What is PancakeSwap?
Decentralized exchange PancakeSwap is used for trading BEP-20 assets. This standard functions on Binance Smart Chain that extends ERC-20, the most common Eth token model. PancakeSwap exploits an AMM that offers to purchase against a liquidity pool. The DEX matches buy and sell requests without third parties. By supplementing liquidity to pools, people get swapping fees and LP tokens. The network has its native governance token CAKE. There are some ways to farm CAKE Tokens on Pancake Swap: providing liquidity, staking FLIP, or CAKE tokens. It is allowed to buy and sell CAKE on Binance and PancakeSwap. The DEX permits attaching wallets and buying CAKE tokens with BEP20 assets like BNB, BUSD, and BTC. PancakeSwap supports MetaMask, TokenPocket, and other wallets. The network holds several community incentives to encourage participation, such as the gamble whereby holders of the CAKE can buy passes for a chance to win prizes. Moreover, CAKE token holders oversee the proposal process for lending new token pools to the PancakeSwap protocol.