Benzinga – PancakeSwap (CRYPTO: CAKE), a popular decentralized crypto exchange, has witnessed a surge of 91% in just one week following the introduction of its portfolio manager functionality.
What Happened: The announcement, made on October 30th, revealed that this new feature has been integrated through a collaboration with Bril Finance, a decentralized finance (DeFi) protocol.
With the implementation of this feature, users of PancakeSwap can now easily deposit tokens into single-asset vaults using the exchange’s user interface.
Once these tokens are deposited, they are assimilated into a liquidity provision algorithm accompanied by automatic rebalancing. The development teams of PancakeSwap and Bril assert that this novel system offers users the opportunity to obtain higher risk-adjusted returns in comparison to alternative methods.
PancakeSwap experienced a staggering 42% increase in trading volume, amounting to $373 million, within a span of just 24 hours. This surge even propelled the market cap to reach $547 million.
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Why It Matters: According to the official announcement, users will have the ability to deposit various cryptocurrencies, including Tether, Bitcoin, (CRYPTO: BTC) and Ether (CRYPTO: ETH), among others.
The development teams confidently claim that during testing, the protocol has already achieved an over 24% internal rate of return (IRR). The IRR metric measures the compound annual growth rate for a given project.
Price Action: At the time of wriitng, CAKE was trading at $2.27, up 12.22% in the last 24 hours, accoridng to Benzinga Pro.
Photo by CMP_NZ on Shutterstock
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© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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