PancakeSwap Adds mCOIN Trading and Farm in Collaboration with Mirror Protocol — Stake CAKE, Earn UST
CAKE holders, following the success of our initial partnership in January and to celebrate Coinbase’s recent IPO, today we are very happy to be able to offer you another Syrup Pool from Mirror Protocol, a DeFi protocol powered by smart contracts on the Terra network.
The Syrup Pool:
Stake CAKE tokens to earn UST tokens!
Total Tokens: 300,000 UST
Distribution duration: 60 days
Start block: 7288800 (approx. 5am UTC on May 10th)
Finish block: 9016800 (approx. 5am UTC on July 9th)
Token rewards per block: 0.17361 UST
The Farm:
In order to host the UST Syrup Pool, we will need to provide a mCOIN-UST farm that will have 1x CAKE rewards for the first 48 hours and then 0.5x 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 Mirror Protocol?
Mirror is a DeFi protocol powered by smart contracts on the Terra network that enables the creation of synthetic assets called Mirrored Assets (mAssets). mAssets mimic the price behavior of real-world assets and give traders anywhere in the world open access to price exposure without the burdens of owning or transacting real assets. Mirror is a community-governed project that seeks to unlock the wealth creation of major asset classes to users around the world via a permissionless access model.
The Mirror Token (MIR) is Mirror Protocol’s governance token. Currently, it must be staked to vote on active polls and is required as a deposit for making new governance polls. In future iterations of Mirror, it will serve further purposes for the protocol that increase its utility and value.
What is $UST?
TerraUSD is a dollar-pegged algorithmic stablecoin, where the cost of minting is equal to the face value of the stablecoins minted — in order to mint 1 TerraUSD, only $1 worth of the reserve asset ($LUNA) must be burned. TerraUSD monetary policy is infinitely scalable — helping DeFi apps and protocols achieve their full potential without restrictions.
To learn more about Mirror Protocol, the chefs advise you to visit their official communication channels:
Website: https://mirror.finance/
Twitter: https://twitter.com/mirror_protocol
Telegram: https://t.me/mirror_protocol
Medium: https://medium.com/mirror-protocol
How do you stake CAKE to earn UST 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 UST Syrup Pool
- Click on the stake button.
- Confirm the transaction.
BEP20 MIR will also be circulating and transferable on BSC when we start the Syrup pool, so you will be able to harvest your MIR tokens and trade on PancakeSwap at any time!
BEWARE OF FOOD POISONING! ⚠️⚠️⚠️💀
The official UST token contract address on Binance Smart Chain is:
https://bscscan.com/address/0x23396cf899ca06c4472205fc903bdb4de249d6fc
Any other UST 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 UST tokens, they will be rotten tokens (but not the cool kind!), and we advise you to ignore them.
Chef Hops 🐰
🥞 Telegram
