PancakeSwap, the largest decentralized exchange (DEX) in the BNB Chain ecosystem, simplifies crypto staking for market participants. The altcoin project collaborated with the largest crypto exchange Binance for this purpose.
‘Simple Staking’ was born from the cooperation of Binance and PancakeSwap!
cryptokoin.comAs you follow from , the dark clouds over the crypto market are not going away. However, projects are resisting the crypto winter with collaborations, updates and innovations. PancakeSwap announced that it has partnered with Binance Earn in a post published on its X account. DEX states that the alliance has given birth to “Simple Staking,” a crypto-focused project to revolutionize the investment experience of crypto enthusiasts.
🎉 PancakeSwap has teamed up with Binance Earn to offer Simple Staking.
🌟 Simple staking allows you to earn rewards by staking a single token.
🥞 Stake CAKE, USDC, USDT, and DOT now to start earning rewards.
👉 Stake here: https://t.co/PDnHwZy3Jd
📚 Learn more:… pic.twitter.com/xpC6mM2eB1
— PancakeSwap🥞Everyone’s Favorite DEX (@PancakeSwap) September 29, 2023
In the official statement, PancakeSwap highlights its vision of creating an all-encompassing DeFi ecosystem that combines user-friendliness and innovation. According to PancakeSwap, Simple Staking provides users with a hassle-free way to earn rewards. For this reason, it represents an important step towards achieving his vision.
Simple Staking, product of Binnce PancakeSwap partnership
According to the notice, the Simple Staking platform allows crypto users to stake leading digital assets for rewards. Among the cryptocurrencies that users can stake, PancakeSwap’s native token CAKE stands out. In addition, there are Polkadot (DOT) and stablecoins. The stablecoins in question are Tether (USDT) and Circle’s USD Coin (USDC).
Additionally, PancakeSwap notes that Simple Staking follows a different path than the traditional staking system in crypto. Specifically, the DEX notes that Simple Staking allows users to earn rewards by staking a single asset type. PancakeSwap argues that it is quite simple compared to traditional staking methods that involve complex liquidity pools and asset parities. He also highlights four key benefits of the Binance partnership’s product, Simple Staking.
Four key benefits of Simple Staking
These include the absence of temporary loss, which is a common concern with Automated Market Makers (AMMs). PancakeSwap also emphasizes that Simple Staking eliminates the need for users to manage multiple positions or transfer tokens between different yield farms.
The report also notes that rewards on Simple Staking, the Binance partnership product, are accrued daily based on Annual Percentage Rate (APR). Additionally, PancakeSwap provides additional incentives for crypto investors who stake its token, CAKE. According to the report, staking CAKE on the platform’s fixed-term pool will result in increased APR. Additionally, Simple Staking will significantly increase its rewards.
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