PancakeSwap Plans Retirement Of Simple Staking Product, Urges Users To Withdraw Funds By March 10
In Brief
Decentralized exchange (DEX) PancakeSwap has announced that its Simple Staking Product will be retired at 00:00 UTC on March 10th, 2025.
The acceptance of new deposits into the Single-Sided Simple Staking program was paused in June 2024. For users whose staking period has already ended, deposits have been unlocked, with timing varying based on the specific staking period and deposit date. Once the staking period concluded, the funds stopped accruing interest.
Ensuring access to funds before the product is retired, PancakeSwap advises users to withdraw their tokens by 00:00 UTC on March 10th. After this deadline, withdrawals will no longer be possible. Furthermore, once retired, the product will be removed from the PancakeSwap interface, and users will no longer be able to interact with it.
In order to withdraw funds, users should first visit the Simple Staking Dashboard and connect their wallet to PancakeSwap. Next, they need to select the staking pool where their funds are staked. Afterward, they can initiate the withdrawal by clicking the “Withdraw” button for the stake they want to redeem and following the prompts. Once confirmed, the funds will be transferred directly to their wallet.
What Is Simple Staking, And Why Is It Being Retired?
The Simple Staking feature allowed users to stake popular tokens such as CAKE, USDC, and USDT on the BNB Chain, with support from Binance Simple Earn. Unlike traditional staking in farms and liquidity pools with asset pairs, Simple Staking offered users the opportunity to earn yields by staking a single asset.
The retirement is part of PancakeSwap‘s ongoing strategy to refine its product offerings and focus on delivering more sustainable and impactful solutions for its community. By retiring the Simple Staking product, it can redirect resources towards enhancing other areas of the PancakeSwap ecosystem, ultimately ensuring more dynamic and rewarding experiences for users.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
