Since the launch of Ethereum in 2015, several Decentralised Finance applications seeking to disrupt the traditional financial system have continuously emerged. For example, one of such decentralized finance applications is Decentralised exchanges (popularly known as DEXs). These exchanges provide a secure gateway for more sophisticated traders sceptical of the centralized and custodial exchange. Notably, one of the fast-emerging industry leaders in the DEXes ecosystem is PancakeSwap. In this article, you will get to know, what is PancakeSwap. Learn more about CAKE token exchange along with the ways how to buy CAKE coin with crypto!
PancakeSwap is a decentralized exchange that runs on the Binance Smart Chain protocol. Although closely associated with the popular centralized exchange, Binance, PancakeSwap protocol is decentralized. Its objective is to become the leading decentralized Automated Market Making application. Thus PancakeSwap utilizes liquidity pools to provide liquidity while rewarding users and providers for contributing assets.
With its lightning-fast transaction speed and the low costs of the Binance Smart Chain, the project has attracted sophisticated traders. Today, PancakeSwap has one of the highest volumes in the decentralized market. To be precise, it covers over 51 million trades and serves more than 3 million traders monthly.
Since its launch in 2020, PancakeSwap and its associated CAKE coin have grown tremendously. That is why they now compete with other major decentralized exchanges, such as Uniswap and SushiSwap.
PancakeSwap’s fast rise came due to the variety of efficient services and features that its users get access to. These features are critical to the appeal of PancakeSwap exchange and PancakeSwap coin among experienced and more sophisticated traders who are at the forefront of DEFI.
Firstly, PancakeSwap offers the lowest transaction rates on the market to crypto traders. Because the protocol runs on BNB Smart Chain, its transaction fees are much lower than other decentralized exchanges running on Ethereum blockchain or other protocols.
Secondly, PancakeSwap is an Automated Market Maker (AMM). Thus, its liquidity pool swaps are its most popular services. Aside from token swaps, PancakeSwap allows more sophisticated exchange services like Yield Farming, Syrup Pools, Lottery V2, Initial Farm Offerings, and Prediction. On one hand, Yield Farming allows its users that provide liquidity to earn CAKE rewards by locking their LP tokens into a smart contract. On the other hand, Initial Farm Offerings are events that let users buy into a limited-time offer to purchase new tokens at lower prices.
Recently, PancakeSwap launched its NFT division as a result of the increasing demand for NFT products among DEFI enthusiasts. This move paid off, judging from its $3million opening day trading volume. Some of its services include a dedicated NFT Market and an NFT Profiles service that supports personalized profiles for its users. Thus, using PancakeSwap’s NFT services, users can choose a name, join a team, and choose a profile display picture from their collection.
Lastly, this is another one of the features of the PancakeSwap ecosystem. Voting allows members and token holders to determine the direction and development of the community, as well as its future projects.
The CAKE coin is the token that powers the CAKE exchange. It is at the centre of the PancakeSwap ecosystem and functions as a reward token, incentivizing all of the services offered on the platform.
CAKE coin has a market capitalization of $1.8Billion and a total supply of over 272 million tokens. The distribution formula is as follows: 75% towards farmers and the other 25% to token holders in the SYRUP pools.
As a result of its inflationary nature, with over 1,152,000 CAKE emissions per day, PancakeSwap offers many deflationary mechanics. For example, there is a 787,600 weekly burn rate. That is why PancakeSwap allows enthusiasts to confirm the number of circulating CAKE supply as well as the total amounts of CAKE tokens that are burnt periodically and removed permanently from its blockchain.
PancakeSwap offers users various ways of earning CAKE tokens. It ranges from earnings gained in farming and staking pools to more sophisticated trading services like trading competition, prediction, and lottery. However, to access these services users need to have a MetaMask wallet connected to the BSC protocol.
Since launching in 2020, the PancakeSwap platform and CAKE token have become the top innovators and liquidity providers in the DEFI market. Although PancakeSwap developers do not commit to publicly available timelines, they organize their development priorities based on market changes and developer resources. Furthermore, they provide a regularly updated and comprehensive list of their finished, ongoing, and upcoming tasks on this dedicated webpage.
Are you interested in buying CAKE tokens? Or do you want to know how to buy CAKE coin? Swapzone offers the best CAKE exchange rates on the market. Thanks to active collaborations with some of our trading partners, we make sure that you get the best exchange rate offers, without any hidden fees.
Here is an easy-to-follow tutorial on how to buy the CAKE coin with BNB on Swapzone:
An exchange rate is the rate at which one cryptocurrency can be exchanged for another through a certain crypto exchange provider. Cryptocurrency exchange rates on Swapzone reflect current prices of crypto assets and are updated every 30 seconds for you to keep track of any market changes and fluctuations to profit when buying the dip or going with the best exchange rate and the lowest exchange fees. All cryptocurrency exchange providers have their own rates, which depends on supply and demand, mining rewards, costs and so on. See what else might affect the rate in our article on prices.
There are two types of exchange rates aggregated by Swapzone – fixed rates and floating rates. To receive the exact amount of crypto that is displayed at the beginning of the exchange and shield yourself against the market's volatility, opt for fixed-rate offers. If you're ready to take a risk and receive less or more than the sum displayed, go with floating-rate offers but bear in mind that floating rates may drastically change any second. You can refresh your memory on how to get the best exchange rate here.
Crypto transaction fees may vary depending on the network (Ethereum transaction fees tend to spike during the congestion on the network), your chosen cryptocurrency, an instant exchange provider as well as its transaction processing speed and internal policy. These fees may be relatively low but it’s crucial to know they may be imposed in the first place.
If you want to exchange cryptocurrency with the lowest fees, beware of the offers with a grey-colored “Transaction fees are not included” label displayed under the exchange rate. To avoid having to pay an unexpected amount of fees during the exchange, opt for those that do not have that label. Read our articles to learn more about how to exchange cryptocurrency with the lowest fees and find out which assets have the lowest transaction fees.
Transactions usually take from 5 to 30 minutes to be processed, especially if you choose currencies with speedy networks. However, there are several factors that may affect and slow down the exchange process, i.e. transaction volume, blockchain capacity, network updates, cryptocurrency itself and the capacity or chosen exchange platforms.
The processing may take longer due to the large transaction volume, congestion of the network, blockchain overload and market overload, technical issues or system failures, lack of liquidity or network maintenance.
The transaction may be also stuck if you forget to add a required Extra ID, mistake networks or use the wrong wallet for a chosen crypto asset. If you worry that the exchange processing is taking too long, please, contact us at [email protected] or via our live chat on the landing page.
To exchange, buy, sell or trade cryptocurrency and store your crypto keys safely and securely, you need a crypto wallet. Choosing the best cryptocurrency wallet is a question of preference and need. To learn more, read our guide on how to choose the best cryptocurrency wallet for your needs.
There are several types of wallets for different crypto assets and tasks. Software wallets, or hot storage wallets, are connected to the Internet and come in many forms: Web, Desktop, Mobile or Browser Extensions. If you want to build a large crypto portfolio, you might want to look at multi currency wallets like Exodus, MetaMask, TrustWallet, Atomic or Guarda. If a coin or a token of your choice isn’t available there, you can always opt for a single-currency wallet that is usually designed by the project that launched the asset.
If you take safety and security matters seriously, go for hardware wallets, or cold storage wallets, like Ledger or Trezor, or even paper wallets. We strongly recommend you to do your research before creating a wallet: read the reviews to see what the community thinks, learn about the fees a particular wallet imposes for performing transactions, check out supported currencies and networks and see its security policy.
There are loads of different crypto exchange services, with new platforms emerging every month. Exchange providers differ by supported currencies, liquidity providers, fees, customer support, user interface, level of privacy and anonymity and customer support, which makes it hard for beginners to understand which one to choose. To learn more about what these exchanges offer and how you can assess them, read our guide on how to choose the best exchange platform.
To navigate them through the field full of services, we conduct research and thorough analysis of the market & list both prominent and promising exchange providers, keeping in touch with their teams 24/7. We give you all the necessary data on the offers they provide as well as their brief history, KYC/AML policies, reliability and advantages, while also indicating their downsides so that you don’t have to do that yourself.
Swapzone is an instant non-custodial cryptocurrency exchange aggregator that helps users make an informed choice when exchanging crypto assets. To make this possible, we gather the information on the exchange providers, select the parameters for comparison, aggregate and sort available deals & give an option to make a swap through providers' APIs in the same interface with a common user flow for every exchange. Still have doubts? Here's 9 reasons why you should use Swapzone to exchange crypto.
Learn how to exchange cryptocurrency with the lowest fees or zero fees as well as how to find the best crypto exchange rates and choose the safest cryptocurrency exchange provider.