Bitrue exchange has announced the launch of a new BTR-BUSD liquidity farm that expands its native BTR token deeper into the PancakeSwap ecosystem.
The BTR-BUSD pair on PancakeSwap has now been added to PancakeSwap’s exclusive farming program, enabling any LP token holder to stake their holdings and generate CAKE for themselves.
Crypto lovers will also finally have an additional easy way to take part in CAKE farming via the Bitrue DeFi service over the next 7 days. They can stake BTR and USDT and earn CAKE with up to 120% APR available, starting May 19th at 10:00 UTC.
Bitrue additionally unveiled a Syrup Pool that facilitates CAKE holders to stake their holdings and earn BTR on PancakeSwap, the leading DEX on Binance Smart Chain.
PancakeSwap shared in a post that they intend to give CAKE holders an opportunity to earn a high APY via the new Syrup Pool from Bitrue. The DEX will provide a BTR-BUSD farm to facilitate the hosting of the BTR Syrup Pool. Yield farming is enabled for users who add liquidity to the BTR-BUSD pair.
This new farm will offer a staking limit of 100 CAKE per user with 2x CAKE rewards for the first 48 hours, followed by 1x CAKE rewards after that.
Following the announcement, the BTR price rallied over 40% in 24 hours as crypto enthusiasts looked to join the yield farming platform.
CAKE holders stand to earn a total of 2.5M BTR tokens over a 60 day period. The Syrup Pool kicked off at 5 am UTC on May 18 and is scheduled to conclude at approximately 5 am UTC on July 17.
Bitrue Sees a Massive Increase in Registered Users
Bitrue is building a diversified exchange that incorporates several services into a centralized platform, including trading, DeFi, investments, and more. The fast-growing exchange which first made a name for itself as a leading XRP trading platform has benefitted massively from surging XRP in recent weeks.
On April 17, Bitrue announced that it had exceeded 4 million registered users as XRP traded to multi-year highs at the exchange. Trading activity on Bitrue also shot up 400% amid the XRP bull run that was sparked by a better-than-expected outlook for Ripple Labs in its lawsuit with the SEC.
Since then, Bitrue Coin (BTR), which has a market cap of over $40 million as per data from CoinMarketCap, has continued to see staggering adoption. The number of assets belonging to users on Bitrue has also surpassed the $2 billion mark.
This remarkable growth is partly attributable to the exchange’s decision not to delist XRP following the SEC’s legal action against Ripple at the end of 2020.
Bitrue Exec Says Crypto Will Go Mainstream in 2021
Adam O’Neill, Chief Marketing Officer at Bitrue, sees the explosion in trading volumes on his platform as a bullish sign for the nascent crypto sector.
“We’ve seen a phenomenal 400% increase in trading volume, which to us is a strong sign that 2021 is going to be the year that cryptocurrencies truly go mainstream,” he commented.
Bitrue remains focused on leveraging the blockchain to bring financial opportunities to everyone regardless of their financial position or location.
BTR powers the crypto investment platform’s full suite of services. The native token can also be used to lower trading fees, boost interest rates, and access the exchange’s full range of DeFi opportunities.