The PancakeSwap (CAKE) team, the largest and most well-known decentralised cryptocurrency exchange on the BNB Smart Chain, gave information on the exciting possibility made available to PEPE fans.
Pepe (PEPE) yield farming is available on PancakeSwap’s (CAKE) new pool
Starting on May 22, 2023, PancakeSwap (CAKE) DeFi will provide a liquidity pool that includes the meme token Pepe (PEPE) and the biggest dollar-pegged stablecoin, U.S. Dollar Tether (USDT). PancakeSwap (CAKE) made this declaration via its official media outlets.
As a result, users may now add liquidity to Pepe (PEPE) and USDT to get rewards on a regular basis. By the time of publication, the pool gives about 200% in APY, which is attributable to its modest size. PEPE supporters have so far secured around $65,000 in cash.
PancakeSwap (CAKE), the pool’s incentive currency, will distribute 6.9 CAKE, or around $13, each BNB Smart Chain block with its liquidity providers.
The launch was well-received by the PEPE community. The PancakeSwap (CAKE) team is being urged by meme coin supporters to also release farms for the LADYS coin, which Elon Musk just backed.
The pool with PEPE and USDT is classified as a “yield farming” tool with 0.25% fees, like the majority of pools based on early-stage altcoins.
PEPE again in red after yesterday’s whopping intraday rally
The PancakeSwap (CAKE) team emphasised that PEPE is subject to extreme volatility just like all meme currencies. Users should use extreme caution and always conduct their own research.
Currently, Binance (BNB), KuCoin (KCS), and Kraken are the three main centralised exchanges where PEPE transactions are made. However, it is also offered on Uniswap (UNI) and PancakeSwap (CAKE).
Despite the hype around the PancakeSwap (CAKE) liquidity pool, the token is currently trading hands for $0.00000153, down nearly 9% in the previous day. The market valuation of the company is greater than $600 million.
