PancakeSwap, the top decentralized exchange (DEX) on the BNB Chain ecosystem, has teamed up with the largest crypto exchange, Binance, to simplify crypto staking for market participants.
In a post on X, PancakeSwap announced partnering with Binance Earn. The notification stated that the alliance has given birth to a crypto-focused project, “Simple Staking,” to revolutionize crypto enthusiasts’ investing experience.
🎉 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 highlighted its vision to create an all-encompassing DeFi ecosystem that combines user-friendliness and innovation. It mentioned that Simple Staking represents a significant step towards achieving its vision as it offers users a seamless way to earn rewards.
PancakeSwap Simple Staking
According to the notification, the Simple Staking platform allows crypto users to stake prominent digital assets for rewards. The highlighted cryptocurrencies users can stake include CAKE, PancakeSwap’s native token, Polkadot (DOT), and stablecoins. The mentioned stablecoins were Tether (USDT) and Circle USD (USDC).
Furthermore, PancakeSwap noted that Simple Staking threads a path different from the traditional staking system in crypto. In particular, the DEX stated that Simple Staking allows users to earn rewards by staking a single type of asset.
PancakeSwap argued it is remarkably straightforward compared to traditional staking methods that involve complex liquidity pools and asset pairs. Also, it spotlighted four key benefits of its Simple Staking.
Among them was the absence of impermanent loss, a common concern with Automated Market Makers (AMMs). Moreover, PancakeSwap stressed that Simple Staking eliminates the need for users to manage multiple positions or transfer tokens between different yield farms.
Also, the report mentioned that rewards in Simple Staking accrue daily based on the Annual Percentage Rate (APR). Besides, PancakeSwap offered additional incentives for crypto investors staking its native token, CAKE.
Per the report, staking CAKE in the platform’s fixed-term pool will result in an APR boost, significantly increasing Simple Staking rewards.