You Bring the Lembas, We’ll Bring the Pancakes! — Elrond Joins PancakeSwap’s Syrup Pool!
CAKE holders, today we are super happy to be able to offer you a new Syrup Pool from Elrond, a highly scalable, fast and secure blockchain platform for distributed apps, enterprise use cases and the new internet economy. Elrond has quickly grown to be a crypto titan with both an amazing team and product offering and as luck would have it, they have just added Binance Smart Chain interoperability!
Just before we get to the details, a quick thank you is in order. We often owe these incredible collaboration opportunities to the PancakeSwap community, so shout out to you guys and thank you for your amazing support!
The Syrup Pool:
Stake CAKE tokens, to earn eGLD tokens!
Total Tokens: 1,050 eGLD
Distribution duration: 30 days
Start block: 4351560 (Jan 27th 4PM SGT)
Finish block: 5215560 (Feb 26th 4PM SGT)
Token rewards per block: 0.001215 eGLD
In order to host the eGLD Syrup Pool, we will need to provide a eGLD-BNB farm that will have 1x CAKE rewards for the first 48 hours and then 0.5x 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 Elrond?
Honestly if you don’t know who Elrond is at this point, you must have been living under a rock. That said, here we go!
Elrond is a distributed transactional computation protocol which relies on a sharded state architecture and a secure Proof of Stake consensus mechanism. While most other blockchain networks require custom hardware and high energy consumption, Elrond runs on average computers.
By employing sharding, a method of parallelizing data & transactions processing, Elrond’s performance will scale up with the number of computers joining the network, reaching more than 100.000 transactions per second while growing increasingly decentralized.
How is Elrond different?
The Elrond network is the first to present a viable solution where all the three aspects of sharding — state, network and transactions — have been implemented at once. Combined with its “Adaptive” component, this novel architecture allows for dynamic network configuration to maintain a high level of security while scaling with demand.
In addition to scaling through sharding, Elrond also approaches the consensus problem with a mechanism called Secure Proof of Stake, which mitigates potential attack vectors when compared to Proof of Work, while also enabling large throughput and fast execution.
By solving some of the hardest consensus and sharding problems in the blockchain space, Elrond is able to provide a very high level of performance on a network made of inexpensive computers, resulting in a very low cost per transaction. In addition to performance and cost, Elrond also stands out through the quality of the developer experience and the resulting boost in usability on the end-user side.
Lastly, the marvel that is the ever-expanding Elrond universe. Feast your eyes on this beauty!
To learn more about Elrond, the chefs advise you to visit their official communication channels:
Telegram (English): https://twitter.com/ElrondNetwork
How do you stake CAKE to earn eGLD 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 eGLD Syrup Pool
- Click on the stake button.
- Confirm the transaction.
BEP20 eGLD will also be circulating and transferable on BSC when we start the Syrup pool, so you will be able to harvest your eGLD tokens and trade on PancakeSwap at any time!
BEWARE OF FOOD POISONING! ⚠️⚠️⚠️💀
The official eGLD token contract address on Binance Smart Chain is:
Any other eGLD 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 eGLD tokens, they will be rotten tokens (but not the cool kind!), and we advise you to ignore them.
Chef Hops 🐰