PancakeSwap has launched “PancakeSwap Springboard”, a new platform where users can create and list meme coins on BNB Chain. Shortly after its launch, the price of BNB reached an all-time high of $782.
Multichain DEX Protocol Pancake swap Recently introduced PancakeSwap (CAKE) Springboard to the public on December 4. According to the protocol’s blog, PancakeSwap Springboard is a platform that allows users to create and launch tokens on BNB Chain.
PancakeSwap Springboard could usher in a new wave of BNB chain coinsin the same way that coin launching platform Pump.fun generated Solana hype through coins launched on its site.
Shortly after the launch of PancakeSwap Springboard, Binance Coin (BNB) surged more than 20% in the past 24 hours, reaching an all-time high price of $782, according to data from crypto.news. Additionally, the market capitalization of BNB has exceeds Solana (GROUND) to become the fifth largest cryptocurrency. BNB currently has a market capitalization of $113 billion.
Just a few hours after the launch of the platform, the site already has a few tokens showing up in its leaderboard, ordered by progression. At the time of writing, the number one token on PancakeSwap Springboard is a BNB-based token called BNB CAT with a market cap of $96,040 and virtual liquidity of $6,260.
Other newly minted tokens in the ranking include BNB PUNK, MiniCake, CAKEMDENG, and MONKY. These tokens currently hold market capitalizations in the tens of thousands.
https://twitter.com/PancakeSwap/status/1864200755827364185
Launching a token on PancakeSwap Springboard requires no coding on the user’s part. All the user has to do is establish the project name, ticker and basic settings. PancakeSwap SpringBoard also claimed that it does not charge startup fees for projects on the platform.
“Whether you’re building a coin, community project, or DeFi project, SpringBoard simplifies the process to just a few clicks, from token creation to liquidity setup,” the protocol writes.
However, the protocol will still incur a trading fee of 1%, with a minimum fee of 0.001 BNB once the token becomes successful in the market. There is also a seed fee which amounts to 2% of the token’s liquidity before migrating to PancakeSwap.
The blog post states that 50% of the seed fee goes to the token creator, while the remaining 50% goes to PancakeSwap SpringBoard. The protocol also offers users the ability to choose from multiple tokens for trading pairs and liquidity pools, including Binance Coin, USDT (USDT) and the PancakeSwap token.
Once a token’s liquidity reaches 100% of the linkage curve on SpringBoard, which is equivalent to 24 BNB, all of its issued tokens will be automatically paired on PancakeSwap DEX to establish liquidity.
Tokens that meet specific criteria will have their liquidity pools boosted with CAKE based on organic trading volume through what the protocol calls the SpringBoard Farm Program. The farming program is intended to generate liquidity, community engagement, and exposure to a user’s project on the SpringBoard ecosystem.