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PancakeSwap Review: What You Need to Know

PancakeSwap-Review

Introduction

This PancakeSwap (CAKE) review discusses most of the things about the CAKE platform and its features. However, this article should not be taken as financial advice. Instead, we urge the traders and investors to do their own research before getting involved in cryptocurrencies.

The crypto world continues to increase its numbers every day. This is due to the optimized blockchain solutions provided by crypto assets such as Binance and ETH, to name some. In short, it is easy nowadays to create crypto projects that help and benefit its users in their everyday lives.

Furthermore, these crypto projects, once completed, must be able to find an exchange for people to trade and liquidate these cryptos. In some cases, crypto projects don’t meet the requirements of centralized exchanges such as Binance. As a result, these cryptos that don’t get listed in centralized exchanges go to decentralized exchanges (DEX).

One of the famous DEX is the PancakeSwap. This exchange is powered by the Binance Smart Chain (BSC). For this reason, the exchange supports most of the altcoins created under the BEP20 blockchain. For instance, the crypto CAKE, SKILL, and ZOON are some of the famous crypto assets listed in PancakeSwap.

Aside from swapping one crypto to another, the exchange also has some features that make its users earn rewards. One of these features is called Staking. In detail, users of the exchange simply use their CAKE crypto in the syrup pool of the exchange. In this way, users that staked their CAKE crypto in the syrup pool can earn various crypto over time. Indeed, this feature of the exchange provides an easier way to earn funds without too much risk. 

Now that we already have an idea about PancakeSwap let’s go deeper into knowing the exchange. In this article about the PancakeSwap review, we will discuss more the features and mechanics of the platform.   

PancakeSwap (CAKE) Details

Websitehttps://pancakeswap.finance/
Available on mobileYES (Browser)
Number of supported coins/tokens1600 +
Native tokenCAKE

What is PancakeSwap (CAKE)

PancakeSwap is one of the most talked-about decentralized exchanges in the crypto world. As of writing time, due to its popularity, the exchange’s 24-hour trading volume reaches over $600 million. Yes, you read it right, $600 million worth of trading volume, a huge amount of money. Through this, we can say that the exchange is one of the trusted DEX of investors worldwide. 

Furthermore, the PancakeSwap is made with the use of the Binance Smart Chain blockchain (BSC). Therefore, all the altcoins created under the BSC blockchain which is tagged as BEP20 can move smoothly in the exchange. In short, these BEP20 tokens can experience one of the lowest fees or gas fees using the exchange.

PancakeSwap is also one of the DEX’s in the crypto world that supports new crypto startups. As a result, these new crypto projects can expose their tokens globally even without being listed in centralized exchanges. This smooth process of PancakeSwap makes it one of the popular DEX’s in the crypto world.

In terms of its market position, the PancakeSwap exchange ranks third in the charts of CoinGecko. In addition, the DEX has a total trading pair of almost 10k with WBNB/BUSD as the most traded crypto pair. Indeed, PancakeSwap can be a one-stop shop for all crypto traders interested in BEP20 tokens.

So far, we already have some knowledge about the PancakeSwap exchange. However, you may be wondering what the CAKE token is. Worry no more. In the next part of this PancakeSwap review article, we will discuss things about CAKE tokens.

What is PancakeSwap (CAKE) Token

Like many crypto projects today that use their digital assets to fuel their networks, PancakeSwap does the same. In other words, PancakeSwap also uses its native token called CAKE to power its platform. It is a crypto that uses the power of the Binance Smart Chain blockchain.

By using the CAKE token, users of the PancakeSwap exchange can earn rewards. In detail, users of the DEX can stake their CAKE tokens into the platform to increase their crypto holdings. In this way, traders can simply wait for their tokens to increase over time without too much risk.

On the other hand, the CAKE token is on the Binance exchange. Hence, holders of the CAKE token can enjoy the features that Binance exchange offers to its customers. For instance, users can use CAKE tokens in Binance spot trading, staking, and more.

In terms of market position, CAKE has a huge market cap of $4.5 billion. For this reason, the crypto ranks as one of the top 50 tokens in CoinGecko. As of writing time, the crypto trades at a decent price of CAKE $21.04 per crypto.

How to use PancakeSwap

Most decentralized exchanges in the crypto world do not need a middleman to function. Hence, users of the DEX can maximize the potential profit of their crypto. In this PancakeSwap review article, we will talk about the procedure on how to use PancakeSwap.

Firstly, users have to download a crypto wallet. For example, Trust and Metamask wallet, to name some. Yes, we know that the Metamask wallet is an Ethereum wallet. However, the Metamask wallet has a function that enables it to connect with BSC; amazing isn’t it.

Secondly, when the users have successfully downloaded the wallet, the users must fund the crypto wallet with BNB tokens. In this scenario, we would need to go first to centralized exchanges such as Binance to get BNB tokens. Then when we are already in Binance we would get a BNB token and transfer it to the crypto wallet of our choice.

BNB app

Take note! In sending BNB from Binance exchange to crypto wallet, always change the BNB tokens network to Binance Smart Chain (BSC). Please do not forget this.

BNB

Thirdly, once you have already transferred your BNB token to your crypto wallet, go to the PancakeSwap website. In other words, you have to connect the PancakeSwap platform to your wallet. This is simply done by clicking the connect button located in the upper right corner of the PancakeSwap website.

Now that we already connect the PancakeSwap to your crypto wallet, the amount of BNB stored in your wallet must reflect on the exchange. If it does, the connection of your wallet with the PancakeSwap platform is successful.

PancakeSwap Features

Last but not least, the PancakeSwap features which discuss the other things that users can do in the exchange. For example, the PancakeSwap farms where users can stake their LP tokens to earn more cryptos. Best of all, the lottery is a feature in the platform that enables its users to choose six numbers that can win. Hence, if the player numbers pop out, the player may get all the jackpot prize worth of CAKE tokens.

Meanwhile, PancakeSwap also offers a fast and safe way to swap tokens from BNB to the crypto of your choice under the BSC blockchain. Best of all, users of the exchange can benefit from the low gas fees provided by the BSC blockchain. For this reason, traders and investors can maximize their profit potential by swapping crypto with a high level of security.

FAQ

Is PancakeSwap legit?

The PancakeSwap is one of the top DEX in the crypto world. Furthermore, the exchange has an estimated daily visit amounting to 17,937,079. This number is one of the biggest visit volumes in a survey made by CoinGecko. So is PancakeSwap a legit exchange? It’s up to you to answer that question.

Can you make money on PancakeSwap?

The PancakeSwap platform offers features such as pools, farms, and lottery. As a result, this feature of the exchange when used rewards users with cryptos.

Where is the PancakeSwap token used for?

The CAKE token is the native digital asset of the exchange. In detail, this token is mostly used by the exchange in rewarding its users that stake on its network.

Is PancakeSwap a wallet?

The PancakeSwap is a decentralized exchange. It is a type of exchange where users need to connect their wallets to swap crypto from one another.

Do I need BNB to use PancakeSwap?

The BNB token is one of the main ingredients in using the PancakeSwap exchange. To be specific, the BNB token under the BSC network is the default crypto in swapping tokens in the platform.

What wallet works with PancakeSwap?

The most common wallet that works with PancakeSwap includes Metamask and Trust wallet. However, these wallets are just some examples of wallets that can connect with PancakeSwap. There are still a lot out there in the crypto market and it is up to the users to choose what kind of wallet suits them best.

Disclaimer: This material must not be used as the basis for making any investment decisions. This serves only as informative material about the crypto exchange. Trading digital assets involve risk and can result in the loss of investment capital. Hence, always make sure to do in-depth research before engaging or investing in any cryptocurrencies.

A dedicated market analyst focused on the highs and lows of the cryptocurrency market. With a background in Business Administration, he tries to unfold his financial perspective to global readers.