Key Points:
- PancakeSwap’s proposal of providing Cake tokens with additional functions with a VIP pool was passed with a support rate of 99.6%.
- It proposes to create sCake tokens to give users special staking power.
- The proposal aims to provide another use for the Cake token, making it more attractive by creating exclusive products.
The Snapshot voting platform revealed that the decentralized trading platform PancakeSwap’s plan to provide Cake tokens with new functionality through a VIP pool received 99.6% approval.
The plan attempts to give the Cake token another function, making it more appealing by developing special items.
Cakes blocked in the pool are required to engage in an IFO, and with this and the blocking period, the iCakes are identified (cakes that may be compromised in the IFO), the objective is to generate the same sort of product with exclusive syrup pools.
The idea calls for the creation of sCake tokens to provide users extra staking capabilities. The function is comparable to IFO. To participate in IFO, users must pledge Cake in the pool and calculate the quantity of sCake that may be sent to the VIP pool depending on the pledge amount and time.
The sCake is not a new token; it serves a purpose similar to the iCake or vCake, but for staking power.
Like with IFOs, the amount of sCakes (Cakes) you may commit to the new pools is determined by the number of Cakes blocked and the blocking duration.
These pools would be available only to people who had Cake banned and a profile set up.
This would result in the creation of a new product that only those who block their Cakes would be able to access, implying that the longer the blocking period and the more Cakes blocked, the more users would be able to contribute to the pools. This feature will raise Cake demand, cause Cake to have more stakes, and increase project exclusivity.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Harold
Coincu News
Source: https://news.coincu.com/189704-pancakeswap-proposal-vip-pools-approved/