PancakeSwap is a popular decentralized exchange (DEX) on the Binance Smart Chain.
PancakeSwap is a popular decentralized exchange (DEX) on the Binance Smart Chain. It is an automated market maker (AMM). Consider it to be the Uniswap of the Binance world.
You can use it to trade BEP-20 tokens without a centralized exchange and while keeping control of your private key. You must have heard about ERC-20 tokens which are fungible tokens on the Ethereum blockchain. BEP-20 tokens are fungible tokens on the Binance blockchain.
The PancakeSwap team is anonymous, but the platform is open source and its code has been audited by respected security firms.
The native crypto of PancakeSwap is CAKE. It can be used for:
- Yield farming by staking supported liquidity provider (LP) tokens,
- Staking BEP-20 tokens and earning yields on "Syrup" pools,
- Buying PancakeSwap Lottery tickets,
- Creating Pancake Profiles and minting NFTs,
- Participating in IFOs (Initial Farm Offerings) and buying tokens of new projects before their public launch,
- Making governance proposals,
- Voting on governance proposals,
- Gambling by predicting whether the price of Binance Coin (BNB) will rise or fall in a 5-minute period.
To use PancakeSwap, you will need to connect a Web3 wallet (e.g. Trust Wallet or Metamask) to the PancakeSwap front-end.