PancakeSwap — a decentralized financial application, powered by Binance's smart chain. As one of the earliest blockchains to support smart contracts, the bulk of DeFi's activities have focused on the Ethereum blockchain. Its huge community of users and developers has proven to be an excellent starting point for building powerful decentralized applications (dapps).
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Using PancakeSwap
At this point, it is important to understand that a blockchain wallet is required to interact with Binance Smart Chain and PancakeSwap.
Use the Binance Smart Chain wallet or MetaMask to interact with the project. Once the wallet has been set up, users can trade on PancakeSwap. Users must provide liquidity in order to receive rewards, while PancakeSwap also allows users to swap one BEP-20 token for another.
Exchange on the platform
Pancake Swap — a decentralized exchange for exchanging BEP-20 tokens, similar to Uniswap or SushiSwap, and uses an automated market maker (AMM) model. In simple terms, this means that users can trade digital assets on the platform. It is important to note that there is no order book and instead users are trading against a pool of liquidity.
A significant trend in 2020 to this day - a crop cultivation, and Pancake Swap also allows its management token, CAKE, to be grown. Users can deposit liquidity tokens (LP) by locking them in a process that rewards users with a CAKE. The list of accepted LP tokens is long, but there are a few main ones:
| CAKE | BNB LP. |
| BUSD | BNB LP. |
| BETH | ETH LP. |
| USDT | BUSD LP. |
Users can also earn by placing their CAKEs in SYRUP pools after they have deposited funds to receive LP tokens and used them to farm the token. Users can stake CAKEs and earn other tokens through dedicated stake pools.
Additional information
RoadMap states that the next goal of the project - a complete website redesign, a new landing page and the ability to display more than 1 pool. Keep an eye on RoadMap and chats for the next plans. For more information follow the links:
You can familiarize yourself with the audit of a smart contract on the main page.