In this blog post, we will go into details about the history of Pancake Swap, what it is now and how the apparently new project has the potential to change it.
First, we need to understand how Pancake Swap started its journey in WEB3 and Decentralized Finance specifically:
How Pancake Swap Started
Pancake Swap is a decentralized exchange built on the Binance Smart Chain that allows users to trade cryptocurrencies with each other. The platform was launched in September 2020 and has since become one of the most popular DEXs on the Binance Smart Chain with a trading volume of over $1 billion.
So how did it all begin? Let’s take a look at the history of Pancake Swap and how it became one of the most popular DeFi protocols in a matter of months.
Pancake Swap was created by a team of developers looking for a way to trade cryptocurrencies on the Binance Smart Chain. The team was inspired by the success of Uniswap, which is the same platform built on Ethereum. After months of development, Pancake Swap launched on September 1, 2020.
What is Pancake Swap Now and how Space sees it
Pancake Swap is quickly gaining popularity due to its low fees, fast transactions, and friendly user interface. In just a few weeks, the Pancake Swap has gone beyond $1 billion in trading volume and has become a DEX for Binance Smart Chain users.
Pancake Swap continues to grow and is now one of the most widely used DeFi protocols $5 billion in trading volume. The platform has also launched several new features such as staking, farming, and synthetic assets.
It’s safe to assume that Pancake Swap is a decentralized exchange that has quickly become one of the most popular DeFi protocols due to its low fees, fast transactions, and friendly user interface. The platform was launched in September 2020 and has since traded more than $5 billion. Pancake Swap continues to innovate with new features such as staking, farming, and synthetic assets.
However, in the past few years, the original coin has decreased in value compared to the spring of 2021. This may be caused by various factors, but let’s focus on one Pancake Swap problem, that is. does not have a mobile app.
We live in an age where people need to be connected even if they are not connected at home. Not having a mobile app that people can use on the go is a huge disadvantage, it’s still unclear why the team hasn’t developed one yet, but it’s clearly affecting the way people view the exchange.
The Pancake Swap Purchased
On March 17, 2021, an unknown entity bought the popular decentralized Pancake Swap (DEX) for a record $150 million. The new owner quickly made changes to the platform, such as removing the team’s social media links and changing the website’s color scheme from orange to black.
This raises several questions: who is the new owner? What are you planning with Pancake Swap? And perhaps most importantly, why does CZ Zhao, CEO of Binance, appear to be involved?
Who are the New Owners?
The new owner of Pancake Swap remains a mystery. The only clue we have is that he uses the name “Ricardo” on Twitter. Ricardo did not know his identity, only telling reporters that he was “a fan of the project who wants to succeed.”
This lack of transparency is troubling, especially since Pancake Swap is one of the most popular DeFi protocols with over $10 billion in locked value. Without knowing who is behind the project, it is difficult to gauge their motives or trust their intentions.
What are you planning with Pancake Swap?
It’s also unclear what Ricardo’s plans are with Pancake Swap. So far, they have made some cosmetic changes to the platform but nothing major. This has led to some speculation that they may be planning more dramatic improvements down the road. Others believe that they just want to keep Pancake Swap running and achieve success. Only time will tell what Ricardo’s true intentions are.
Why Does CZ Zhao Seem To Be Involved?
One of the most interesting aspects of this story is the involvement of CZ Zhao. Ricardo contacted CZ on Twitter shortly after buying Pancake Swap and asked for help promoting the platform. CZ obliged, tweeting a link to Pancake Swap and even offering 10 BTC (worth over $600,000 at today’s prices) as a reward to anyone who can identify the owner of the platform.
Although it is unusual for CZ to promote a project on Twitter, his willingness to give such a large gift shows that he may have invested more in the project than he did. This led to some speculation that CZ itself was behind Ricardo and the Pancake Swap. Of course, this is all just speculation at this point, but it will be interesting to see if there is any concrete evidence linking CZ to Ricardo or the Pancake Swap in the future.
Pitfall Pancake Swap & Spaces That Need To Be Filled
Now that we have defined the problem facing Pancake Swap, it is only a matter of time before people will start to look elsewhere, they will look for a TRUE decentralized platform and one exchange is at the forefront of the movement said: Toon Finance.
Rise of the TOON FINANCE Era
In the world of cryptocurrency, there are many platforms competing for the top position. However, in recent months, one platform has shown the greatest potential to rise to the top: Toon Finance. Toon Finance is a Decentralized Finance (DeFi) platform that allows users to earn interest in crypto ownership, trade digital assets, and more. In addition, Toon Finance Token is the original token of the platform and is currently in the ICO stage and presale is being held. This could be your chance to monkey around in a low-risk, high-return project.
One of the key factors of Toon Finance’s success is its experienced team of developers who have extensive experience in building decentralized applications (dApps). In addition, the Toon Finance team is also very active in community development and marketing initiatives. For example, he has hosted several successful AMA sessions on Reddit and has been featured in numerous media outlets such as CoinDesk and Cointelegraph.
Here’s a link from the Toon Finance Project:
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