PancakeSwap made the most exciting announcement for the registered CAKE holders of offering the novel Syrup Pool from the Cyclone Protocol. The Cyclone Protocol is a non-custodial, cross-chain, privacy-preserving global protocol that operates across every DeFi platform. CAKE users who hold the stake CAKE tokens shall now be able to secure CYC tokens at the platform of PancakeSwap by making the best of the opportunity of farming the most delightful pool rewards at high APY. Currently, there are 275 CYC tokens in circulation, and the distribution duration is set at 60 days. The maximum stake per wallet is 100 CAKE within the first 2 days (48 hours), followed by unlimited staking of CAKE tokens. For hosting the CYC Syrup Pool, PancakeSwap is offering a CYC-BNB Farm along with 1x CAKE rewards within the first 48 hours, followed by 0.5x CAKE rewards right after.
A voting system will be implemented soon, but as of now, the nodes that support the voting framework are out of order and shall be deployed soon to enable every user to participate in the fair voting process. The Cyclone Protocol of decentralized finance applies zkSNARKS for enabling transactional privacy for every component of DeFi by breaking down the on-chain linkage between the recipient and depositor addresses. The Cyclone Protocol has been launched successfully on the IoTeX blockchain, a fast and EVM-compatible blockchain associated with a community of active users since January 2021.
Owners of the CAKE tokens registered with PancakeSwap will now be able to stake the tokens at the Syrup Pool by following the steps below:
- Login at https://pancakeswap.finance/syrup
- Join the CYC Syrup Pool to click on “Approve CAKE.”
- Click on the Stake button for the confirmation of the transaction.