PancakeSwap is an important Automated Market Maker (AMM) Decentralized Exchange (DEX) on the Binance Smart Chain (BSC). In this blog post, users can seek out all they need to know about PancakeSwap as well as CAKE Token, including:
- An overview of PancakeSwap’s unique features
- Complete information about CAKE Tokenomics and how to buy and store CAKE Token, etc.
- PancakeSwap’s development roadmap, team, and partners
Let’s find out together!
What is PancakeSwap (CAKE)?
Classified as an AMM branch of Uniswap V2, PancakeSwap is an automated market maker (AMM) — decentralized finance (DeFi) application that lets users securely trade a massive variety of BEP-20 tokens swiftly and modestly without relying on centralized services losing control over their private keys. All trades on PancakeSwap are automatically executed via smart contracts — completely eliminating centralized intermediary risks.
PancakeSwap also allows users to exchange tokens, providing liquidity via farming and earning fees in return. It also allows users to trade BEP20 tokens, provide liquidity to the exchange and earn fees, stake LP tokens to earn CAKE, stake CAKE to earn more CAKE, and stake CAKE to earn tokens of other projects.
If you would like to know where to buy PancakeSwap, the top exchanges for trading in PancakeSwap are currently Mandala Exchange, Binance, CoinTiger, Bitget, and FTX.
For more information, visit PancakeSwap’s official website.
Who are the Founders of PancakeSwap?
PancakeSwap is a Binance Smart Chain-based decentralized exchange (DEX) that was launched by anonymous developers with an apparent passion for pancakes.
How is the PancakeSwap Network Secured?
PancakeSwap can be securely stored on supported wallets that are connected to the Binance Smart Chain (BSB). These include:
Key Features of PancakSwap
PancakeSwap leverages a number of its unique features to offer an exceptional trading experience to end-users. For one, it benefits from meager transaction fees and rapid confirmation time — ensuring trades are executed rapidly. Generally, it also doesn’t suffer from displacement attacks like front-running, making it safer to use than some other AMMs.
Beyond this, PancakeSwap offers pyramid features to offer additional utility to CAKE token holders. It could be worth your while to take the time to find it out, though.
- Trade: To offer liquidity, trade, and produce LP tokens.
- Farming: Yield Farming with a gigantic amount of pools (the liquidity center of the BSC system).
- Staking: Stake CAKE in a pool to get CAKE or other tokens in the BSC system.
- Predictions: A way that forecasts the growth and fall of asset pairings over a specific time.
- Lottery: PancakeSwap’s lottery game.
- Collectibles: A massive collection of NFT goods.
- Team Battle: A software that lets users trade amongst groups and is rated based on trading volume.
- IFO: Initial Farm Offering (IFO) is the IDO Platform for new projects on the BSC system.
Where Can You Buy PancakeSwap (CAKE)?
PancakeSwap (CAKE) can be bought and sold on the following exchanges:
- VCC Exchange
- Mandala Exchange
Wallets that Support PancakeSwap
|PancakeSwap Supported Wallets||Key Features|
|Ledger Hardware Wallet
(Check Price Here)
How To Use PancakeSwap?
As described above, token swaps take place via liquidity pools between token pairs. Thus, users can exchange one type of token for another without an intermediary. In contrast, other users who stake their tokens in the liquidity pools earn a part of the rewards generated by transactions.
However, that’s just one part of the overall PancakeSwap experience. The DEX also lets you stake coins into so-called Syrup Pools that offer growing rewards. For example, you can stake CAKE, PancakeSwap’s native token, and make even more CAKE just by letting it sit there in the Syrup Pool over time. There’s even an auto-stake option that will re-stake your CAKE at least once per hour, endlessly compounding your rewards.
PancakeSwap offers game-like experiences, such as staking on whether the price of Binance Coin (BNB) will fall or rise within a limited window of time. It also has a lottery feature that allows users to buy a ticket in faiths of winning a significant windfall of CAKE, plus the DEX offers a wide array of bunny-themed collectible non-fungible tokens (NFTs) to purchase. In addition, Initial Farm Offering (IFO) sales let you buy brand new coins from budding projects.
It’s pretty easy to exchange tokens on PancakeSwap. Just go to the sidebar menu and click ‘Trade’ 🡪’ Exchange’, select the token you want to exchange and the one you want to receive, and make the exchange. To complete the transaction, confirm it in your wallet.
To provide liquidity, click ‘Trade’ 🡪’ Liquidity’ in the sidebar, then click ‘Add Liquidity’ in the pop-up window. After that, specify the pair of tokens you’ll deposit to provide liquidity. After confirming the transaction, you’ll earn LP tokens corresponding to the pair you provided.
To farm, click ‘Farms’ in the sidebar and select a farm for your LP tokens. Next, specify the amount to farm and confirm the operation.
You need to have CAKE tokens to perform staking. To start staking, click ‘Pools’ in the sidebar, select the pool you want and then send CAKE tokens to the selected pool. The resulting profit can be withdrawn (the ‘Harvest’ option) or reinvested (the ‘Compound’ option).
PancakeSwap vs. Uniswap vs. SushiSwap
In today’s cryptocurrency landscape, three major decentralized exchanges are ruling the roost.
- Uniswap — The original DeFi liquidity protocol built on Ethereum. Today’s standard for easy cryptocurrency trading is using ERC-20 tokens and mostly ETH pairs.
- SushiSwap — A community-governed Uniswap fork that has evolved into a DeFi hub offering token swaps, farming, and crypto lending/borrowing.
- PancakeSwap — Uniswap clone built on BSC to deliver fast and inexpensive trades using BEP-20 tokens and the BSC←→ETH bridge.
While all three enable decentralized exchange, community governance, yield farming, and LP (liquidity provider) opportunities, only Sushi and PancakeSwap pay rewards back to token holders who stake their tokens.
What is a CAKE Token?
PancakeSwap token ($CAKE) is the platform’s native token. Launched on Binance Smart Chain (BSC) back in September 2020, the CAKE, a native utility token of PancakeSwap, is a BSC-native BEP-20 token used for several purposes within the growing landscape. Its main functions are to incentivize liquidity provision to the PancakeSwap platform, yield farming, participating in the PancakeSwap Lottery, staking, and making and voting on governance proposals through the platform’s community governance portal.
The tokens have several use cases.
- CAKE holders can farm out their tokens to earn even more CAKE
- CAKE can be deposited into a Syrup pool to earn other tokens
- Investors can use CAKE to create a Pancake profile
- CAKE is used to mint an NFT
- CAKE is a governance token that investors can use to vote on proposals related to the PancakeSwap exchange
- PancakeSwap lottery tickets can be purchased with CAKE
Detailed Information About CAKE Token
CAKE Token Metrics
- Token Name: PancakeSwap.
- Ticker: CAKE.
- Blockchain: Binance Smart Chain.
- Token Standard: BEP-20.
- Contract: 0x0e09fabb73bd3ade0a17ecc321fd13a19e81ce82
- Token Type: Utility và Governance.
- Total Supply: No max supply.
- Circulating Supply: 209,410,606 CAKE.
CAKE Token Allocation
PancakeSwap is one of the projects with the most effective tokenomic building process. CAKE has no max supply, which means it is a deflationary token, with tokens burned recurrently to reduce the supply.
However, the PancakeSwap team has designed the product so that the amount of CAKEs inflow is always more than the number of CAKEs minted.
Use of CAKE Token
CAKE token will be applied as follows:
- Governance of the PancakeSwap platform via voting on new features such as new pools, promotions.
- Staking for more CAKE and Staking to get non-CAKE tokens in the Syrup Pools.
- Farming to get rewards in Pools.
- Used in Lottery, Team Battle, IFO, NFT products.
- The main means of payment on the PancakeSwap platform.
The Bottom Line
Hopefully, this article can effectively support users in understanding more about PancakeSwap with Gadgets Beat. If there are any queries, please feel free to comment here.