FUSE/BNB farming on PancakeSwap now live
DeFi platform FuseFi has seen a big jump in user activity and trading volume this week as the Fuse network partnered up with PancakeSwap to launch a new farm and syrup pool. Trading volume through FuseFi jumped from around $3.4 million on Jan 18 to over $12.3 million on Jan 20 as users moved tokens from FUSE to Binance Smart Chain using the FuseFi bridging service.
FuseFi is a decentralized trading protocol known for facilitating token swaps tokens on the Fuse network. It aims to bring DeFi capabilities to the mainstream via the consumer-friendly Fuse Cash mobile app. PancakeSwap is the leading decentralized exchange and yield farming platform on Binance Smart Chain.
The new pool will offer users the chance to provide liquidity in a BNB/FUSE pool to earn CAKE. While a farm lets users stake PancakeSwap’s native token CAKE to earn FUSE. At the time of writing, the total staked is 512,233 CAKE or around $3.9 million, with stakers currently making 46.5% APR. Providing liquidity to the FUSE/BNB pool currently has an APR of just under 95%, plus a 0.5x multiplier. The pool already has over $1 million in liquidity added.
Moreover, as users move funds through the token bridge on FuseFi they are generating trading volume and user activity as FuseFi looks for progression after a solid start for 2022. Wallets connecting to FuseFi leaped almost 46% to 3,330, with nearly 38,000 transactions generating over $30 million in trading volume in the last seven days. At the same time, the price of the FUSE token has grown almost 321% in the previous 30-days.
$VOLT coming soon
FuseFi is already a decentralized platform, however, the platform dropped the first signs of its VOLT governance token in early January with more information about the DAO that will eventually govern the platform. Launching in Q1 2022 on the FUSE, ETH, and BSC networks, the FuseFi governance token will allow token holders to collectively determine the FuseFi DAO decision process.
Fuse causing sparks
Total value locked in the Fuse Network (TVL) has increased by 660%, to around $38 million since December 1st to date. FuseFi, Beefy Finance, and Sushi account for approximately $26 million between them. Away from DeFi, the launch of NFT marketplaces and any play-to-earn games on Fuse will inevitably bring about more activity in 2022.
PancakeSwap is the leading DeFi dapp on Binance Smart Chain, with almost a million active wallets a week connecting and transacting through the platform. As Fuse looks to go up against networks like Gnosis, Celo, and Telos, an increasing number of dapps are starting to flourish on its network.
The partnership with PancakeSwap coupled with the rising popularity of Fuse as Layer-1 blockchain looks like a good move to bring more trading volume into the fuse ecosystem and capture more value.
The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your research. The writer holds ETH, BTC, AGIX, HEX, LINK, GRT, CRO, OMI, IMMUTABLE X, ENS, GALA, AVASTR, GMEE, CUBE, RADAR, FLOW, FTM, BNB, SPS, WRLD, ATOM, and ADA.