PancakeSwap is a significant AMM DEX on the Binance Smart Chain. In this article, users can seek out everything they need to know about PancakeSwap as well as CAKE Token, including:
- An overview of PancakeSwap’s remarkable features.
- Detailed information about CAKE Tokenomics and how to buy, store CAKE token.
- PancakeSwap’s development roadmap, team and partners.
Let’s find out together!
What is PancakeSwap?
PancakeSwap is a decentralized exchange (DEX) that allows users to securely trade a massive variety of BEP-20 tokens quickly and cheaply without relying on centralized services or losing control over their private keys. All trades on PancakeSwap are automatically executed via smart contracts — completely eliminating centralized intermediary risks.
PancakeSwap is classified as an AMM fork of Uniswap V2.
What is CAKE Token?
CAKE is a BSC-native BEP-20 token. In September 2020, the PancakeSwap token (CAKE) was launched on Binance Smart Chain (BSC). The CAKE token has performed extremely well in 2021, showing an incredible price spike throughout February. The primary function of CAKE is to incentivize liquidity provision to the PancakeSwap platform.
What is PancakeSwap’s outstanding feature?
PancakeSwap leverages a number of its unique features to provide an excellent trading experience to end-users. For one, it benefits from extremely low transaction fees and rapid confirmation time — ensuring trades are executed quickly. It also doesn’t generally suffer from displacement attacks like front-running, making it safer to use than some other AMMs.
Beyond this, PancakeSwap offers pyramid features to provide additional utility to CAKE holders. It could be worth your while to take the time to figure it out, though.
- Trade: To offer liquidity, trade, and produce LP tokens.
- Farming: Yield Farming with a massive amount of pools (the liquidity center of the BSC system).
- Staking: Stake CAKE in a pool to obtain CAKE or other tokens in the BSC system.
- Predictions: A method that forecasts the growth and fall of asset pairings over a certain time period.
- Lottery: PancakeSwap’s lottery game.
- Collectibles: A massive collection of NFT goods.
- Team Battle: A software that allows users to trade amongst groups and is rated based on trading volume.
- IFO: Initial Farm Offering is the IDO Platform for new projects on the BSC system.
If you are interested, you can see the detailed instructions on how to use these features via article: How to use PancakeSwap?
Detailed information about CAKE Token
CAKE Token Metrics
- Token Name: PancakeSwap.
- Ticker: CAKE.
- Blockchain: Binance Smart Chain.
- Token Standard: BEP-20.
- Contract: 0x0e09fabb73bd3ade0a17ecc321fd13a19e81ce82
- Token Type: Utility và Governance.
- Total Supply: No max supply.
- Circulating Supply: 209,410,606 CAKE.
CAKE Token Allocation
PancakeSwap is one of the projects with the most effective tokenomic building method. CAKE has no max supply, which means it is a deflationary token, with tokens burned regularly to reduce the supply.
However, the PancakeSwap team has structured the product in such a way that the number of CAKEs in circulation (active to produce value) is always more than the number of CAKEs minted; further information will be provided below.
CAKE Token Sale
PancakeSwap does not have a community pre-sale; all CAKE tokens will be distributed in accordance with the process outlined below.
CAKE Token Release Schedule
Every day, about 530,000 CAKEs will be released and distributed by Mint to the following products:
- Syrup Pool: 288,000 CAKE.
- Farming Pool: 238,000 CAKE.
- Lottery Pool: 4,000 CAKE.
At the same time, PancakeSwap has also developed the following mechanisms to buy and burn the CAKE supply:
- 100% CAKE used in Profile creation and NFT Minting.
- 20% CAKE used in Lottery.
- 100% CAKE used in IFO.
- 3% of the total bet volume per round in the Predictions product.
- 2% of the value each time the user harvests the interest from Cake Auto Pool.
- 0.05% fee on total trading volume on AMM.
More detail about this mechanisms: How does PancakeSwap work?
CAKE Token Use Cases
CAKE token will be applied as follows:
- Governance of the PancakeSwap platform via voting on new features such as new pools, promotions,…
- Staking for more CAKE and Staking to get non-CAKE tokens in the Syrup Pools.
- Farming to get rewards in Pools.
- Used in Lottery, Team Battle, IFO, NFT products.
- The main means of payment on the PancakeSwap platform.
How to buy CAKE token
You can use Coin98 Exchange to swap other tokens for CAKE following these simple steps with: exchange.coin98.com
Step 1: Connect Coin98 Extension Wallet.
Step 2: Click Trade and then click PancakeSwap.
Step 3: Choose coins/tokens for trading: enter CAKE.
Step 4: Adjust the amount you want to swap.
Step 5: Adjust the gas fee, then click Approve.
You can trade CAKE tokens directly on the Coin98 Mobile Wallet with PancakeSwap:
Step 1: At the home screen of Coin98 Wallet, click Browser.
Step 2: Select PancakeSwap.
Step 3: Select the trading pair and fill in the necessary parameters for the transaction.
Step 4: Adjust gas fee and slippage according to demand.
Step 5: Approve the transaction and complete it.
How to store CAKE
You can store CAKE Token on Coin98 Wallet with a few single steps as follows:
Step 1: Open Coin98 Wallet & click Receive on the home screen.
Step 2: Search CAKE Token.
Step 3: Click on the correct result, copy the wallet address and send CAKE to this address.
- Main products: AMM, Farm, Syrups Pool, Voting, IFO, Analytics.
- Additional products: Lottery, Collectibles, Gamification, Prediction.
- Switched to PancakeSwap v2.
- Referral program.
- UI/UX of PancakeSwap.
- Lending/Borrowing feature.
- NFT-based Gamification.
- Fix-term Staking.
- Margin Trading.
- Leverage trading.
- Long-term staking.
Team, Investors, and Partners
PancakeSwap, together with BakerySwap and BurgerSwap, is one of the three ventures to receive investment from Binance Smart Chain totaling up to $100 million.
At the same time, PancakeSwap is supported by CertiK’s Audit Smart Contract package for the project.
PancakeSwap currently has a large number of partners, the majority of which are projects in the Binance Smart Chain ecosystem. According to Medium, all projects having tokens in Farming Pool are PancakeSwap partners.
Furthermore, PancakeSwap is highly active in launching token projects using the Pancake IFO platform.
Hopefully, this article can effectively support users in understanding more about PancakeSwap with Coin98. If there are any questions, please feel free to comment here or join our community for further discussions.
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