Predictions Market added to Pancake Swap
PancakeSwap just added a revolutionary new feature to their AMM. You can now bet BNB on whether BNB will go up or go down during a 5 minute period. As I type this they are on round 238. I have been watching it since around round 200. I think it went live today. PancakeSwap is going to take 3% of the money bet and use it to burn Cake. They are planning to collect and then burn once a week. This is another ingenious way to reduce the volume of Cake and create more scarcity for the coin.
PancakeSwap used to be a copy of Uniswap but it is now so much more. You can stake your LP tokens. You can participate in a lottery. And now you can bet on whether or not BNB will go up or down in a set 5 minute period.
As this catches on, they are going to make so much money or rather burn so much cake. I think they are earning about $1000 every 5 minutes.
With this new huge reduction in Cake and the great staking rates, Cake is my favorite coin right now. I am staking BNB/Cake right now on PanckakeBunny. I am in the new V2 pool. When I entered the pool it didn't have the 3 day lock. Now it does so i need to stick it out for another 2 days or pay .5 percent.
The world of crypto is pretty crazy. I think the other company that is going to benefit is Chainlink. Pancake is using a Chainlink oracle which means that everyone who copies Pancake Swap will probably also use a Chainlink Oracle. AMMs can turn into gambling hubs. It will be interesting to see how it pans out.