DeFi to defy the bear market: PancakeSwap, SushiSwap and Big Eyes

By October 2, 2022DeFi
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DeFi or decentralised finance are decentralised exchanges on which users can trade cryptocurrencies, such as PancakeSwap (CAKE) and SushiSwap (SUSHI). They often have a steep learning curve and are difficult for people to use compared to centralised cryptocurrency exchanges such as CoinBase. However, very often, you will see the most gains on cryptocurrencies on DeFi platforms, as by the time coins are listed on centralised exchanges, they would have experienced most of their growth already.

Getting started with different DeFi platforms is a very worthwhile learning process, as you will be able to find and invest in hidden gems like Big Eyes (BIG) before they blow up!

Flipping sweet! PancakeSwap

PancakeSwap (CAKE) is a decentralised exchange where users can swap BEP20 tokens on the Binance Smart Chain. It has much lower transaction costs than the gas fees paid on an Ethereum-based decentralised exchange such as Uniswap.

There are multiple ways to earn with PancakeSwap (CAKE); users can stake the native CAKE token into Syrup pools to earn more CAKE. Each week CAKE holders earn over $10 million worth of free tokens. Every time you buy CAKE tokens or when you add your token to a liquidity pool, you receive Liquidity Provider (LP) tokens. Users can stake their LP tokens in Yield farms to earn more CAKE. These are more exposed to market fluctuations than Syrup pools but have higher APR to offset risk.

When using PancakeSwap (CAKE), there is a required 0.25% trading fee, which is divided into three pieces: 0.17% gets returned to the liquidity pools in the form of a fee reward for the liquidity providers, 0.03% is sent to the PancakeSwap Treasury, and 0.05% is sent to allow CAKE buyback and burn.

SushiSwap (SUSHI) and Big Eyes are based on Ethereum (ETH) and are classified as DeFi, whereas PancakeSwap (CAKE) is classified as CeDeFi (centralised, decentralised finance). This is because although it uses DeFi technology with the Binance Smart Chain, this still runs under Binance – a centralised body. CeDeFi leverages the advantages of centralised systems whilst offering the same features as DeFi protocols.

You can’t be ig-Nori-ing SushiSwap

SushiSwap (SUSHI) is another decentralised exchange, but as opposed to PancakeSwap (CAKE), it is based on the Ethereum (ETH) network. It launched in Sep 2020 as a fork of Uniswap (UNI) and aims to improve Uniswap (UNI) by allowing users to have more impact on operations and its future, as its native token SUSHI entitles users to governance rights. The platform takes a 0.3% cut from transactions occurring in the liquidity pool, SUSHI token is used to reward users portions of those fees. The main target of SushiSwap (SUSHI) is DeFi traders aiming to engage with the trend of increased interest in project tokens.

Keep your eyes on Big Eyes

Big Eyes (BIG) is a meme coin that focuses on community, and saving the environment – 5% of all tokens are stored in a visible charity wallet to be donated to ocean conservation projects. Big Eyes (BIG) will soon launch on Uniswap (UNI) to shift wealth into the DeFi space. Big Eyes (BIG) is building a community to foster a meme culture to generate more interest. More capital invested into the currency, this will funnel more wealth into the DeFi ecosystem. With more assets being held on DeFi platforms, it will hopefully act as an incentive for more people to start using DeFi.

In the near future, Big Eyes (BIG) is also planning to launch Big Eyes Swap, which aims to make DeFi accessible to all through simplification of the setup process, alongside tutorials and how-tos to make DeFi as easy to use as possible. Making DeFi easy to use and convenient for people new in the crypto space will likely increase the popularity of DeFi, bringing more wealth into the DeFi ecosystem and also driving the value of the Big Eyes (BIG) token up.

DeFi has massive passive income opportunities with Liquidity pools and staking. Not only that, but there is also the opportunity to find and invest in coins that have the potential to experience massive growth, like Big Eyes (BIG). These cryptocurrencies in DeFi are *DeFi*nitely worth your time to look into!

Big Eyes Coin (BIG)

Telegram: https://t.me/BIGEYESOFFICIAL

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