All you need to know about CAKE, PancakeSwap’s new Syrup Pool update

ambcrypto.com:

PancakeSwap [CAKE] recently published a new proposal, one which is currently under the voting period. The new proposal is related to the formation of a new Syrup Pool with Ternoa. 

Realistic or not, here’s CAKE market cap in BTC’ s terms

Ternoa is a layer 1 blockchain infrastructure, designed for mass adoption of NFT technology. As per the proposal, PancakeSwap will allow users to stake CAKE tokens to earn CAPS tokens.

PancakeSwap will provide a CAPS-BNB farm in collaboration with the CAPS Syrup Pool. The proposal mentioned that the total number of tokens will be 7,000,000 CAPS and the distribution duration will be 90 days. There will be no CAKE cap for this Syrup Pool and unlimited CAKE staking will start after the Syrup Pool is launched. 

As Ternoa is a NFT-centric blockchain, its integration with PancakeSwap can help the latter improve its performance. In fact, Dune’s data revealed that PancakeSwap NFT Marketplace’s users declined over the last few weeks.

That’s not all either as a similar trend was seen on the volume front. 

Source: Dune

However, it is interesting to note that CAKE performed well in terms of revenue generation.

Token Terminal’s data pointed out that CAKE’s revenue spiked on 11 March, which is a positive signal for a network. In addition to that, CAKE‘s burn rate also looked optimistic. PancakeSwap revealed that CAKE worth $27 million was burned on 13 March 2023 alone.