Stake COMP to Earn CAKE on PancakeSwap!
Stake COMP, Earn CAKE.
Yes, you read that right! Today we’re switching things up and announcing our intention to host a reverse Syrup Pool in which you can stake BEP20 COMP to earn CAKE tokens!
Why COMP?
Compound is currently extremely underutilized on Binance Smart Chain and we’re hoping to change that… along with sharing the joy of $0.10 transactions with some of its many users, most of which currently live on ETH.
“But where will the CAKE come from for these rewards, Chef?”
Simple. We’ll buy the CAKE for this pool back from the market using the treasury wallet. We’ll post the TX for the order on Twitter as proof.
The Syrup Pool:
Stake COMP tokens, to earn CAKE tokens!
Total Tokens: 16,000 CAKE (Around $50,000)
Distribution duration: 10 days (288,000 blocks)
Start block: 4723080 (3pm SGT 9th Feb)
Finish block: 5011080 (3pm SGT 19th Feb)
Token rewards per block: 0.055 CAKE
Max Stake per wallet: 1 COMP (Around $480)
The Farm:
In addition to the Syrup Pool, we are hosting a COMP-ETH farm that will have 2x CAKE rewards initially, which will be reviewed at a later date.
Why ETH and not BNB?
We want to make it super easy, and equally as beneficial, for COMP stakers on Ethereum to migrate to the promised land of low gas fees and quick txs.
The Vote:
As usual, it needs to be approved via a vote.
Why do we need a vote? Since it dilutes farm rewards, the chefs want BSC’s greatest community to make the decision themselves.
What is Compound?
Compound is an algorithmic, autonomous interest rate protocol built for developers, to unlock a universe of open financial applications.
To learn more about Compound, the chefs advise you to visit their official communication channels:
Website: https://compound.finance/
Twitter: https://twitter.com/compoundfinance
How do you stake COMP to earn CAKE rewards?
If you own COMP tokens, congratulations! Time to step up your taste buds by learning how to stake COMP in the Syrup Pool.
- Visit this webpage: https://pancakeswap.finance/syrup
- Click “Approve Contract” on the CAKE-COMP Syrup Pool
- Click on the stake button.
- Confirm the transaction.
You can harvest your CAKE tokens and trade on PancakeSwap at any time!
BEWARE OF FOOD POISONING! ⚠️⚠️⚠️💀
The official CAKE token contract address on Binance Smart Chain is:
https://www.bscscan.com/token/0x762539b45a1dcce3d36d080f74d1aed37844b878
Any other CAKE 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 CAKE tokens, they will be rotten tokens (but not the cool kind!), and we advise you to ignore them.
Chef Hops 🐰
🥞 Telegram
