đWhat is PancakeSwap (CAKE)?đ
PancakeSwap (CAKE) is a decentralized exchange (DEX) built on the BNB Chain blockchain . PancakeSwap is currently one of the most popular decentralized exchanges on BNB Chain . With PancakeSwap, BNB (BNB) and many BEP-20 tokens can be traded in a decentralized manner.
PancakeSwap decentralized exchange operates as an automatic market maker (AMM) . That is, PancakeSwap does not use the traditional order book model when executing transactions. Instead, a smart contract manages transactions, and users trading on the platform automatically withdraw liquidity from one or more liquidity pools . After the transaction is completed, the liquidity pool balance is recalculated. Transactions executed on AMMs like PancakeSwap remove liquidity from one side of the pool and add liquidity to the other side.
Thus, it changes the weights and relative values ââof the assets in that pool. This liquidity is created by liquidity provider users. Liquidity providers add equal value liquidity to both sides of the pool (e.g. BNB/USDC liquidity pool) to increase the total amount of liquidity. Liquidity providers receive token rewards in proportion to the liquidity they provide. They also receive a certain share of the transaction fees generated in the liquidity pools they contribute to. The trading fee rate on PancakeSwap is 0.25 percent, and the bulk of the trading fees collected are distributed among liquidity providers.
PancakeSwap's products and functions include initial farm offering (IFO), yield farming, Syrup pools, lottery, prediction markets . In this respect, PancakeSwap creates a true decentralized finance (DeFi) ecosystem.
CAKE token project
CAKE token is the native cryptocurrency of the PancakeSwap decentralized exchange . CAKE token, created on BNB Chain, is a utility and governance token . CAKE token is used to participate in IFO, yield farming and other events on PancakeSwap. At the same time, staking rewards can be earned by staking CAKE token. CAKE token stakers also have voting rights in PancakeSwap governance.
Who are the founders of the PancakeSwap (CAKE) project?
The PancakeSwap (CAKE) project was created by a group of anonymous developers in September 2020. At the time of PancakeSwap's launch, almost all DeFi applications , including decentralized exchanges, were running on the Ethereum (ETH) blockchain. However, increasing interest in DeFi was causing high costs and transaction slowness in Ethereum. PancakeSwap, on the other hand, was created on BNB Chain, which offers faster and cheaper transactions compared to Ethereum .
CAKE token statistics
CAKE token is PancakeSwap's utility and governance token in the BEP-20 standard. The total CAKE supply is 719,608,803 tokens. CAKE token does not have a maximum supply.
What makes the PancakeSwap (CAKE) project special?
PancakeSwap is built on BNB Chain and leverages a number of unique features of the blockchain to provide end users with an excellent trading experience. Most decentralized exchanges are built on the Ethereum (ETH) blockchain, and transaction fees are high on this blockchain. However, PancakeSwap benefits from BNB Chain's low transaction costs and high transaction speed.
Yield farming on PancakeSwap platform
PancakeSwap users can do yield farming on the platform . With yield farming, users can earn CAKE tokens by staking liquidity provider tokens, that is, LP tokens, in yield farms.
Syrup pools
Syrup pools are the equivalent of PancakeSwap's simple staking functionality. Through the platform's Syrup pools, users can earn rewards in the form of CAKE tokens or other tokens by staking various BEP-20 tokens .
PancakeSwap lottery
Users can also win CAKE tokens through the PancakeSwap lottery or sweepstakes. This is a feature that many decentralized exchanges do not offer. Users can purchase lottery tickets for a certain amount of CAKE tokens. A 4.95 percent discount is applied to users who purchase 100 tickets at once.
prediction markets
PancakeSwap's prediction market tool is a simple feature that allows users to predict whether the price of BNB (BNB) will rise or fall in a 5-minute time frame. Users pool their CAKE token funds into a reward pool shared among those who correctly predict the direction of the market. Losers lose the tokens they deposited.
Whitepaper: CAKE token
You can access the PancakeSwap (CAKE) whitepaper by clicking here . In the CAKE token whitepaper , the platform is described as âa decentralized exchange running on BNB Chain with the highest transaction volumes in the market.â
How to get CAKE token?
CAKE token is bought and sold on reliable cryptocurrency exchanges . It is also possible to trade with Turkish lira at CAKE/TRY parity via Bitlo.com, one of Turkey's well-established cryptocurrency exchanges .
PancakeSwap (CAKE) Frequently Asked Questions
What is PancakeSwap (CAKE)?
PancakeSwap (CAKE) is a decentralized exchange built on BNB Chain.
How does PancakeSwap (CAKE) work?
PancakeSwap (CAKE) is a decentralized exchange built on BNB Chain.
PancakeSwap (CAKE) uses the automatic market maker (AMM) model.
What is CAKE token?
CAKE token is the utility and governance token of the PancakeSwap platform.
What is the total CAKE token supply?
The total CAKE supply is 719,608,803 tokens.
What is the maximum CAKE token supply?
There is no maximum supply of CAKE tokens.
https://pancakeswap.finance/
