Flamingo Finance has added the CAKE token to its DeFi platform and launched an FLP-FLM-fCAKE pool. FLM rewards began distributing for the new pool at 9:00 a.m. (UTC) on Friday, Feb. 25.
CAKE is a BEP-20 token that lives on the Binance Smart Chain. Similar to Flamingo’s FLM, its primary purpose is to incentivize liquidity on the PancakeSwap DeFi platform by rewarding LPs with CAKE. PancakeSwap is a non-custodial exchange that allows users to trade between various BEP-20 tokens.
fCAKE is the NEP-17 wrapped version of the CAKE token, which lives on the Neo blockchain. Users can now convert Flamingo assets to fCAKE, or wrap CAKE and unwrap fCAKE using a connected wallet that supports BSC.
The FLP-FLM-fCAKE pool will receive 3% of the FLM rewards released daily, split according to the weight of tokens a user has contributed to the pool.
The full announcement can be found at the link below:
About The Author: Dylan Grabowski
Dylan is a reformed urban planner with a passion for covering the Neo ecosystem. His objective as a writer for Neo News Today is to report news in an objective, fact-based, non-sensational manner. When not behind a computer screen, he can be found in the mountains rock climbing. Find Dylan on Twitter (@GrabowskiDylan).
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