Decentralized exchange (DEX) and decentralized finance (DeFi) protocol PancakeSwap has launched a discussion proposal to introduce an “Affiliate” initiative to the DeFi community.
The initiative has several goals. These include fostering open-source scalability for the exchange, promoting collaboration across multiple blockchain networks, and helping the protocol stay up-to-date with the crypto industry’s developments.
Per the announcement shared with Cryptonews,
“The team is proposing to roll out an “Affiliate” initiative whereby DeFi protocols can fork PancakeSwap on blockchains where it is not currently deployed.”
The team will invite and approve – on a case-by-case basis – forks of PancakeSwap onto any chain that doesn’t already have the exchange and platform deployed on it.
The team aims to partner with at least three DEXs on three chains this year. Each of these would be in the top ¼ by trading volume on their respective chains long-term, it said.
The proposal is now open for community feedback.
PancakeSwap is working to finalize it for official voting in the coming weeks. This event will follow “comprehensive feedback collection and analysis” by the team.
Scaling PancakeSwap with Protocol Growth
The “Affiliate” initiative encourages forks onto numerous blockchain networks.
The primary motivation for this is that the team wants to “scale the growth of the PancakeSwap protocol exponentially to new blockchains faster, supporting strong DeFi teams that can rely on the unique and improving PancakeSwap all-in-one DeFi product suite.”
🆕 Introducing the “Affiliate” Initiative
🍴DeFi protocols will receive recognition from the Kitchen to fork PancakeSwap on blockchains where we’re not deployed on
🐰Our user-friendly interface & multichain capabilities aim to expand access & opportunities in DeFi
💬Join the… pic.twitter.com/mhZkRp4HUT
— PancakeSwap🥞Everyone’s Favorite DEX (@PancakeSwap) February 23, 2024
Protocols aiming to fork the platform must align with and adhere to the protocol’s core principles and tokenomics model. This “ensures value accrual to PancakeSwap and CAKE token holders, who benefit from the success of affiliate forks,” the team said.
Those who adhere to the initiative’s principles will receive official recognition as PancakeSwap affiliates. Furthermore, they will have ongoing technical support.
Affiliate Advantages
The team noted that the initiative will give PancakeSwap users access to a broader range of native tokens across different blockchains.
Also, veCAKE users will receive affiliates’ native DEX tokens.
The team will also allocate a portion of the trading fee revenue to burning CAKE.
Moreover, the announcement noted three other key advantages of the proposed system:
- mass adoption: the number of blockchains and the interest in DeFi are both growing; the initiative aims to utilize the platform’s user-friendly interface and multichain capabilities to facilitate broader adoption of digital assets in daily transactions;
- seamless integration: developers and protocols can use the platform’s backbone to build DEXes;
- branding: receiving official recognition from PancakeSwap will provide projects with branding opportunities and ongoing support as part of the PancakeSwap ecosystem.
Chef Mochi, Head of PancakeSwap, commented that “by open-sourcing the PancakeSwap DEX, developers and protocols can leverage its technical foundation to build their own DEX effortlessly, accelerating innovation without starting from scratch.”
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