PancakeSwap (CAKE)

Pancake Swap Overview

Last Updated 19/07/2021

What is PancakeSwap? (CAKE)

Launched in September 2020 PancakeSwap (CAKE) is a decentralised exchange (DEX) running on the Binance smartchain as a BEP20 Token. PancakeSwap (CAKE) provides liquidity for a wide range of Cryptocurrencies as an automated market maker (AMM). This service liquidity pool is filled with deposited coins from its users who deposit their funds into the pool and receive liquidity provider (LP) tokens in return.

PancakeSwap (CAKE) offer a range of services to engage its user base and further entice deposits to fuel its liquidity.

One of the core features of PancakeSwap is its Syrup Pools, participants are required to stake CAKE in return for generous APR rates that can reach three figures. The most popular mechanism is its autocompounding 'Auto Cake' feature which restakes all CAKE returns automatically until withdrawn. The platform also offer a staking service for CAKE with alternative return options from a catelog of cryptocurrencies, these options typically last a finite number of blocks that translate to two months approximately.

Yield farming on PancakeSwaps' platform requires its users to stake CAKE and other Cryptoassets of the same value in tandem to start farming CAKE (Example: $50 – Cake & $50 – BNB). This feature offers a range of compatibility amongst various assets such as Binance coin (BNB),Binance USD (BUSD), Dogecoin (DOGE), Cardano (ADA) and more.

PancakeSwaps also engages its community by offering a lottery service in which users who deposit 1 cake will receive a randomised 4-digit lottery ticket for the chance to win the pot. The lotteries take place throughout the day with up to 20000 CAKE injected into the draws. Team Battles incite the PancakeSwap community into more market activity by offering additional incentives for the team and individuals participating. The user base can pick one of three teams light-heartedly named Syrup Storm, Fearsome Flippers or Chaotic Cakers. All team members market activity Is then calculated on an individual and collective basis to compete for $200,000 in crypto prizes along with collectible Non-Fungible Tokens (NFT's) and other platform perks.

The popularity of PancakeSwaps and its token can largely be attributed to its ability to tackle key issues that other established AMM and liquidity providers have not been able to address.

PancakeSwaps emergence in 2020 synchronised advantageously with the rise of the entire crypto market, this drastic increase in demand had let networks such as Ethereum to suffer as a result of network congestion, scaling issues, transaction times and fees. Subsequently, as the majority of AMM and similar services are ERC20 tokens using the Ethereum network many of which struggled to compete with PancakeSwaps transaction times and cheap fees due to its network advantage.

Roadmap

Controversially to many other projects, PancakeSwap have not produced a roadmap but instead refer to this as a 'to-do list'. Initiated in September 2020, the platform has been active for less time than many established cryptoasset businesses.

Completed Upgrades

Homepage improvements, Harvest all & Stake all, Personal Dashboard, Improved UX, Faster Site, Mobile Friendly, New Navigation System, CAKE Staking, Core Pools, Community Pools: Host BSC Community Prokect Pools. Support with 0.1-02x CAKE Farms, Atuo-compounding CAKE-CAKE Syrup Pool, Lottery (core feature), Analytics (core features), Voting (core feature), Prediction Markets (core feature), IFO (initial Farm Offering) raising funds for projects, NFT Ecosystem, Customisable User Profile.

Pending Upgrades

Lending & Borrowing BSC and LP tokens for rate discounts using CAKE, Margin Trading for BSC token leverage on-chain with CAKE buy back and burn, Fixed-term staking.

PancakeSwap has begun branching out into other services and userbase engagement tools this time with a new decentralised prediction market service. Stakers can predict if the price of Binance coin will go up or down within a 5-minute window, odds will be presented and change accordingly throughout the period. Stakers that predict incorrectly will lose their stake and stakers that forecast correctly will receive both their stake and a additional amount of their staked asset (E.g 1.7 x BNB for 1 BNB Staked = 1.7 BNB winnings). This service is in its BETA stage and currently only supports Binance coin (BNB) in the BNB/USDT market as an option.

Team

The founders and developers of PancakeSwap have remained anonymous. The project was initiated in September 2020 and offers an alternative with notable differences to its competition namely its network, however similarly to other blockchain technologies it has seen popularity from its light-hearted marketing and branding.

Where to Store PancakeSwap (CAKE)

You can store PancakeSwap in a Trust Wallet along with many other cryptocurrencies. Trust wallet is free and easy to use and can be downloaded to either a desktop or mobile device. Trust Wallet is tied to the device it is downloaded on which will also be the device you use to access and manage your cryptoassets.

As PancakeSwap (CAKE) tokens are built on the Binance Smart Chain BEP20 (BSC) network, they can be stored in any wallet compatible with Binance Smart Chain-based (BSC) transactions. Alternative options to keep your CAKE secure can therefore include MetaMask, a leading browser wallet extension popular amongst DeFi platforms, as well as Binance Chain Wallet Google Chrome Extension. Unlike MetaMask, this wallet is only available as a Google extension.

Where to Buy and Sell PancakeSwap (CAKE)

You can Buy & Sell PancakeSwap (CAKE) by heading over to the Buy Coins page of our website. PancakeSwap (CAKE) is available on BC Bitcoin trading against major fiat currencies: GBP and EUR. Buying PancakeSwap (CAKE) has never been easier, simply place your order and provide your wallet address. Once your payment arrives PancakeSwap (CAKE) will be sent directly to your wallet. If you choose to Sell PancakeSwap (CAKE) you can send us the coins and receive a payment to your bank account. Details and valuation can be found on our Sell Coins page.

Resources

Website: https://pancakeswap.info/
Block Explorer: https://bscscan.com/token/0x0e09fabb73bd3ade0a17ecc321fd13a19e81ce82
Twitter: https://twitter.com/PancakeSwap
Github: https://github.com/pancakeswap

Disclaimer: The information provided in this article is intended for informational purposes only. It is the readers responsibility to complete their own research and due diligence.