PancakeSwap or as commonly referred to as CAKE is nothing but an automated market maker (AMM) as well as an application for decentralized finance (DeFi) which is said to allow users to exchange tokens along with providing them liquidity through farming and earning a certain fee in return.
Before moving on any further, it is worth noting that, PancakeSwap is by far the most popular decentralized exchange (DEX) on the Binance Smart Chain and was launched back in September 2020, by anonymous developers with an apparent passion for pancakes it seems!
As mentioned, PancakeSwap has managed to become a phenomenon of sorts in the blockchain space recently, all thanks to its wide-ranging feature set, massive liquidity as well as a sizeable user base.
Not just that, the platform is designed to allow users on the platform to securely trade Binance Coin (BNB) along with a massive variety of BEP-20 tokens without even having to rely on centralized services or losing any control over their private keys for that matter.
Being a decentralized exchange, each and every trade on PancakeSwap is automatically executed through smart contracts, thus completely eliminating counterparty risks. Also, you should probably be aware of the fact that the platform is also completely open-source, since the smart contract code, as well as the PancakeSwap website, is open to public scrutiny.
In addition to this, since the platform was first introduced, it has been able to see a dramatic growth not only in the liquidity of supported assets as well as the number of users but is in the variety of features that it is known to offer.
Apart from this, PancakeSwap can also be considered as an entire ecosystem of tools for decentralized finance (DeFi), all of which are built around the native utility token of the platform, CAKE.
Speaking of CAKE, this particular token of the platform can very well be used for a variety of purposes within the growing landscape. Not just that, some of the major functions of the token include staking, yield farming, participating in the PancakeSwap lottery as well as making and voting on governance proposals with the help of the platform’s community governance portal of course.
As mentioned, PancakeSwap is a decentralized exchange for swapping BEP20 tokens on the Binance Smart Chain. Also, the platform makes use of an automated maker model where users will be trading against a liquidity pool.
Not just that, these pools are filled by users who are said to deposit their funds into the said pool and receive liquidity provider (LP) tokens in return. On a similar note, these tokens can also be used later in order to reclaim their share of the pool along with a portion of the trading fees.
Furthermore, these liquidity provider tokens that we are talking about are also known as FLIP. PancakeSwap is also known to allow users on the platform to farm additional tokens including SYRUP as well as CAKE.
Lastly, let us talk about some of the major reasons for PancakeSwap’s such a huge success and it being known as a game-changing investment includes Lower fees as compared to its main rival, Uniswap based on the Ethereum blockchain, many more staking options as and when compared to others in the marketplace as well as greater liquidity too.
Source >> https://techstory.in/pancakeswap-everything-you-need-to-know/
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What is Pancakeswap?PancakeSwap is a type of DEX known as an automated market maker(AMM) developed on the Binance Smart Chain.
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The current ranking of PancakeSwap is #38 with a live market cap of $4,686,375,870 USD.
