Benchmark Protocol to Get a Boost on PancakeSwap!
CAKE holders, today we are thrilled to be able to offer you a new Syrup Pool from Benchmark Protocol, where it mitigates liquidation events and hedges risk with the xMARK token; a supply elastic, stablecoin-alternative that connects traditional capital markets to DeFi.
xMARK is a non-rebasing version of the underlying MARK token, which rebases. As of writing, 1 xMARK = 4.0578 MARK (the ratio changes on a daily basis, coinciding with supply adjustments). For reference, go to https://thepress.benchmarkprotocol.finance/stake to view the xMARK — MARK ratio.
What is Boost?
Boost is basically an increase in farm multiplier over a set period of time, which is offered in exchange for additional tokens from the boosted project, which are then put into a new Syrup Pool!
So basically, xMARK-BUSD will go from a 1x multiple to a 2x multiple, which will last for 2 days and only cause temporary dilution among the other farms, and at the same time, there will be a new xMARK Syrup Pool with $300K of tokens, to be earned by staking CAKE.
The Syrup Pool:
Stake CAKE tokens, to earn xMARK tokens!
Total Tokens: 51,500 MARK
Distribution duration: 60 days
Start block: 7175420 (approx. 3am UTC on May 6th)
Finish block: 8903420 (approx. 3am UTC on July 5th)
Token rewards per block: 0.0298 xMARK
Boost:
In order to host the xMARK Syrup Pool, we will increase the existing xMARK-BUSD farm to earn 2x CAKE rewards for the 2 days, from 3am UTC on May 6th UTC (Block 7175420) until 3am UTC on May 8th (Block 7233000), before reverting back to 1x CAKE rewards after that.
The Vote:
As usual, it needs to be approved via a vote.
Why do we need a vote? Since it dilutes rewards, the chefs want BSC’s greatest community to make the decision themselves.
What is Benchmark Protocol?
The current DeFi space has been marred with inconsistency. Many projects in the arena have failed as a result of technological vulnerabilities, price volatility and overarching market skepticism. However, stakeholders rightfully continue to see the inherent value of decentralized finance. Unfortunately, Stablecoins traditionally possess unfavorable risk profiles as they compete with their physical counterparts. Benchmark Protocol is officially the second largest “rebasing” token project and rapidly approaching the number one spot due to their cross-chain influence. Benchmark Protocol will soon be launching the world’s first cross-chain P2P lending platform on Ethereum, BSC, Harmony, and Matic — introducing the world’s first use-case for an elastic supply rebasing stablecoin alternative.
Introducing the MARK Token
In order for DeFi to succeed, an immutable, rules-based collateral utility that adapts supply based on liquidity crunches and remains uncorrelated to the broader DeFi sector is necessary. The Benchmark token (MARK) is a supply-elastic, collateral utility. MARK is also pegged to the SDR rate of ~ $1.42 which differentiates it from USD-pegged stablecoins. MARK’s rebasing algorithm incorporates the VIX volatility index from the Chicago Board of Options Exchange to further bolster its stability. MARK injects liquidity during periods of high volatility in correlation with global equities markets. This creates a unique, adaptive supply mechanism to optimize value and stability.
To learn more about Benchmark Protocol, the chefs advise you to visit their official communication channels:
Website: https://benchmarkprotocol.finance/
Twitter: https://twitter.com/Benchmark_DeFi
Telegram (English): https://t.me/benchmark_protocol
Medium: https://medium.com/benchmarkprotocol
How do you stake CAKE to earn xMARK rewards?
If you own CAKE tokens, congratulations! You’re the master of your … pancakes.
Time to step up your taste buds by learning how to stake CAKE with Syrup Pool.
- Visit this webpage: https://pancakeswap.finance/syrup
- Click “Approve CAKE” on the xMARK Syrup Pool
- Click on the stake button.
- Confirm the transaction.
BEP20 xMARK will also be circulating and transferable on BSC when we start the Syrup pool, so you will be able to harvest your xMARK tokens and trade on PancakeSwap at any time!
BEWARE OF FOOD POISONING! ⚠️⚠️⚠️💀
The official xMARK token contract address on Binance Smart Chain is:
https://bscscan.com/token/0x26a5dfab467d4f58fb266648cae769503cec9580
Any other xMARK token will be a scam and will result in a financial loss for users. Do not buy tokens from any other token address. Always verify the token address before purchasing tokens. If you receive airdrops from another address for xMARK tokens, they will be rotten tokens (but not the cool kind!), and we advise you to ignore them.
Chef Hops 🐰
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