PancakeSwap enters GameFi
On May 29, PancakeSwap, a decentralized exchange (DEX), announced the launch of a new tower-defense GameFi game called “Pancake Protectors” in collaboration with BNB GameFi protocol Mobox. The game allows players to use the DEX’s native CAKE tokens to earn in-game rewards.
CAKE tokens have various utilities within the game, such as accelerating the level-up process, purchasing in-game currency, claiming CAKE heroes, staking CAKE to earn resources, and unlocking game levels. There will also be an in-game marketplace for trading CAKE heroes, which can be further enhanced by participating in lotteries yielding nonfungible token (NFT) upgrade rewards. Developers described the game as follows:
“Adapted from MOBOX’s MOland Defense Game, players assume the role of a commander to assemble hero characters across various levels and engage in a tower defense game. CAKE hero characters are the most coveted characters in-game and can be purchased with CAKE tokens.”
Additionally, players can integrate their NFT with the in-game heroes and display it on their PancakeSwap profile.
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PancakeSwap was launched in 2020 and has become one of the most popular DEXs, with $462 billion in cumulative trading volume and over $2.5 billion in total value locked.
In April, PancakeSwap passed the Pancakeswap v2.5 tokenomics proposal to lower its CAKE token inflation rate from over 20% to a target range of 3%–5%. The price of CAKE tokens subsequently dropped 36% in the past month to $1.73 at the time of publication due to the lower value of nominal CAKE staking rewards. Before the proposal, PancakeSwap used a high-token-emission model to incentivize user adoption.
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