- PancakeSwap Expands & Burns: PancakeSwap enhances its DEX offerings while burning 102% of new CAKE tokens weekly under its deflationary model.
- Lido Strengthens Ethereum Staking: Lido DAO shifts focus to Ethereum and Polygon, boosting staking flexibility with its V2 upgrade.
- FTX Token Faces Uncertainty: FTT struggles post-bankruptcy, as legal proceedings cloud its future despite past buyback and burn programs.
Altcoin opportunities heat up as PancakeSwap’s deflationary CAKE model thrives, Lido DAO reshapes Ethereum staking, and FTX Token fights for relevance.
PancakeSwap(CAKE) Expands Offerings and Implements Deflationary Model
Current price: $2.59
Market cap: $754.87M
PancakeSwap operates as a decentralized exchange (DEX) built on BNB Chain while expanding its variety of products and services. The platform offers users swapping tokens alongside yield farming and Syrup Pool staking features as well as Ethereum liquid staking through wBETH. The platform offers multiple unique features which combine Initial Farm Offering (IFO) launches with an NFT marketplace and prediction markets and lottery systems.
PancakeSwap established “Ultrasound CAKE” as its deflationary token model in April 2023 after introducing the CAKE Tokenomics v2.5 proposal. PancakeSwap operates a token model that decreases supply emissions yet generates real profits through burning over 102% of newly produced CAKE tokens each week.
Lido DAO(LDO) Strengthens Ethereum Staking Infrastructure
Current price:$1.86
Market cap: $1.64B
Lido DAO offers Ethereum staking which lets users deposit ETH to obtain stETH tokens in return. The stETH tokens from Lido DAO represent both users’ staked ETH investments along with their generated rewards through the staking process. These tokens provide trading options to users. Through governance of the platform users manage protocol decisions using LDO token which functions as the native digital currency.
Lido stopped its support for Solana staking activities then transitioned its operations to serve Ethereum and Polygon networks exclusively. Lido V2 enhances the overall staking flexibility by allowing users to either trade stETH on secondary markets or use the tokens within LSDfi protocols. Lido DAO dedicates efforts to develop its staking infrastructure to make Ethereum staking available without compromising network safety.
FTX Token(FTT) Status Amid Legal Proceedings
Current price: $2.13
Market cap: $703.13M
The financial state of FTX Token (FTT) faces scrutiny since the trading platform filed for bankruptcy in November 2022. FTX launched FTT as its native token for its trading platform in 2019 to provide discounts on trading fees as well as leverage token features and staking reward benefits to users. FTX managed a buyback and burning program by assigning trading fee and other revenue streams to diminish the marketplace supply of FTT tokens.
