A well-known decentralized bitcoin exchange with gamification features and a number of revenue streams is PancakeSwap. On the platform, there are hundreds of tokens, yield farming, liquidity pools, lotteries, and other features. This PancakeSwap review will discuss the tokens, functionality, and price structure of the DEX.

Overview

Overview
Comparable DEXs built on Ethereum (ETH), such as Uniswap and 1Inch, promise slower transactions and higher fees. PancakeSwap is a DEX based on the Binance Smart Chain (BSC), which promises faster transactions and lower costs.

A DEX, in contrast to a traditional centralized exchange like Binance or Coinbase, may be described as a method of removing middlemen between traders by substituting smart contracts for the institutions that oversee transactions. However, other tokens may be used through the Binance Bridge by “wrapping” them as a BEP-20 token. PancakeSwap primarily uses BEP-20 tokens from the BSC.

On September 20, 2020, PancakeSwap will launch, continuing the trend of food-based decentralized exchanges (DEXs) like SushiSwap and BakerySwap. PancakeSwap was created by anonymous coders. Since then, the decentralized finance sector (DeFi) has experienced significant growth, with a market valuation of over $4 billion.

PancakeSwap uses automated market maker (AMM) technology to create liquidity pools that are managed by smart contracts.

The vast sums of money known as liquidity pools are made up of staked user tokens and are managed by algorithms that carry out user trade orders. This implies that, unlike conventional trading, where the buyer must locate a seller to execute their transaction, the buyer on PancakeSwap is simply dealing with a contract on a distributed ledger as long as there is enough liquidity in the loop.

You can use your browser to go to websites like CoinGecko or CoinMarketCap to view PancakeSwap charts and statistics or to see how much one CAKE is worth in USD.

PancakeSwap currently comes in two different versions, PancakeSwap V2 and PancakeSwap V1, with PancakeSwap V2 being an improved and updated version of PancakeSwap V1. Use PancakeSwap V2 because it has been updated with new features, better security, lower costs, and faster transaction times.

PancakeSwap will migrate to this updated version and create a new smart contract system. Users have the ability to change token burning in addition to bringing about security improvements. This burning causes the values in the protocol not to be inflated. The system’s CAKE count will now be updated after each Swap thanks to the new update.

Australia, Thailand, Canada, the United States, the United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, the United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, and Qatar are just a few of the countries that PancakeSwap is happy to accept traders from.

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Payment Methods

You must purchase cryptocurrency from an entry-level exchange (one that enables you to exchange fiat currencies like USD and GBP for cryptocurrencies) since PancakeSwap does not accept deposits in fiat money.

You must first link your digital wallet to the DEX, which is a quick process (scan a QR code or add PanckeSwap’s network). You can link wallets like MetaMask to the exchange or create a new one using the instructions available on the PancakeSwap website for PC, iPhone, and Android devices.

As suggested by PancakeSwap, once you have cryptocurrency in your digital wallet, use Binance, Binance Bridge, or SafePal to convert it to the BEP-20 token. You can trade without signing up for an account; you are not required to.

Trading feartures

Exchange

This is the simplest method of trading because all you need to get started is a suitable wallet and a few BEP-20 tokens. Visit the exchange page for PancakeSwap and select the two tokens you want to trade there. Here, you can exchange tokens or view a token’s historical value. Next, select how many tokens you want to “sell” or “purchase,” and a real-time price estimate will appear.

Use PancakeSwap V2, the newest exchange, where pairing prices are more favorable. The earlier version, PancakeSwap V1, is more prone to slippage, which could lead to a loss of money.

Since new currencies are constantly being introduced to PancakeSwap, it’s easy to lose sight of what’s accessible and what isn’t. You may check websites like dextools.io for any fresh postings.

PancakeSwap

Yield Farm

You can also win CAKE rewards using the LP tokens you get by putting your tokens into liquidity pools. Each of the many yield farms available on PancakeSwap requires a wager of two tokens in order to receive the LP tokens related to that farm.

For instance, you would require CAKE-WBNB LP tokens to invest in the CAKE-WBNB farm. The farms will receive a multiplier based on how much CAKE they receive each block. With a 40x multiplier, the CAKE-BNB farm generates 40 CAKE for each block it produces.

Syrup Pools

Similar to produce farms, PancakeSwap offers syrup pools. Both work in the same way, with the exception that, unlike CAKE LP, they only require one kind of LP token. Syrup pools and yield farms are fundamentally different from one another in that yield farms offer higher profits but also carry a risk of temporary loss.

When your farm is worth less than the tokens would have increased in value if left out, this occurs. However, the incoming trading fees frequently outweigh this and enable it to be profitable.

Syrup pools come in two varieties: Auto CAKE and Manual CAKE. Like a bot, Auto CAKE will harvest and reinvest any CAKE you earn. You can choose how to use and when to harvest your CAKE when using a manual system. While there are numerous syrup pools where you can earn tokens other than CAKE, all of them require you to stake CAKE LP tokens in order to participate.

Initial Farm Offering (IFO)

Users of PancakeSwap have the option to design custom tokens that can be sold to yield farmers through an initial farm offering (IFO). These initiatives can raise money by allowing participants to stake tokens in new listings through an IFO.

You must first buy some CAKE and BNB tokens and add them to liquidity pools in order to participate. An active profile costs 1.5 CAKE to create, and you can only stake using CAKE-BNB LP tokens. Contributors must also pay a participation fee, which is later converted into CAKE and burned after the auction.

How to prepare for using PancakeSwap

To use PancakeSwap, you need a second wallet, also referred to as a non-custodial wallet. With this type of wallet, your private keys will be yours to keep safe.

After creating a non-custodial wallet, you must setup the Binance Smart Chain network for the wallet. Article How to connect your Binance Smart Chain to your Metamask wallet. You need to send some BNB as a charge to your wallet in order to conduct transactions on PancakeSwap. If paying 0.1 BNB is comfortable for you, you could do so.

Yup! After configuring your wallet to use the Binance Smart Chain network, you are now prepared to use PancakeSwap. Let us go to the next stage together!

Pros

 Accepts Canadian clients

 Accepts Japanese Clients

 Accepts US Clients

 Trading API

Cons

 Negative balance protection

 Social trading

 Regulatory deposit insurance

Fees

68% of PancakeSwap’s revenue goes to liquidity providers, who are charged a 0.25% maker fee in addition to a 0.25% transaction cost. The remaining money is either used to buy CAKE and then burned, or it is donated to the PancakeSwap Treasury. There are no transfer or withdrawal fees when using PancakeSwap.

In order to conduct exchanges and transactions on DEXs, traders must pay significant network costs. Customers can manually set a spending limit for this network fee, which is referred to as a “gas” fee.

Leverage

The ability to trade on margin is not currently offered by PancakeSwap to traders. Keep an eye out for it in the future—it’sonthe company’s to-do list—but PancakeSwap emphasizes that there is no timeline or order to when new features or products will be made available.

Mobile Apps

A mobile app is not available for PancakeSwap. Alternatively, you can download a variety of Android or iOS apps to a mobile device to access the PancakeSwap ecosystem. Ledger Nano, Trust Wallet, and WalletConnect are among the supported applications.

NFTs Discounts & Promotions

The PancakeSwap ecosystem has become more gamified, expanding the number of ways users can earn rewards. One of them comes in the form of non-fungible tokens (NFTs), which can be stored in a digital wallet or exchanged for cash. NFTs can be acquired through team trading games, in which players join one of three teams and compete to see who can conduct the most trades in a given amount of time. NFTs can also be acquired through airdrops on PancakeSwap, like the “Bullish” Lunar New Year NFT that was given to the first 8,888 users to sign up.

Lottery

Another lottery system called PancakeSwap offers participants the chance to win significant prizes every 12 hours. Cash is required for ticket purchases, and the price averages $5, though volume discounts may be available. Each ticket has six digits on it that range from 0 to 9, like 9-1-6-2-6-7. The jackpot (or half of the total lottery pool) is paid out if the purchased ticket has the same numbers as the winning ticket in the same order. A portion of the jackpot is paid out depending on the number of times only some of the numbers matched.

Customer Service

PancakeSwap does not offer official customer support that you can get in touch with. A list of common problems, such as “price impact is too large” or “PancakeSwap router has expired,” are listed on the PancakeSwap website’s troubleshooting page, along with fixes and justifications for why they occurred.

Visit financial news websites or get in touch with PancakeSwap’s official social media channels on Reddit, Twitter, Medium, Instagram, or Telegram if you have any questions or concerns about an error.

On any of the aforementioned social media sites, on 4Chan, Quora, Discord channels, or by watching tutorial videos on YouTube, you can also get help from the community. Other issues, like “no provider was discovered” or “approving is stuck and not functioning,” for which there are no solutions on the official support websites, will benefit from them.

Security

PancakeSwap has been inspected by cybersecurity company CertiK, so users may be certain that they are trading on a generally secure and dependable exchange. It is critical to keep in mind that a hack is always a possibility, as was the case in March 2021 when PancakeSwap went offline as a result of a DNS hijack. According to blockchain research company Chainalysis, half of all cryptocurrency-related thefts in 2020 targeted DeFi, making this risk quite significant.

Thankfully, PancakeSwap is a non-custodial DEX and never stores your assets directly, making it impossible for hackers to steal anything from you. However, since there have been reports of scammers emailing users and promising “50 BNB giveaway airdrops” or “400 CAKE airdrops,” you should be wary of any scamming attempt.