Rancakmedia.com – If you are curious about what PancakeSwap is, we will discuss it in the article below. PancakeSwap is a decentralized exchange that allows its users to transfer cryptocurrencies and tokens without a centralized intermediary.
BSC (Binance Smart Chain) is a blockchain platform built using smart contracts managed by the crypto exchange Binance.
Although Binance provides a centralized exchange service, please note that the exchange does not own or operate PancakeSwap which was built by an anonymous developer.
This week, ApkVenue will learn the basics of PancakeSwap, including what it is and how it works. Continue reading to learn more!
What is PancakeSwap
PancakeSwap is an Automatic Market Maker (AMM) that allows you to exchange cryptocurrencies on the Binance Smart Chain (BSC) network. This network is what differentiates PancakeSwap from Uniswap.
With this AMM idea, you as a user can trade with user-driven liquidity pools or liquidity to trade digital currencies.
PancakeSwap provides liquidity providers with Yield Farming DeFi, a tool for creating liquidity pools. The total amount of liquidity that has been withdrawn has exceeded $1 billion (TVL).
Additionally, PancakeSwap, which launched first on BSC in September 2020, is BSC's leading DEX and part of a growing wave of DeFi services.
In fact, PancakeSwap is arguably cheaper and faster to use, especially when compared to other decentralized exchanges like Uniswap and Sushi.
Why can this platform be cheaper and faster? For the simple reason that BSC, the high throughput blockchain built by Binance to compete with Ethereum, is the foundation upon which PancakeSwap is built.
CAKE, PancakeSwap's Original Token
CAKE tokens are used by PancakeSwap. Apart from functioning as a government token, CAKE also performs farming and staking functions. This is a unique native token.
CAKE can be obtained by various users, including through exchange, staking or liquidity. On the open crypto asset market, tokens issued to liquidity providers (LPs) can be traded.
Apart from that, PancakeSwap also has another token called SYRUP which allows its holder to earn 40 percent of CAKE emissions. However, SYRUP is not traded as it is designed to release staking CAKE.
Until this article was written (February 2022), according to CoinMarketCap, the number of CAKE tokens that have been spread on the crypto asset trading market has reached 270,668,655.13 CAKE. CAKE coin is 51st on the list as well.
In addition, the current price of 1 CAKE to the IDR currency is IDR 86,320. Meanwhile, the PancakeSwap fee is 0.2 percent, consisting of 0.17 percent for liquidity providers and 0.03 percent for the PancakeSwap treasury.
You also don't need to worry about CAKE because PancakeSwap has more than 1.2 million Twitter followers. This item can also be relied upon because it already has 1,019,029 holders.
PancakeSwap is an Automatic Market Maker (AMM) that allows you to exchange cryptocurrencies on the Binance Smart Chain (BSC) network.
In the article above we have discussed What is PancakeSwap, and not only that we also discussed the original PancakeSwap token.
Thus the article about What is PancakeSwap, Complete Guide for Beginners, I hope the article above can be useful and helpful for all of you.