Today we want to tell you about PancakeSwap. This is a decentralized exchange (DEX) built on the Binance Smart Chain blockchain (BSC). Compared to other DeFi projects that are built on the Ethereum blockchain, PancakeSwap has higher performance and lower fees. In addition, it uses the Automated Market Maker (AMM) model. This gives users the ability to trade digital assets without being matched against someone else, since the order book does not exist. Instead, trade goes against a liquidity pool where all orders are matched. The users deposit their funds into these pools and then receive liquidity provider (LP) tokens in return. Then tokens of this type can be used to farm the cryptocurrency of the PancakeSwap platform, which is called CAKE. That is, this project allows people to buy and sell assets, as well as earn and win tokens.
CAKE is the native token of the PancakeSwap platform. It was released in the BEP-20 standard for the BSC blockchain. This cryptocurrency can be used in different ways:
PancakeSwap is a very young exchange. Its story began with the launch on September 2020. Nobody knows anything about the creators of the exchange and the developers of this project, since they prefer to remain incognito. However, like all decentralized cryptocurrency trading platforms, PankakeSwap operates autonomously and is not managed by developers. At the same time, the exchange is run by the community. The participants make decisions on the development of the platform by voting. So, it is claimed that everything is in the hands of users.
PancakeSwap is currently one of the strongest competitors of similar projects such as Uniswap. With its dissimilarity to others, it attracts more and more users. If you are also interested in the cryptocurrency of the PancakeSwap project, then you can get CAKE tokens on SimpleSwap. The instructions below will help you make this purchase:
We are always happy to help you on SimpleSwap!