In this blog post, we will go on to go into details about the history of Pancake Swap, what it is now and how a seemingly new project has the potential to replace it.
Firstly, we will have to understand how Pancake Swap began its journey in WEB3 and Decentralized Finance specifically:
How Pancake Swap Started
Pancake Swap is a decentralized exchange built on Binance Smart Chain that allows users to trade cryptocurrencies with each other. The platform was launched in September 2020 and has since become one of the most popular DEX’s on Binance Smart Chain with over $1 billion in trading volume.
So how did it all start? Let’s take a look at the history of Pancake Swap and how it became one of the most popular DeFi protocols in just a few short months.
Pancake Swap was created by a team of developers who were looking for a way to trade cryptocurrencies on Binance Smart Chain. The team was inspired by the success of Uniswap, which is a similar platform built on Ethereum. After months of development, Pancake Swap was launched on September 1st, 2020.
What is Pancake Swap Now and How the Space sees it
Pancake Swap quickly became popular due to its low fees, fast transactions, and friendly user interface. In just a few weeks, Pancake Swap had surpassed $1 billion in trading volume and had become the go-to DEX for Binance Smart Chain users.
Pancake Swap has continued to grow in popularity and is now one of the most used DeFi protocols with over $5 billion in trading volume. The platform has also launched several new features such as staking, farming, and synthetic assets.
It’s safe to assume that Pancake Swap is a decentralized exchange that has quickly become one of the most popular DeFi protocols due to its low fees, fast transactions, and friendly user interface. The platform was launched in September 2020 and has since grown to over $5 billion in trading volume. Pancake Swap has continued to innovate with new features such as staking, farming, and synthetic assets.
However, in the past few years, its native coin has seen a considerable decline on its value compared to what it was in the Spring of 2021. This could be caused by different factors, but let us focus on one problem Pancake Swap has, it doesn’t have a mobile application.
We are living in an era where people need to be connected even when they are disconnected at home. Having no mobile application which people can use on the go is a big disadvantage, it’s still unclear why the team hasn’t developed one yet but it’s clearly affecting how people view the exchange.
Who Purchased Pancake Swap
On March 17th, 2021, an unknown entity purchased the popular decentralized exchange (DEX) Pancake Swap for a record $150 million. The new owner quickly set about making changes to the platform, such as removing the team’s social media links and changing the website’s color scheme from orange to black.
This raises a number of questions: who is the new owner? What do they plan to do with Pancake Swap? And perhaps most importantly, why does CZ Zhao, the CEO of Binance, seem to be involved?
Who is the New Owner?
The new owner of Pancake Swap remains a mystery. The only clue we have is that they go by the name “Ricardo” on Twitter. Ricardo has been tight-lipped about their identity, telling reporters only that they are “a fan of the project who wants to see it succeed.”
This lack of transparency is troubling, especially given that Pancake Swap is one of the most popular DeFi protocols with over $10 billion in value locked. Without knowing who is behind the project, it’s difficult to gauge their motives or trust their intentions.
What Do They Plan to Do With Pancake Swap?
It’s also unclear what Ricardo plans to do with Pancake Swap. So far, they have made a few cosmetic changes to the platform but nothing major. This has led some to speculate that they may be planning a more dramatic overhaul down the road. Others believe that they simply want to keep Pancake Swap running as-is and cash in on its success. Only time will tell what Ricardo’s true intentions are.
Why Does CZ Zhao Seem to Be Involved?
One of the most intriguing aspects of this story is CZ Zhao’s involvement. Ricardo contacted CZ on Twitter shortly after purchasing Pancake Swap and asked for his help in promoting the platform. CZ obliged, tweeting out a link to Pancake Swap and even offering 10 BTC (worth over $600,000 at today’s prices) as a reward for anyone who could find out who owned the platform.
While it’s not unusual for CZ to promote projects on Twitter, his willingness to put up such a large bounty suggests that he may be more invested in this particular project than he is letting on. This has led some to speculate that CZ himself may be behind Ricardo and Pancake Swap. Of course, this is all just speculation at this point but it will be interesting to see if any concrete evidence emerges linking CZ to Ricardo or Pancake Swap in the future.
Pancake Swap’s Pitfall & The Space that Needs to be Filled
Now that we have established the problems facing Pancake Swap, it is only a matter of time before people will start to look somewhere else, they will look for a TRUE decentralized platform and one exchange is in the forefront of said movement: Toon Finance.
The rise of the TOON FINANCE Era
In the world of cryptocurrency, there are many platforms that compete for the top spot. However, in recent months, one platform has shown the greatest potential to be the top of the lot: Toon Finance. Toon Finance is a Decentralized Finance (DeFi) platform that allows users to earn interest on their crypto holdings, trade digital assets, and much more. In addition, Toon Finance Token is the native token of the platform and is currently in its ICO stage and a presale is being held. This might be your chance to ape in a low-risk, high-yield project.
One of the key factors behind Toon Finance’s success is its team of experienced developers who have a wealth of experience in building decentralized applications (dApps). In addition, the Toon Finance team has also been very active in community building and marketing initiatives. For example, they have hosted several successful AMA sessions on Reddit and have been featured in numerous media outlets such as CoinDesk and Cointelegraph.
Here are the links of the Toon Finance Project:
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