Decentralized exchange PancakeSwap moves into GameFi
On May 29, decentralized exchange (DEX) PancakeSwap announced that it had launched a new tower-defense GameFi game in conjunction with BNB GameFi protocol Mobox. Dubbed “Pancake Protectors,” the game allows players to utilize the DEX’s native CAKE (CAKE) tokens to earn in-game rewards.
Utilities for CAKE tokens within Pancake Protectors include accelerating the level-up process, purchasing in-game currency, claiming CAKE heroes, staking CAKE to earn resources, and unlocking game levels. There will also be an in-game marketplace for trading CAKE heroes, which can be further enhanced by participating in lotteries yielding nonfungible token (NFT) upgrade rewards. Developers explained the game as follows:
In addition, players integrate their NFT with the in-game heroes and display it on their PancakeSwap profile.
Launched in 2020, PancakeSwap has become one of the most popular DEXs, with $462 billion in cumulative trading volume and over $2.5 billion in total value locked.
In April, the DEX passed the Pancakeswap v2.5 tokenomics proposal to lower its CAKE token inflation rate from over 20% to a target range of 3%–5%. The price of CAKE tokens subsequently plunged 36% in the past month to $1.73 at the time of publication due to the lower value of nominal CAKE staking rewards. Before the proposal, PancakeSwap operated a high-token-emission model to incentivize user adoption.
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