How Pancake Swap Started, Who Purchased it & How Toon Finance Could Replace Pancake Swap – CryptoMode

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Pancakeswap

In this blog post, we will go on to go into details about the his­to­ry of Pan­cake Swap, what it is now and how a seem­ing­ly new project has the poten­tial to replace it.

First­ly, we will have to under­stand how Pan­cake Swap began its jour­ney in WEB3 and Decen­tral­ized Finance specifically:

How Pancake Swap Started

Pan­cake Swap is a decen­tral­ized exchange built on Binance Smart Chain that allows users to trade cryp­tocur­ren­cies with each oth­er. The plat­form was launched in Sep­tem­ber 2020 and has since become one of the most pop­u­lar DEX’s on Binance Smart Chain with over $1 bil­lion in trad­ing volume.

So how did it all start? Let’s take a look at the his­to­ry of Pan­cake Swap and how it became one of the most pop­u­lar DeFi pro­to­cols in just a few short months.

Pan­cake Swap was cre­at­ed by a team of devel­op­ers who were look­ing for a way to trade cryp­tocur­ren­cies on Binance Smart Chain. The team was inspired by the suc­cess of Uniswap, which is a sim­i­lar plat­form built on Ethereum. After months of devel­op­ment, Pan­cake Swap was launched on Sep­tem­ber 1st, 2020.

What is Pancake Swap Now and How the Space sees it


Pan­cake Swap quick­ly became pop­u­lar due to its low fees, fast trans­ac­tions, and friend­ly user inter­face. In just a few weeks, Pan­cake Swap had sur­passed $1 bil­lion in trad­ing vol­ume and had become the go-to DEX for Binance Smart Chain users.

Pan­cake Swap has con­tin­ued to grow in pop­u­lar­i­ty and is now one of the most used DeFi pro­to­cols with over $5 bil­lion in trad­ing vol­ume. The plat­form has also launched sev­er­al new fea­tures such as stak­ing, farm­ing, and syn­thet­ic assets.

It’s safe to assume that Pan­cake Swap is a decen­tral­ized exchange that has quick­ly become one of the most pop­u­lar DeFi pro­to­cols due to its low fees, fast trans­ac­tions, and friend­ly user inter­face. The plat­form was launched in Sep­tem­ber 2020 and has since grown to over $5 bil­lion in trad­ing vol­ume. Pan­cake Swap has con­tin­ued to inno­vate with new fea­tures such as stak­ing, farm­ing, and syn­thet­ic assets.

How­ev­er, in the past few years, its native coin has seen a con­sid­er­able decline on its val­ue com­pared to what it was in the Spring of 2021. This could be caused by dif­fer­ent fac­tors, but let us focus on one prob­lem Pan­cake Swap has, it doesn’t have a mobile application. 

We are liv­ing in an era where peo­ple need to be con­nect­ed even when they are dis­con­nect­ed at home. Hav­ing no mobile appli­ca­tion which peo­ple can use on the go is a big dis­ad­van­tage, it’s still unclear why the team hasn’t devel­oped one yet but it’s clear­ly affect­ing how peo­ple view the exchange.

Who Purchased Pancake Swap

On March 17th, 2021, an unknown enti­ty pur­chased the pop­u­lar decen­tral­ized exchange (DEX) Pan­cake Swap for a record $150 mil­lion. The new own­er quick­ly set about mak­ing changes to the plat­form, such as remov­ing the team’s social media links and chang­ing the website’s col­or scheme from orange to black.

This rais­es a num­ber of ques­tions: who is the new own­er? What do they plan to do with Pan­cake Swap? And per­haps most impor­tant­ly, why does CZ Zhao, the CEO of Binance, seem to be involved?

Who is the New Owner?

The new own­er of Pan­cake Swap remains a mys­tery. The only clue we have is that they go by the name “Ricar­do” on Twit­ter. Ricar­do has been tight-lipped about their iden­ti­ty, telling reporters only that they are “a fan of the project who wants to see it succeed.”

This lack of trans­paren­cy is trou­bling, espe­cial­ly giv­en that Pan­cake Swap is one of the most pop­u­lar DeFi pro­to­cols with over $10 bil­lion in val­ue locked. With­out know­ing who is behind the project, it’s dif­fi­cult to gauge their motives or trust their intentions.

What Do They Plan to Do With Pancake Swap?

It’s also unclear what Ricar­do plans to do with Pan­cake Swap. So far, they have made a few cos­met­ic changes to the plat­form but noth­ing major. This has led some to spec­u­late that they may be plan­ning a more dra­mat­ic over­haul down the road. Oth­ers believe that they sim­ply want to keep Pan­cake Swap run­ning as-is and cash in on its suc­cess. Only time will tell what Ricardo’s true inten­tions are.

Why Does CZ Zhao Seem to Be Involved?

One of the most intrigu­ing aspects of this sto­ry is CZ Zhao’s involve­ment. Ricar­do con­tact­ed CZ on Twit­ter short­ly after pur­chas­ing Pan­cake Swap and asked for his help in pro­mot­ing the plat­form. CZ oblig­ed, tweet­ing out a link to Pan­cake Swap and even offer­ing 10 BTC (worth over $600,000 at today’s prices) as a reward for any­one who could find out who owned the platform.

While it’s not unusu­al for CZ to pro­mote projects on Twit­ter, his will­ing­ness to put up such a large boun­ty sug­gests that he may be more invest­ed in this par­tic­u­lar project than he is let­ting on. This has led some to spec­u­late that CZ him­self may be behind Ricar­do and Pan­cake Swap. Of course, this is all just spec­u­la­tion at this point but it will be inter­est­ing to see if any con­crete evi­dence emerges link­ing CZ to Ricar­do or Pan­cake Swap in the future.

Pancake Swap’s Pitfall & The Space that Needs to be Filled

Now that we have estab­lished the prob­lems fac­ing Pan­cake Swap, it is only a mat­ter of time before peo­ple will start to look some­where else, they will look for a TRUE decen­tral­ized plat­form and one exchange is in the fore­front of said move­ment: Toon Finance.

The rise of the TOON FINANCE Era

In the world of cryp­tocur­ren­cy, there are many plat­forms that com­pete for the top spot. How­ev­er, in recent months, one plat­form has shown the great­est poten­tial to be the top of the lot: Toon Finance. Toon Finance is a Decen­tral­ized Finance (DeFi) plat­form that allows users to earn inter­est on their cryp­to hold­ings, trade dig­i­tal assets, and much more. In addi­tion, Toon Finance Token is the native token of the plat­form and is cur­rent­ly in its ICO stage and a pre­sale is being held. This might be your chance to ape in a low-risk, high-yield project.

One of the key fac­tors behind Toon Finance’s suc­cess is its team of expe­ri­enced devel­op­ers who have a wealth of expe­ri­ence in build­ing decen­tral­ized appli­ca­tions (dApps). In addi­tion, the Toon Finance team has also been very active in com­mu­ni­ty build­ing and mar­ket­ing ini­tia­tives. For exam­ple, they have host­ed sev­er­al suc­cess­ful AMA ses­sions on Red­dit and have been fea­tured in numer­ous media out­lets such as Coin­Desk and Cointelegraph.

Here are the links of the Toon Finance Project:

Web­site: https://toon.finance/
Pre­sale: https://buy.toon.finance/
Twit­ter: https://twitter.com/ToonSwapFinance
Telegram: https://t.me/ToonSwapFinance
Coin­Mar­ket­Cap: https://coinmarketcap.com/currencies/toon-finance/

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