What is PancakeSwap (CAKE)

PancakeSwap is a Decentralized Exchange (DEX) platform that runs on Binance Smart Chain. Users can exchange and trade tokens that run on the BEP20 network such as Binance (BNB) directly with BNB as a transaction fee.

Founder

PancakeSwap founder is anonymous and know as the “Chief” that work in PancakeSwap “Kitchen”

Why PancakeSwap

PancakeSwap uses the Automated Market Maker module for BEP20 token exchange with a liquidity pool for instant exchange on the platform. Also there are various service on platform including:

• An exchange to swap tokens
• A yield farm to earn rewards
• Staking CAKE tokens
• Initial Farm Offering (IFO) token launches
• A bridge to bridge CAKE to Ethereum and Aptos
• A lottery
• An NFT marketplace

Platform users can also be liquidity providers and gain reward from exchange fees as well, and in V3 the reward is in the form of Liquidity Provider NFT.

PancakeSwap Utility

Cake is Governance token of PancakeSwap run on the BEP20 network. At the beginning, 75% of CAKE was distributed to farmers and 25% to Syrup token holders. CAKE holders have the right to vote for the direction of PancakeSwap development while the CAKE token can also be used to buy lottery tickets from the platform as well.

Roadmap and future of PancakeSwap

Currently PancakeSwap was updated to be V3 with new features such as trading fee adjustment and more flexibility for ease of use. Recently PancakeSwap had collaboration with Fintech corporate, Moonpay, to offer users a seamless way to buy cryptocurrencies using credit cards, debit cards, or bank transfers. There is also collaboration with Transak,  a leading global cryptocurrency onramp platform.

Also, the platform had announced that V4 will be launched on Ethereum and BNB chain within 2024 with the improvement and variety of liquidity pool, lower gas consumption, and developer program to encourage innovation, creativity, and collaboration within the developer community.