Decentralized finance exchange and Staking Platform

PancakeSwap is a decentralized exchange (DEX) powered by the Binance Smart Chain (BSC), which uses an AMM (automated market maker) model to fulfill orders. As such, PancakeSwap replaces an order book with a liquidity pool. CAKE is PancakeSwap's base asset, which doubles as a governance token, as well as provides farming and staking functionalities. Users can get their hands on CAKE by either providing liquidity, staking or buying them on an exchange (the staking option allows holders to earn more tokens). PancakeSwap is attempting to bridge the gap in users created by their relatively recent arrival on the DeFi scene by attracting a loyal following via lotteries, competitions and other similar incentives.

The food-based farming craze has captivated participants in the crypto space for months. In the latest wave of DeFi protocols, we’ve seen numerous platforms emerge that allow users to stake their funds in return for the protocol’s tokens. The bulk of this activity has been concentrated on the Ethereum blockchain. As one of the earliest blockchains supporting smart contracts, it has a sprawling community of users, developers, and tools for building powerful decentralized applications.

Benefits of Pancake Swap : PancakeSwap eliminates all of these concerns because it exits the confines of the Ethereum ecosystem. The Binance Smart Chain was developed to streamline all of these actions and provide a more cost-effective alternative to users. This strategy has helped the platform stand out amongst the growing competition amongst DEXs.

Selection, Another major benefit gained by PancakeSwap users is access to new tokens. Wisely, PancakeSwap allows users to transfer USDT, BTC, BUSD, and ETH from the ETH chain to the BSC chain using the deposit features. You gain access to all the top projects in the market. You also can find an excellent selection of BEP-20 exclusive tokens and other rare and hard-to-find projects.

Interconnectivity, One of the core concerns for PancakeSwap users was retaining a certain level of interconnectivity between the two blockchains. PancakeSwap’s developers understood that the majority of their user base would be from the Ethereum ecosystem and they wanted to streamline this process considerably. As part of this strategy, the platform was built to integrate popular wallets, including Trust Wallet, TokenPocket, WalletConnect, MathWallet, and MetaMask. Notably, MetaMask was ahead of the curve as their wallet was built to support BEP-20 tokens alongside ERC-20 tokens.

Farming : Okay, so you’ve got your LP tokens, now it’s time to stake them to earn CAKE. Navigate to the Farms tab, and select the option that matches your LP tokens. As with ERC-20 tokens, you’ll need to approve the movement of BEP-20 tokens – this is what allows the contract to withdraw them on your behalf. When you click Approve Contract, a popup will ask you to confirm the transaction and display a fee. Once that transaction confirms, simply select the amount you want to stake and confirm it. You can navigate away from the page and come back at any time to check how much CAKE you’ve earned – if you want to harvest your rewards at any point, click on Harvest and confirm the transaction.

The PancakeSwap exchange :PancakeSwap uses an automated market maker (AMM) model. That means that while you can trade digital assets on the platform, there isn’t an order book where you’re matched with someone else. Instead, you trade against a liquidity pool. Those pools are filled with other users’ funds. They deposit them into the pool, receiving liquidity provider (or LP) tokens in return. They can use those tokens to reclaim their share, plus a portion of the trading fees.

So, in short, you can trade BEP-20 tokens, or add liquidity and earn rewards. There are also other features we’ll cover later.You’ll find these LP tokens in several flavors – if you added, say, BUSD and BNB to the pool, you’ll receive BUSD-BNB LP tokens in return. BETH and ETH? You’ll get BETH-ETH LP tokens.

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