PancakeSwap announced last Wednesday, May 12, through its Twitter account, the Multiplier proposal, with which, if the vote is approved, bMXX-BUSD will increase to 1x CAKE rewards for 30 days and users will get a new bMXX Syrup Pool worth $450k.
“CAKE holders, today we are delighted to welcome you and bring you a new Syrup Pool by Multiplier, which has created Multi-Chain Lend (MCL), an algorithmic money market system designed to provide safe and unique borrowing and lending opportunities, like flash loans. the Binance Smart Chain”, he said through an article published on the Medium platform.
As explained by the company, the protocol designs are designed and bifurcated based on Aave with revenue sharing components for liquidity providers and token holders that govern the protocol. bMXX, a BEP-20 token, is the MCL governance token.
What is a Boost?
The company indicated that this is an increase in the farm multiplier for a set period, which is offered in exchange for additional tokens from the driven project, which are then placed in a new Syrup Pool.
PancakeSwap shared some details about the syrup pool, while also inviting users to bet CAKE to earn bMXX tokens:
• Total chips: 23,700 bMXX
• Duration of distribution: 60 days
• Start Block: 7367400 (approximately 9 am UTC on May 13)
• Goal block: 9095400 (approximately 9 am UTC on July 12)
• Token rewards per block: 0.01331 bMXX
The company highlighted that, to host the bMXX Syrup Pool, they will augment the existing bMXX-BNB farm to earn 1x CAKE rewards for 30 days, from approx. 9 am UTC on May 13 UTC (Block 7367400) until approx. 9am UTC June 12 (Block 8231400), before reverting to 0.5x CAKE rewards after that.
What is the bMXX token?
PancakeSwap explained that bMXX is the Multi-Chain Lend (MCL) governance token.
In addition, he highlighted that the protocol designs are designed and forked based on Aave, with additional revenue sharing components. “Depositors earn interest on MCL by providing liquidity to loan pools, while borrowers can borrow from these same pools”, he added.
In his view, users who participate in bMXX in the governance module will receive 20% of the protocol’s revenues (loan origination and flash loan fees), as well as a share of 400 bMXX distributed daily. Users who deposit and provide liquidity will enjoy 70% of the income from the protocol.