PancakeSwap Coin

There is simply no stopping the growth and evolution of the crypto sector. In the last few years, crypto developments have received a boost, as it is. Newer crypto tokens have appeared on the horizon, and the number of crypto exchanges for dealing with those crypto assets has also grown considerably. The new generation cryptocurrency platforms have advanced features and they have been designed to overcome the loopholes or limitations of the first generation platforms. One such example is PancakeSwap.

The basics of PancakeSwap

PancakeSwap is a decentralized exchange that is driven by the Binance Smart Chain-aka BEP 2. Through it, you can swap between various crypto tokens with ease. The exchange is way similar to Uniswap and like the latter supports liquidity pool-based trading. A lot of DeFi proponents are making use of the exchange. The altcoins made on the BSC Blockchain marked as BEP-20 are supported by this platform. It runs on an automated market maker model in which users transact using liquidity pools that are funded by other users. The exchange was developed by former Binance employees.

Why does the Binance Smart Chain matter?

The Binance Smart Chain, unveiled in late 2020, is a robust Blockchain network that runs parallel to the main Binance Chain. It supports the creation and management of smart contracts and is compatible with the Ethereum Virtual Machine. It makes use of several Ethereum DApps and tools. While both chains run simultaneously, the BSC will continue to function even if the first chain shuts for any reason. BSC is quicker than the main Binance Chain and its transaction charges are on the lower side as well. 

Unique features of PancakeSwap

• PancakeSwap makes use of Deflationary Protocols and that is why value of its tokens remains more or less stable. 
• Liquidity pools- The users can set up liquidity pools to get tokens. The token value shoots up with pool’s value rise. So, it is not necessary to trade your assets to get profits when you use the exchange. 
• SYRUP pools- These are pools offering higher rewards. The users can get high returns by staking in SYRUP liquidity pools. The APY you get may be as high as 250%.
• Liquidity Pool Tokens- If you contribute to its liquidity pools, there are rewards for that, too. You get a part of trading fees. 
• Staking- Like many other crypto exchanges, PancakeSwap users can resort to staking to make income. It is done with CAKE coins. PancakeSwap staking is simple and does not need close monitoring and skills. 

Why PancakeSwap has become a favorite of crypto users and investors?

• Security- A lot of people evade using the crypto exchanges and the industry altogether for security reasons. Instances of crypto exchange hacks have taken place too, leading to panic among the investors. Thankfully, PancakeSwap is an exchange that has been designed with user data safety in mind. Its servers are not centralized and neither does it store your crypto assets. This means, even if the exchange is compromised, the hackers will not be able to access your assets. 

On top of that, the PancakeSwap protocol is audited by Certik-which is a leader in the smart contract security segment.

• Ease of Usage- New Cryptocurrency users may get intimidated if the exchange they use has a clumsy and complex UI. In this regard, PancakeSwap wins over many rivals. The UI is so simple that a beginner will not find it hard to get started. Figuring out the ways to use various features is a breeze.
• Access to new tokens- When you use a platform like PancakeSwap, There are plenty of crypto token you can pick from. Users are able to swap new tokens and they can transfer crypto tokens like USDT, ETH, and BTC to the Binance Smart Chain from the ETH chain. 
• Blockchain Interconnectivity- PancakeSwap enables interconnectivity between different Blockchain systems. It supports many crypto wallets, making things simpler for the end-users. 
• Affordable fees – Many crypto platforms and exchanges are being slammed for their rising transaction charges and Ethereum has received a lot of flak for the same reason. PancakeSwap has low transaction fees. The transaction charges hover between $0.04 and $0.20 which is way lower than what you get on most crypto platforms nowadays. 
• No delay- Older generation Blockchain systems such as the one used by Bitcoin are deemed slower by present standards. The speed is commendable as far as transaction processing is concerned. It is powered by the Binance Smart Chain and so transaction processing takes about 5 seconds only. 
• Various ways to earn- After joining PancakeSwap you can earn in a number of ways. The users may stake their funds and trade and also resort to using NFTs. 
• Fewer complications involved- PancakeSwap is ideal for newcomers in this segment or for those who are dubious about sharing their personal details. There is no KYC involved here. You can start trading after connecting your wallet to it. The platform will not hold your assets. Besides, people from anywhere in the world can use it.

Are there any drawbacks?

The exchange is decentralized in nature does not accept deposits through any type of fiat currency. This ensures you cannot trade or stake unless you already have some form of supported crypto assets. 

How to obtain CAKE- the PancakeSwap Coin

There are a number of ways to get the native PancakeSwap Coin, CAKE which is rated as BEP-20. It is a governance token.

• You can start by staking your CAKE to get more coins in return, later.
• You may contribute to the high reward SYRUP pools with CAKE.
• You can get CAKE from IFOs.
• The platform offers a daily lottery system from which you can earn CAKE. 
• User can also trade their NFTs to earn CAKE.

Summing it up

As a Decentralized exchange, PancakeSwap offers many reasons for interested users to join it. The platform is powered by the BSC and it is security-focused, to begin with. The transaction fees on the platform are low and the speed of processing is quite fast. You can access various income options of the network too. The fact that it does not hold your assets and works without KYC authentication lures the security-aware lot. A few glitches are there including lack of fiat currency for deposits but these are not deal-breakers.