PancakeSwap is one of the most prominent decentralized exchanges that run on the Binance Smart Chain. It offers a simple way for users to swap, provide liquidity, and earn rewards with crypto tokens through staking.
The platform is an automated market maker (AMM) that enables fast and low-cost trades and supports a range of BEP-20 tokens like CAKE, BNB, etc. This model allows users to swap assets against liquidity pools instead of relying on order books.
The platform allows you to trade these BEP-20 tokens directly from your wallet without the need for any central intermediary. CAKE, the native token of PancakeSwap, powers the platform’s operations including providing utility for governance.
Staking rewards and fee discounts also come in the form of CAKE tokens. The dApp has a simple and intuitive interface, allowing you to swap tokens, fund liquidity pools and stake easily.
Now, there are also features like lotteries, NFT marketplaces, and yield farming that enhance user engagement for the platform.