PancakeSwap announces the closure of the Simple Staking revenue program

What’s new? The team at the leading decentralized crypto exchange (DEX) PancakeSwap has announced the closure of its Simple Staking product. The decision became “part of our ongoing efforts to streamline offerings and focus on more sustainable, impactful products for our community.” The closure of the service will take place on March 10, 2025, at 00:00 UTC, and as such, the developers have urged users to withdraw funds before this deadline to “avoid inconvenience.”

Press release

What else is known?

“By retiring the Simple Staking product, we can allocate more resources to enhancing other parts of the PancakeSwap ecosystem, ensuring more dynamic and rewarding user experiences,” the press release reads.

The exchange stopped accepting new deposits under the Simple Staking program back in June. Interest accrual has been stopped on previously made deposits whose lock-in period has already expired.

On March 10, the product will be removed from the exchange’s interface and users will no longer be able to access or interact with it. Thus, independent withdrawal of unblocked deposits will become impossible. Nevertheless, even if the user misses the deadline, he will be able to contact the developers’ mail to solve the problem.

To withdraw funds, you need to perform a few simple actions:

• Connect your crypto wallet on the PancakeSwap exchange website and go to the Simple Staking section
• Choose a staking pool, where funds were previously blocked to receive rewards
• Initiate withdrawal of funds by clicking on the “Withdraw” button and follow the further instructions
• Confirm and complete the operation. After confirmation, the funds will be withdrawn directly to the wallet connected to the exchange interface.

Despite the closure of the Simple Staking program, the exchange still offers the Syrup Pools revenue-generating product, which offers to earn low-risk interest by locking in CAKE native tokens.

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PancakeSwap, launched in September 2020 by an anonymous group of developers on the Binance Smart Chain (BSC) blockchain, is currently one of the largest DEXs in terms of trading volume. The daily figure for the PancakeSwap version 3 protocol exceeds $745,8 million at the time of writing. On December 2, the record was set at $2,87 billion.

CAKE ranks 131st in the overall cryptocurrency market capitalization ranking with $1,01 billion and is trading at $3,51, having lost 11,5% overnight amid the collapse of the broader crypto market. The asset has added 78% for the month, but only 0,6% since the beginning of the year.