CAKE holders, we have something fresh out of the kitchen for you, called “Boost”! The first of which we will be offering to Swingby, the fastest protocol for cross-chain swaps, allowing DeFi users to move assets between blockchains without the need for a trusted party.
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, SWINGBY-BNB will go from a 1x multiple to a 2x multiple, which will last for 7 days and only cause temporary dilution among the other farms, and at the same time, there will be a new SWINGBY Syrup Pool with $175k of tokens, to be earned by staking CAKE.
Stake CAKE tokens, to earn SWINGBY tokens!
Total Tokens: 372,000 SWINGBY
Distribution duration: 60 days
Start block: 6755400 (approx. 9am UTC on April 21st)
Finish block: 8483400 (approx. 9am UTC on June 20th)
Token rewards per block: 0.21527 SWINGBY
In order to host the SWINGBY Syrup Pool, we will increase the existing SWINGBY-BNB farm to earn 2x CAKE rewards for the 7 days, from April 21st 9am UTC (Block 6755400) until April 28th 9am UTC (Block 6957000), before reverting back to 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 Swingby?
Swingby’s Skybridge uses the latest in threshold signature cryptography (“TSS”) and multi-party computing (“MPC”) research to deliver a layer-2 cross-chain bridging protocol for users to move their assets from one blockchain to another. Each bridge exists as a proof-of-stake network.
On December 28th 2020, the first network was launched bridging Bitcoin onto Ethereum via WBTC. The 2nd bridge has been live for 2 weeks and it bridges Bitcoin to the Binance Smart Chain.
Tokens will no longer be constrained by their underlying blockchain’s trade-offs: use Bitcoin on Binance Chain, use Ethereum on EOS, use XRP on Tron; Skybridge technology opens up warp-speed decentralized links for endless decentralized finance (DeFi) possibilities.
To learn more about Swingby, the chefs advise you to visit their official communication channels:
Telegram (English): https://t.me/SwingbyOfficial
How do you stake CAKE to earn SWINGBY 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 SWINGBY Syrup Pool
- Click on the stake button.
- Confirm the transaction.
BEP20 SWINGBY will also be circulating and transferable on BSC when we start the Syrup pool, so you will be able to harvest your SWINGBY tokens and trade on PancakeSwap at any time!
BEWARE OF FOOD POISONING! ⚠️⚠️⚠️💀
The official SWINGBY token contract address on Binance Smart Chain is:
Any other SWINGBY 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 SWINGBY tokens, they will be rotten tokens (but not the cool kind!), and we advise you to ignore them.
Chef Hops 🐰