What is PancakeSwap (CAKE)? | PancakeSwap Explained in Under 60 Seconds

The PancakeSwap Exchange is a decentralized exchange (DEX) for swapping BEP-20 token on Binance Smart Chain (BSC). The PancakeSwap exchange is powered by the Binance Smart Chain (BEP-20) token CAKE. CAKE tokens are also used for governance of the PancakeSwap protocol.

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PancakeSwap (CAKE) is an automated market maker (AMM), where traders can exchange tokens on the BSC. Tokens are traded against a liquidity pool instead of an order book.

PancakeSwap is also a yield farming platform. Yield farms allow users to stake LP tokens to farm CAKE tokens after providing liquidity to one of the farming pools.

Staking is also performed on PancakeSwap. CAKE can be staked to earn more CAKE and other tokens through staking pools like SYRUP.

The Cake Lottery is a lottery on PancakeSwap where users can purchase tickets for CAKE to win rewards from the lottery pool.

Initial Farm Offerings (IFO) allow users to obtain newly launched tokens through yield farming. LP tokens are placed in a pool to get access to the sale of newly launched tokens.

WEBSITE: https://pancakeswap.finance/