BNB reaches new all-time high after PancakeSwap unveils launch platform for BNB meme coins
PancakeSwap has launched ‘PancakeSwap Springboard,’ a new platform where users can create and list meme coins on BNB Chain. Shortly after its launch, BNB’s price reached a record high of $782.
Multichain DEX protocol PancakeSwap recently introduced PancakeSwap (CAKE) Springboard to the public on Dec. 4. According to the protocol’s blogpost, PancakeSwap Springboard is a platform that enables users to create and launch tokens on BNB Chain.
PancakeSwap Springboard could usher in a new wave of BNB Chain meme coins, similar to how meme coin launch platform pump.fun brought upon the Solana hype through meme coins launched on its site.
Shortly after the launch of PancakeSwap Springboard, Binance Coin (BNB) surged by more than 20% in the past 24 hours, reaching a record high price of $782, according to data from crypto.news. Not only that, BNB’s market cap has surpassed Solana (SOL) to become the fifth largest cryptocurrency. BNB currently holds a market cap of $113 billion.
Mere hours after the platform was launched, the site already has a few tokens popping up on its leaderboard ranked by progress. 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 a virtual liquidity of $6.260.
Other newly created tokens on the rankings include BNB PUNK, MiniCake, CAKEMDENG and MONKY. These tokens currently hold market caps in the tens of thousands.
Launching a token on PancakeSwap Springboard does not require any coding on the user’s part. All the user has to do is establish the project’s name, ticker and basic settings. PancakeSwap SpringBoard also claimed that it does not charge a launch fee for projects on the platform.
“Whether you’re building a meme coin, a community-driven project, or a DeFi project, SpringBoard simplifies the process with just a few clicks, from token creation to liquidity setup,” the protocol wrote.
However, the protocol will still incur a 1% trading fee, with a minimum fee of 0.001 BNB once the token is succesfully on the market. There is also a seeding fee which amounts to 2% of the token’s liquidity before migrating to PancakeSwap.
The blogpost stipulates that 50% of the seeding fee goes to the token creator, while the other 50% goes to PancakeSwap SpringBoard. The protocol also provides users with the option of choosing from multiple tokens for trading pairs and liquidity pools, including Binance Coin, USDT (USDT) and PancakeSwap’s token.
Once a token’s liquidity reaches 100% of the bonding curve on SpringBoard which equates to 24 BNB, all its minted 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 Farm Program is meant to drive liquidity, community engagement, and exposure to a user’s project on the SpringBoard ecosystem.
