The world of finance has paved its way towards a decentralized world by eradicating all the shortcomings of the financial sectors. Embracing the robust power of blockchain technology and the lucrativeness of cryptocurrencies, it has touched new heights. Decentralized protocols have been acclaimed because of their characteristics of high speed, lower cost, savings, and security. High returns on investment have been made swift with the emergence of DeFi. The total value locked in DeFi was estimated to be $600 million in the first quarter of 2021, and in 2021 it has grossed nearly $61 billion dollars already. PancakeSwap is one of the most acclaimed protocols of the Decentralized Finance ecosystem. The reason for it being a famous face of a decentralized exchange is that it is built on Binance Smart Chain. It is considered to attract huge revenues for its users around the world.
What Is Forking?
When blockchain networks are split, and a new chain is formed from the existing network, it is called Forking. Every blockchain network is open-source software, which offers its codes to the world freely. So, the world can freely experiment with improvising the existing platform or network. Forks are generally said to occur when software code developed by different developers gets messed up. A unanimous decision of the developers to choose one blockchain network gives rise to one robust blockchain network. If there is a difference of opinion, that will result in creating another version of the blockchain network.
Forking Is Of Two Types
- Hard fork
- Soft fork
In blockchain technology, hard fork and soft fork are quite on the same level. When the codes are changed, and a new version is created, still the older version is available on the network. Every fork creates a split in the blockchain network, but a hard fork creates two versions, and a soft fork creates only one version.
- Hard Fork
In Hard fork, both the existing fork and the older version are available on the network, but as the new version is available, the software needs an update. Users need to follow new rules.
- Soft Fork
But, when a soft fork is developed, the new version of the blockchain is developed, and only the fresh version exists.
Fork PancakeSwap On Binance Smart Chain
The profitability and affluence of PancakeSwap decentralized exchange have assembled a multitude of populations towards itself. Its lucrative characteristics of proffering huge advantages have also inspired crypto and DeFi enthusiasts to develop a project or a platform that can offer similar benefits.
Therefore, Forking of PancakeSwap is done, where all the hitch and pitfalls of the existing exchange are negated. Few changes are done in the existing PancakeSwap smart contract, and a new fork concept is developed.
A new version of PanckeSwap is devised on the Binance Smart Chain blockchain network, which is quite easy to deploy on the Ethereum blockchain network as well. The changes that are made to the existing smart contract and deployment of it is very handy if handled by the right person. You do not need to be an expert in DeFi, crypto, or blockchain technology to do so.
Why Develop A Fork Of PancakeSwap Exchange?
PancakeSwap is a lucrative decentralized exchange protocol of the DeFi ecosystem. Its lucrative features are:
- Top Performing Tokens
- Automated Market Making
- Minimal Part Fee
- Individual Transaction History
- Quick Audits Per Second
- Rapid Speed Audits
- Better Analytics
- Integrated Security Protocols
- Sequential Stats
- Team battle
- Top Performing Tokens
- Top Performing Pairs
What New Features And Functionalities Can Be Added In The New Version Of The Forked PancakeSwap?
PancakeSwap is said to be the next or better version of Uniswap. So, if a person who has knowledge about DeFi’s Uniswap protocol can easily develop the forked version of PancakeSwap. Every flaw and drawback can not be negated, but some extra features and functionalities can be added in the forked version of the PancakeSwap on Binance Smart Chain network. The feature that can be added are:
- DEFI Lending
- DEFI Borrowing
- DEFI Yield Farming
- The concept of NFT trading
- The concept of Initial DEX Offering
- And many others!
Why Is Cryptocurrency Exchange Script, Your Professional Partner In This Adventure?
Cryptocurrency Exchange Script is a leading company that offers DeFi, NFT, blockchain technology, and every other related solution to the market. We have hands-on experience in providing various DeFi related services and solutions in various DeFi-platform, including Uniswap, PancakeSwap, Sushiswap, FalconSwap, BakerySwap, and others.
We expertise In
- Token development services
- Customized blockchain solutions
- Forked Blockchain development
- Wallet development
- NFT development
- DApp development
- ICO development
- IDO development
So, it may be about developing a forked PancakeSwap on Binance Smart Chain or about any other decentralized exchange on a different blockchain network. We have expertise in everything. Contact us straight away!