PancakeSwap has announced the launch of Cake.Pad, a new platform that offers its users early access to new tokens. According to the platform, users can access these new tokens before they get listed on exchanges and without staking or lockup requirements.
The BSC chain-based DEX announced in a blog post that Cake.Pad is a rebrand from IFO, its Initial Farm Offerings platform. It replaces the older IFO system, which required staking and had stricter participation criteria. To access new tokens, users must participate through a non-custodial wallet and commit CAKE tokens. There is no specific cap on the amount of CAKE tokens. Users can allocate a few tokens or more during an active sale window.
PancakeSwap to boost the utility of CAKE tokens with Cake.Pad
According to the blog post, PancakeSwap noted that users can choose to commit a little or a lot. This means that there is no cap on how much CAKE they can commit. In addition, users can access multiple token launch events using the same amount of committed CAKE tokens. Once a token sale event ends, users can claim their CAKE tokens back.
Cake.Pad will also boost the value of Cake tokens and support its deflationary supply goal. This is because all fees collected through any token launch will be permanently burned and removed from circulation. In cases of high demand, Cake.Pad will activate a tiered subscription tax. The tax gets lower when a token sales event becomes oversubscribed. This mechanism balances user participation and demand.
According to CoinGecko data, CAKE has jumped by 15.6% in the past 24 hours. The token has a market cap of $1.3 billion and a trading volume of $697 million. The current circulating supply of CAKE tokens stands at 343 million, which is % of the total supply of 450 million tokens. This number will reduce as more users utilize Cake.Pad and burn fees permanently.
DeFiLlama data shows that PancakeSwap continues to be a revenue gusher with $53.27 million generated in Q3 of this year. The DEX was the winner among other DeFi exchanges with a trading volume of $79.8 billion recorded in September. At the time of writing, PancakeSwap has over $2.5 billion in total value locked (TVL).
Cake.Pad aims to boost the utility of CAKE tokens within the PancakeSwap ecosystem. This is part of the DEX’s prolonged strategy of CAKE Tokenomics 3.0. The strategy focuses on achieving an annual supply deflation of around 4% and reducing total supply by 20% by 2030 through buyback-and-burn mechanisms. “CAKE.PAD is built with simplicity, inclusivity, and CAKE utility in mind,” PancakeSwap wrote. The DEX will announce the first batch of token sale events and launch dates soon.
