The team of PancakeSwap (CAKE), the largest and most popular decentralized cryptocurrency exchange on BNB Smart Chain, shared the details of the novel opportunity unlocked for PEPE enthusiasts.
Pepe (PEPE) yield farming is available on PancakeSwap’s (CAKE) new pool
Starting from May 22, 2023, a liquidity pool with Pepe (PEPE) meme coin and U.S. Dollar Tether (USDT), the largest Dollar-pegged stablecoin, is available on PancakeSwap (CAKE) DeFi. Such a statement was made by PancakeSwap (CAKE) on its official media channels.
🥞 The Pepe (@pepecoineth) v3 Farm is now live on BSC PancakeSwap!
🧑🌾 Stake $PEPE-USDT (0.25% fee tier) to Earn $CAKE here: https://t.co/txwZlLgGno
❗ $PEPE is a highly volatile token, please do your own research
ℹ️ If the APR is loading, it means there is no LP in the Farm… pic.twitter.com/70ysn0tUtH
— PancakeSwap🥞Ev3ryone’s Favourite D3X (@PancakeSwap) May 22, 2023
As such, users are now able to inject liquidity in Pepe (PEPE) and USDT in order to get periodic payouts. By press time, the pool offers almost 200% in APY, which should be attributed to its small size. So far, PEPE enthusiasts have locked about $65,000 in liquidity.
The pool is incentivized by PancakeSwap (CAKE): its liquidity providers will share 6.9 CAKE (about $13) per BNB Smart Chain block.
The community of PEPE appreciated the launch. The fans of meme coins are asking the PancakeSwap (CAKE) team to also release farms with LADYS coin, recently promoted by Elon Musk.
Like the majority of the pools based on early-stage altcoins, the one with PEPE and USDT is added to the category of “yield farming” instruments with 0.25% fees.
PEPE again in red after yesterday’s whopping intraday rally
The PancakeSwap (CAKE) team stressed that, like all meme coins, PEPE is exposed to high volatility. Thus, users should be super-cautious and always do their own research.
Currently, the majority of operations with PEPE take place on centralized exchanges Binance (BNB), KuCoin (KCS) and Kraken. However, it is also available on PancakeSwap (CAKE) and Uniswap (UNI).
Despite the excitement about the liquidity pool on PancakeSwap (CAKE), the token is changing hands at $0.00000153, being down almost 9% in the last 24 hours. Its market capitalization exceeds $600 million in equivalent.