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What is PancakeSwap (CAKE)
Operating on the Binance Smart Chain (BSC), PancakeSwap is a decentralized exchange (DEX), and which functions, more specifically, as an automated market maker (AMM), according to Messari.
CAKE serves as PancakeSwap’s native currency. It’s a governance token granting holders the right to vote on future changes to the protocol, CoinGecko said.
CAKE, per Messari, is distributed to liquidity providers in exchange for staked LP tokens.
A hard fork of SushiSwap, PancakeSwap utilizes a nearly identical codebase but benefits from the enhanced speed, scale, and cost savings of the BSC (Messari).
As a DEX, PancakeSwap doesn’t use an order book for harvesting and routing trading flows; nor is it reliant on centralized market makers. Rather, users trade against a collection of deposits supplied by a global network of liquidity providers. The assets within “liquidity pools” of deposits are priced via PancakeSwap’s AMM.
As of early April 2022, according to DeFiLlama, PancakeSwap had a Total Value Locked (TVL) just north of $5 billion, making it the 10th-largest DeFi project based on TVL. Note, PancakeSwap’s TVL is $1.3 billion more than its next of kin, SushiSwap, the 12th-largest DeFi project.
How to buy PancakeSwap (CAKE)
With Uphold, you can buy digital currencies in just 11 clicks - even if you don’t have an account yet.
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Here’s how fast it is to get started:
1. Go to Uphold.com and click sign up.
2. Enter your email address and personal details.
3. Click the link we send you and create a password
… and you’re off to the races!
Just start trading.
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