PancakeSwap

A high-volume decentralized exchange on the BNB Chain.

Overview

PancakeSwap is a decentralized exchange (DEX) and automated market maker (AMM) on Build N Build Chain (formerly Binance Smart Chain). A fork of Uniswap, users can swap tokens and deposit BNB compatible tokens (BEP-20) to liquidity pools and earn the protocol’s native token CAKE as an incentive. 

History

PancakeSwap was founded by an anonymous team in September 2020. V1 of the protocol had the native functionalities of swapping, providing liquidity, bridging, yield farms and pools. As it grew, it added more features like collectibles and predictions. 

In April 2021, PancakeSwap v2 launched, which was essentially a migration of the protocol to a new, upgradable smart contract.

Products

PancakeSwap v1

Swap

Swapping is one of the key features of PancakeSwap. Users could swap BEP-20 tokens efficiently with relatively low swap fees.

Farms and Pools

PancakeSwap pools are called Syrup Pools. You are able to stake CAKE and earn tokens. Like all Liquidity pools, the tokens you receive change depending on which pool you deposit liquidity into. It is also possible to provide liquidity in the form of various BEP-20 tokens to earn CAKE along with the LP tokens. 

PancakeSwap v2

Perpetual Trading

With v2 came the ability to trade using leverage on your future earnings, which PancakeSwap refers to as perpetual trading on perpetuals. 

Initial Farm Offerings (IFO)

The platform allows new projects to provide Initial Farm Offerings (IFOs), where people can buy CAKE and stake them into the IFO pools to receive the offered tokens for free. 

Winning

“Winning” is a gamification feature that enables community members to earn rewards by participating in competitions and interacting with certain activities on the platform.

Lottery

Users can buy lottery tickets for around ~$5 with no overall limit to participate in a chance to win from a big pool of jackpots.

Collecting NFTs and Predicting Prizes

Users can earn NFTs by participating in or winning trading competitions on the platform. Other gamified activities include predicting the price of BNB every 5 minutes to win a prize from the pool of predictors. All of these competitions are regulated automatically through smart contracts.

Governance

The native token CAKE is used to govern changes made to the PancakeSwap ecosystem. Proposals are made by community members, and token holders can vote to either approve or reject the proposals. Proposals could be anything from adjusting the APR of flexible staking to adding native functionalities to the protocol.

Zapper Learn aims to provide factual, unbiased information about apps featured on our app page. However, you should always get curious and do your own research before interacting with any app. Ask yourself things like: Do I understand how the protocol works? How reliable has this protocol been historically? What is my tolerance for risk?
Networks
Governance Token
CAKE
Audits
Certik, Slowmist, and Peckshield
Official Links
Website

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