CAKE holders, today we are excited to be able to offer you a new Syrup Pool from DefiDollar — The DeFi Protocol Lab behind products such as DUSD, ibBTC and more. DUSD is a stablecoin index that uses DeFi primitives to hold the $1 peg while ibBTC is an interest bearing BTC index.
The Syrup Pool:
Stake CAKE tokens to earn DFD tokens!
Total Tokens: 900,000 DFD
Distribution duration: 60 days
Start block: 6923600 (approx. 7am UTC on April 27th)
Finish block: 8651600 (approx. 7am UTC on June 26th)
Token rewards per block: 0.52083 DFD
In order to host the DFD Syrup Pool, we will need to provide a DFD-BUSD farm that will have 2x CAKE rewards for the first 48 hours and then 1x CAKE rewards after that.
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 DefiDollar?
DUSD is the first product released by the DeFiDollar. It is a stablecoin index that uses DeFi primitives to stay close to the dollar mark. DUSD provides an avenue for diversifying your stablecoin holdings to hedge against volatility in the underlying stablecoins e.g Tether (USDT), DAI, USDC and TUSD. DUSD is currently collateralised by Curve Finance LP tokens.
IbBTC is being built by DefiDollar in collaboration with BadgerDAO. It will be an interest bearing index of different flavours of wrapped bitcoin like wBTC, renBTC and sBTC on Ethereum.
Once live, it will allow users to hold BTC and earn interest while also having the option to lever up using DeFi primitives.
There are other products like the OptionsCoin currently under R&D by the DeFiDollar team.
What is $DFD?
$DFD is the governance token for DefiDollar. It is used to govern the following protocol decisions:
- Decide on the distribution of the protocol income
- Whitelist & remove peaks
- Assign peak ceilings similar to the ones in Maker Vaults to balance the index
- Fine-tune parameters like redemption fee within a peak
To learn more about DefiDollar DAO, the chefs advise you to visit their official communication channels:
How do you stake CAKE to earn DFD 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 DFD Syrup Pool
- Click on the stake button.
- Confirm the transaction.
BEP20 DFD will also be circulating and transferable on BSC when we start the Syrup pool, so you will be able to harvest your DFD tokens and trade on PancakeSwap at any time!
BEWARE OF FOOD POISONING! ⚠️⚠️⚠️💀
The official DFD token contract address on Binance Smart Chain is:
Any other DFD 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 DFD tokens, they will be rotten tokens (but not the cool kind!), and we advise you to ignore them.
Chef Hops 🐰