PancakeSwap is a decentralized exchange that operates on the Binance Smart Chain (BSC). Founded in September 2020, this platform has a massive transaction volume. The team behind this platform is completely anonymous and we don’t know where it is based.
Here are the main features:
- Supported crypto
This exchange supports 30 tokens. These include ETH, BUSD, USDT, USDC, CAKE, BabyDoge, BTCB, etc.
- Native token
The ecosystem of this DEX is powered by its native token CAKE. You can purchase it from the exchange itself or earn it through syrup pools and farms.
- Funding methods
You can exchange one token for another on this exchange. For this to work, you must have the required number of coins in your wallet, which must be connected to the platform.
- Wallets supported
This DEX supports all wallets that are compatible with BSC. You can choose a desktop or a mobile wallet, as per your requirements.
How does PancakeSwap work?
This platform lets you do the following:
- Trading and Swapping
You can carry out transactions without a central authoritative body. All deals are processed via the customer’s wallet and there is no third-party involvement.
- Providing liquidity
For successful trading coins, there must be adequate liquidity. If there is a lack of liquidity for a particular asset, the deal might be too costly or even impossible to carry out. By creating liquidity, you can earn tokens that will incentivize you through trading fees.
This exchange has staking pools where you can stake CAKE tokens to earn rewards. To earn CAKE tokens, you can stake LP tokens in the Yield Farm. This makes you a liquidity provider, and thus eligible to earn incentives.
- Price prediction
This is one of the most unique features of this platform. Here, you can use your knowledge of the crypto market to forecast whether the value of a particular asset will increase or decrease in the foreseeable future. There are multiple prediction rounds each day and the reward multiplies changes with the increasing prize pool.
What can you buy on PancakeSwap?
This DEX works with the Binance Smart Chain blockchain. Compared to other environments like Bitcoin and Ethereum, this one has cheaper trading fees. This blockchain is based on the proof of staked authority mechanism where individuals stake their reputation. Some of the most popular tokens on this platform include Wrapped BNB, BUSD, Tether, USD Coin, Bomber Coin, BTCB, and Ethereum.
Is PancakeSwap safe?
This DEX undergoes regular audits performed by reputed organizations like Certik, Slowmist, and Peckshield. You can view all the smart contracts that are protected by time-locks. For each contract, there is multi-signature protection.
On the Trustpilot website, there are a total of 95 reviews for this platform. The current rating is 2.1 out of 5, which is not too impressive. We can see mixed reviews from users. While some of them have praised the features and the ease of usage, others have claimed to have lost money while working on it.
PancakeSwap fees, compatible wallets, and transactions
Some of the wallets compatible with this platform include Trust Wallet, MetaMask, Token Pocket, SafePal, and Binance Wallet. For making a trade on this platform, you will incur a 0.25% transaction fee. From this, 0.17% goes to the liquidity providers, 0.03% goes to the treasury, while the rest is dedicated to the buyback and burning of the native token.
What are the ways to trade on PancakeSwap?
On this platform, you can trade in tokens created on the BSC blockchain. First, you need a BSC-compatible wallet that you need to connect to the exchange. On the exchange page, you need to select the token you want to swap as well as the one you wish to receive. You can also choose the slippage tolerance, transaction speed, and transaction deadline. After confirming the swap, you can check the details of the trade.
Customer support is not available for this platform. You can check the guide or the troubleshooting section if you face any issues.
PancakeSwap summaryPancakeSwap summary
- Decentralized exchange
- Rewards for staking
- Liquidity pools
- No customer support