PancakeSwap

PancakeSwap is a project with great potentials, having been tagged as one of the largest automated market makers (AMM) and yield farms on Binance Smart Chain. It was launched in September 2020 and a DEX that swaps BEP20 tokens on Binance Smart Chain. Interestingly, PancakeSwap enables users to transfer BTC, USDT, ETH and BUSD from the Ethereum chain to the Binance Smart Chain(BSC), using the deposit features.

The CAKE is the native token of the PancakeSwap platform, used for payments, staking, utility and other related purposes within its network.

PancakeSwap is stored on supported wallets that are connected to the Binance Smart Chain. Such wallets include TrustWallet, MetaMask, WalletConnect and TokenPocket.

PancakeSwap is well secure, having being built on Binance Smart Chain(BSC). The smart contracts are being audited by Certik.

What Problems Does PancakeSwap Solve?

The platform helps to solve numerous challenges that presently plague the market. PancakeSwap uses its innovative approach and advanced security to address the growing centralization and scalability issues within the cryptocurrency market.

Team of PancakeSwap

PancakeSwap was launched by anonymous developers whose interest was to address the teething challenges bedeviling the decentralized exchange space.

Use Cases of PancakeSwap

• It delivers fast and inexpensive trades using BEP-20 tokens.
• PancakeSwap provides decentralized exchange, yield farming, community governance, and liquidity pool opportunities.
• It is used for gamified exchange experience.
• PancakeSwap is used to win special NFTs.
• The tokens (CAKE) can be stored as a store of value or in a wallet.

Mining of PancakeSwap

PancakeSwap cannot be mined but can be earned through liquidity pool contribution. It pays liquidity providers instead miners. All that a token holder needs, is to provide liquidity to the pool and he/she will earn from such contribution.

PancakeSwap tokens(CAKE) can be bought via various cryptocurrency exchanges such as Binance, DigiFinex, KuCoin, FTX, BKEX, HitBTC, MXC.COM and VCC Exchange.

Notes for Investors

PancakeSwap is one the best decentralized exchanges(DEX) that has contributed well over $1 billion in total value locked (TVL) in the liquidity pool. PancakeSwap(CAKE) is performing very well in the cryptocurrency market, considering the rapid appreciation of the unit price especially in the last five months and its innovation.

As of today dated 2nd June,2021, the unit price of PancakeSwap(CAKE) is $20.01 USD, the market capitalization is $3,537,712,762, the circulating supply is 176,717,513.81 CAKE and is currently ranked 34th in the cryptocurrency market.

These statistics have shown that, PancakeSwap(CAKE) is a DeFi project for the future and it’s gaining traction by the day.

Quick Disclaimer:

This content is not intended to approve PancakeSwap(CAKE) for any kind of investment but to get public well informed about the cryptocurrency. The crypto market is unpredictable and decisions shouldn’t be taken based on any report gotten online. Please, consult your financial advisor for any decision taking.