Though this exchange platform has a comical name, it is not a joke. It is one of the most popular crypto revolution platforms as it processes over $100 million in trading volume in 24-hours. In a very short time of less than a year, this platform has to turn into a quite dominant decentralized exchange (DEX) on Binance Smart Chain (BSC). Use PancakeSwap or other platforms for selling, purchasing, or investing in your crypto assets.
What Exactly Is PancakeSwap?
To date, it is the most famous decentralized exchange platform (DEX) based on Binance Smart Chain (BSC). PancakeSwap has become a sensation in the blockchain world in the last few months. All credit goes to its huge liquidity, a wide range of features, and adjustable user base.
This platform was created to let all users securely as well as safely trade Binance Coin (BNB) and a huge variety of BEP-20 tokens. It was developed so that BNB and BEP -20 tokens will be traded without depending on any sort of centralized platforms or sources or having chances of losing control over their private keys. As it is a decentralized exchange (DEX), all sorts of trades on PancakeSwap are autonomously operated by smart contracts and eliminate the exterior risks.
Though the entire crew behind PancakeSwap is anonymous since its launch, this exchange platform has been reviewed and verified by multiple vital blockchain security organizations including CertiK as well as Slowmist.
PancakeSwap is a completely open-source platform as the website as well as smart contract code are open to community inspection. On the other hand, the word is all around that the team behind PancakeSwap consists of more than 12 members who are known as chefs. The team includes two co-leads (Hops and Thumper) and various engineers.
PancakeSwap was launched in the year 2020 in September. This platform has shown amazing growth not only in users and liquidity of funded assets but also in the several features it brings for all people. Today, PancakeSwap is considered a complete network for decentralized finance DEFI tools, and all of them are created on the platform’s native token CAKE.
Defining CAKE
CAKE is the native token or you can call the coin of the exchange platform, PancakeSwap. This token can be used for multiple purposes within the growing platform. The significant features of this platform are yield farming, staking, contributing to the PancakeSwap Lottery, and making and voting of power proposals via the community governance portal of the platform.
Latest News about PancakeSwap
After the launch in the year 2020, this exchange platform has undergone multiple upgrades. Every update brought the addition of new products and functions. PancakeSwap was upgraded to V2 in April 2021 and offered the creators freedom to improve and enhance the future functionality of this huge platform for instance auto-compounding in syrup pools and adding a recommendation program. All this was followed by an alteration in the fee structure (ranging from 0.2% to 0.25%) along with 0.05% of this utilized to purchase CAKE tokens from the community market before burning it to increase other deflationary mechanics to the token or coin.
All the chefs behind the PancakeSwap presently do not keep a concrete plan but they have brought out a to-do list but no particular dates for them. There are some significant things on the to-do- list that involves adding fixed-term staking products, loaning and borrowing characteristics, and letting users earn non-fungible tokens (NFTs) by fulfilling tasks and upgrading.
Market Predictions PancakeSwap
The market predictions made by the PancakeSwap market tool are a feature that lets the users predict the prices. Through this feature, the users predict the price of Binance Coin (BNB) and whether it will rise or fall is a time limit of 5 minutes.
The users of this platform pool their funds into a reward or prize pot that is then shared between those that had made the right prediction about the price. Those who lose pay their bet amount as a penalty.
More about PancakeSwap Staking
When you are done with getting the CAKE token, you are free to stake it in the SYRUP pools. There are various choices for SYRUP pools, to know choices go to the Pools tab and see where you can stake your CAKE.
Through SYRUP pools you stake your CAKE and earn rewards in the form of new tokens. Once again, you will require approval for the withdrawal of the tokens. For approval, hit approve CAKE and after it has been approved, select the quantity of CAKE you want to state. Now, your CAKE has been staked. You will earn reward tokens from the pool. Even if you want to cash your rewards, tap on Harvest.
Conclusion
PancakeSwap brings you a variety of features on just a single platform. It is known all around the world and offers speedy services as well as rewards for the users. Before using it, read the complete guide for it.