Decentralized Crypto Exchange PancakeSwap Soars 91% In A Week After Adding Portfolio Manager Functionality
Portfolio Pulse from Mehab Qureshi
Decentralized crypto exchange PancakeSwap (CRYPTO: CAKE) has seen a 91% surge in a week after introducing a portfolio manager feature. The feature, developed in collaboration with Bril Finance, allows users to deposit tokens into single-asset vaults. The tokens are then integrated into a liquidity provision algorithm with automatic rebalancing. The new feature led to a 42% increase in trading volume, reaching $373 million in 24 hours, and a market cap of $547 million. Users can deposit various cryptocurrencies, including Tether, Bitcoin (CRYPTO: BTC), and Ether (CRYPTO: ETH).
November 06, 2023 | 3:35 am
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NEUTRAL IMPACT
Bitcoin can now be deposited on PancakeSwap following the introduction of its portfolio manager feature.
While the news is positive for PancakeSwap, it doesn't directly impact Bitcoin's price as it's just another platform where Bitcoin can be deposited.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
Ether can now be deposited on PancakeSwap following the introduction of its portfolio manager feature.
While the news is positive for PancakeSwap, it doesn't directly impact Ether's price as it's just another platform where Ether can be deposited.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
POSITIVE IMPACT
PancakeSwap's new portfolio manager feature has led to a 91% surge in its price in a week.
The introduction of the portfolio manager feature has directly led to a significant increase in PancakeSwap's price, indicating a positive impact.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100