Benchmark Protocol Expands Marketplace Development to Binance Smart Chain — Whitelists $CAKE for…
Benchmark Protocol Expands Marketplace Development to Binance Smart Chain — Whitelists $CAKE for the upcoming Marketplace
The Benchmark Protocol team is very excited to announce that in addition to Ethereum, the Marketplace will also launch loan syndications on Binance Smart chain (BSC).
To celebrate the news, $CAKE will be whitelisted for the launch of the upcoming Marketplace on BSC.
Binance chain was launched in 2019 as a lightning fast blockchain suitable for high performance decentralized applications. Binance chain has to date become an intersection for virtually every blockchain hampered by high gas fees. By launching the marketplace on Binance Chain’s “Binance Smart Chain” in addition to Ethereum, users will be able to take full advantage of low transaction costs, fast transaction speeds, and the marketplace will be able to rapidly scale to meet demands.
Binance Smart Chain
Binance Smart Chain (BSC) launched on September 1st, 2020. Binance Smart Chain sits on top of or “in parallel” to Binance Chain and has smart contract functionality. BSC also has ethereum virtual machine (EVM) compatibility. Due to the lightning fast transaction speeds and near zero fees, many protocols are wisely leveraging BSC for it’s capabilities.
CAKE (BEP-20) was launched in September 2020 on Binance Smart Chain (BSC) and has been one of the top performers of 2021 capturing hundreds of millions in 24 hour trading volumes. The primary utility of CAKE is to incentivize liquidity provision to the PancakeSwap platform. The PancakeSwap team is rapidly growing the utility of the CAKE token across many different platforms via bridges and liquidity farming pools, in addition to their single sided pools (Syrup Pools), in which you can stake your CAKE to earn different tokens. CAKE token holders are also able to participate in lotteries and vote on new token pools that can be added to PancakeSwap.
“The Binance Smart Chain DeFi protocol has proven itself to be a secure, fast, and low cost environment for people to trade and leverage their assets. It’s never been easier to connect to BSC with tokens from different blockchains, facilitated by utilizing the many official and community built bridges out there today. PancakeSwap offers a similar service to Uniswap in regards to their AMM capabilities, with the notable difference of having extremely low fees and no sacrifices in speed, liquidity, or user-friendliness. As the DeFi space continues to grow and new utilities are built, we expect the CAKE token to play a role in all major applications. As such, we are happy to give our community access to CAKE tokens in our Marketplace.” — Kurt Uhler, COO of Benchmark Protocol
Upcoming Benchmark Protocol Marketplace
The Marketplace will launch as a p2p lender driven exchange for crypto currency loan offerings. Borrowers will be able to choose from an array of different loan structures and receive a loan proportional to the collateral provided. Users will be able to borrow CAKE tokens to participate in all the new highly incentivized staking pools.
Lenders will be able to create a Marketplace contract through the Benchmark interface and define the conditions for their loan. More details will follow with the release of the Marketplace. We anticipate that CAKE token marketplace contracts will be very popular as new incentives, promotions, and utility within PancakeSwap develop.
About Benchmark Protocol
The Benchmark Protocol is an Uncorrelated, Liquid, VIX-denominated Collateral Utility. The protocol is a rules-based, supply-elastic collateral utility that adjusts supply based on volatility indexes (VIX) and deviations from the target metric — equal to 1 Special Drawing Rights (SDR) unit. Employing the SDR creates a larger use case rather than exposure to just one currency; this creates a larger user base and delineated exposure to markets around the world. The DeFi space needs a collateral utility that retains its efficacy and increases inherent baseline liquidity during periods of high volatility.
Benchmark is built on the Ethereum blockchain. The MARK token is the native asset in the Benchmark network and provides only the utility value available to it through the Benchmark network.
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About Binance Smart Chain
Binance Smart Chain uses a PoS consensus referred to as Proof of Staked Authority (PoSA) requiring validatorys to deploy $BNB (the native asset of BInance Chain) to become validators. Read more about BSC at the official Binance Academy
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