PancakeSwap is apparently getting ready for a new Initial DEX Offering (IDO) , which has led to a significant uproar within the crypto community. According to monitoring by an X user and a crypto sleuth, @ai_9684xtpa, this upcoming IDO will be utilizing CAKE, PancakeSwap’s native token, as the subscription currency instead of using the commonly used BNB token.
Developments that Signal Towards an IDO Launch
According to the post, the launch duration for this IDO has been extended from 2 hours to 4 days, which indicates that there could be a significant shift in the strategy on how the DEX plans to engage its investors during the launch.
Moreover, the X user also highlighted the fact that the associated contract has transitioned from IDODeployerV2 to IDODeployerV3. This change suggests that there might have been enhancements within the platform’s abilities and security aspect.
As of now, there has been no issuance of any kind of statement from the PancakeSwap officials regarding these developments.
PancakeSwap Experiences Significant Surge in its Trading Volume
All of these developments come at a time when PancakeSwap is experiencing a significant surge in its trading volume. The DEX recently experienced an uptick in its trading volume exceeding $1.49B in just 24-hours and with this achievement, PancakeSwap is now one of the dominant players on the BNB Chain, controlling 90% of the DEX market share and surpassing other competitors like Uniswap.
The increase in trading volume can be attributed to BNB Chain’s successful liquidity campaign which experienced a 659% surge in trading activity following its recent initiatives as per CoinMarketCap.
Community Waiting for Official IDO Announcement
As the crypto community is beaming with excitement because of this potential IDO launch, it is important to note that there has not been an official confirmation from PancakeSwap as of now. Investors and crypto community will now be keeping an eye for any development in this direction and will also be on a look out for the official statement.
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