Ethereum (ETH) grosses over $83 billion as it is has the first-mover advantage. It is then followed by Binance Smart Chain (BSC) with $24 billion and Polygon having $4 billion. At the time of writing, DeFi protocols managed $213.45 billion assets across different blockchains. BSC and pioneer are the two new platforms differentiated from pioneer ledger in a few aspects. Currently, CafeSwap is active on BSC and Polygon.
In this article let’s understand more about CafeSwap, its ecosystem, and its products
What is CafeSwap?
CafeSwap-Polygon integration ended on September 22, while its official token swapping was initiated on September 25. CafeSwap launch is a milestone for DEX, yield farming, and NFT staking protocol appealing to release unique solutions focused on clients and enhancing the scenario. For beginners, CafeSwap was initially launched on the BSC, getting a new essence to the Ethereum competitor’s burgeoning DeFi space. As mentioned earlier, DeFi protocols are gaining more traction as the rate of adoption is increased as well. On September 26, CafeSwap TVL was ranging over $6.8 million. Fon of the financial inclusion, CafeSwap adopts the AMM model and also offers yield farming.
CafeSwap Tokens: BREW & MOCHA
BREW governance token is the central token of CafeSwap. Token holders can vote for changes that affect block emission or fee sharing, among other things. Holders can determine how the protocol is run and developed.
MOCHA token has a total supply of 500k. MOCHA includes NFT elements and is scarce in nature. It also enables Dual Farming and NFT Dual Reward Booster Staking. One percent of the total supply of MOCHA will be destroyed in NFT staking, making it deflationary. Those who participate in CafeSwap dual staking will earn MOCHA, during which five percent of the harvested tokens are burned.
Additionally, CafeSwap also claims that rare token holders will get VIP privileges whenever they wish to invest in the projects launching on their pad. At the time of writing, BREW is trading at $0.5854 while MOCHA is trading at $9.22. BREW has a market cap of 3.6 million, a circulating supply of 6.7 million BREW, and 616,849 tokens have been burned.
The CafeSwap extension to Polygon isn’t limiting due to the interoperability of the Binance Smart Chain. CafeSwap announces that the pBREW governance will power its DEX in Polygon. BREW & MOCHA on the BSC will shift to the POlygon through AnySwap Bridge without any fee, also allow holders to cross-chain-farm. Soon farming will be possible on BSC through the pBREW token native to Polygon.
CafeSwap on Polygon is due to the state of the network. Polygon is interoperable with several chains including Ethereum. Moreover, Polygon is known for transaction processing speed and scaling. Additionally, it has a lower transaction fee, is decentralized in nature, and is one of the fast-growing ecosystems with 60 million unique addresses, more than 500 hosted dApps, and over 600 million processed transactions. These are the reasons why many projects anchoring on BSC or Ethereum are choosing Polygon to enjoy the benefits of interoperability.
To maintain consistency, CafeSwap will continue allocating new products on the Polygon. Some products that include CafeSwap Portfolio product activates on September 26. Users can track their liquidity positions with product and farm income in one place. CafeSwap Migrate for moving LP tokens from Polygon-based DEXes like AnySwap, SushiSwap, and others to the protocol.
CafeSwap Trade Mining is meant to incentivize token swapping in the blockchain. Moving forward, CafeSwap plans to distribute up to 50 million pBREW tokens to trade miners for swapping tokens on CafeSwap DEX. CafeSwap also plans to host a Trading Competition from September 27, 13:00 HRS UTC. Here, traders can compete on trading volumes on pBREW-USDC, BREW-USDC, MOCHA-USDC, MATIC-USDC, and ETH-USDC pairs to win Apple products and pBREW prizes.
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