote, they have the opportunity to divide different types of tokens or award.