- Pancake Swap announced the addition of Hyper Finance to its Syrup pools.
- The recent burn program saw $191 million worth of CAKE taken out of supply.
- CAKE price has formed a higher high as it bounced off a demand zone that extends from $34.70 to $36.27.
Pancake Swap revealed the addition of another project to its pools, which will allow its users to earn rewards as they provide liquidity. CAKE price seems to have turned over a new leaf as it signals a shift in trend.
Hyper Finance joins the Syrup pools
Pancake Swap has seen considerable growth over the past month as its pools have integrated a plethora of upcoming projects. The recent addition includes Hyper Finance, a decentralized aggregate mining platform built on the Binance Smart Chain (BSC).
As a part of this integration, the Syrup pool has allocated 5 million HYFI (Hyper Finance tokens) to be farmed by users over 60 days, starting Wednesday.
The blog reads,
In order to host the HYFI Syrup Pool, we will need to provide a HYFI-BNB farm that will have 2x CAKE rewards for the first 48 hours and then 1x CAKE rewards after that.
Another fundamental development is the burn program, which revealed that 5,324,438 CAKE worth roughly $191 million were taken out of supply.
BIGGEST BURN EVER!
5,324,438 $CAKE, equivalent to $191,540,470!
Just bought back $5.2M of #CAKE from the market (trading + prediction)
$116,000+ of CAKE from auto-compounding fees
$245,000+ of CAKE from NFT+Profiles
Let's make it an even bigger burn next week! pic.twitter.com/QmGx8K9ndu
— PancakeSwap #BSC (@PancakeSwap) May 10, 2021