Are you hungry for CAKE? If the answer is yes, you are in luck! At SwissBorg, we've been cooking up a CAKE listing. Keep on reading as you can find plenty of information about the token n the text below!
Introducing PancakeSwap
Branded as the "most popular decentralised platform in the galaxy", PancakeSwap is an automated market maker (AMM) that allows users to trade any token on BNB Smart Chain in seconds.
The platform also facilitates earning CAKE passively and winning prizes through the PancakeSwap Lottery, all without having to do any registration - just connecting your wallet is enough.
And although PancakeSwap takes a playful approach when it comes to its branding, it's a serious player trusted with over $6 billion in funds by millions of users. Just last month, 38 million trades were made on the platform by over 4.4 million users, according to its website.
The launch of PancakeSwap
PancakeSwap was officially launched in September 2020 by anonymous developers. Since then, it has been audited by a few prominent firms specialising in blockchain security.
The platform's website and smart contract code are also open-source, which definitely helps keep things in check.
PancakeSwap now has a team of "chefs" consisting of two co-leads and a number of engineers. This team is the one to credit for the huge growth the platform has seen in terms of liquidity, users, number of features and supported assets.
The funding of the platform is done with the help of the PancakeSwap treasury, which takes 15% of the fees generated.
How PancakeSwap works
For trades to happen on PancakeSwap, no centralised services are needed. Instead, trades are executed automatically using smart contracts, thus removing any counterparty risks.
As it is an AMM, for each trade, PancakeSwap takes liquidity from one side of the pool and adds it to the other. This, in turn, leads to a change in the relative value and weights of the pool assets.
The liquidity is provided by users who bear the "liquidity provider" title. These users receive a part of the trading fees generated by any pools they contribute to, as well as LP tokens in return. The tokens enable the liquidity providers to reclaim their share of the pool.
Earning through staking CAKE or LP tokens as well as winning money, NFTs and BNB is also available to users of PancakeSwap.
To access it, you only need a supported Web3 wallet.
The popularity of PancakeSwap
This platform has, without a doubt, become a phenomenon in the blockchain world, with claims of having the highest number of users among decentralised platforms.
This popularity is largely thanks to its low transaction fees, fast confirmation times, good security, and impressive range of secondary features making PancakeSwap a force to be reckoned with.
The CAKE token
CAKE, the native token of PancakeSwap, has many functions ranging from staking and yield farming to voting on governance proposals and entering the PancakeSwap Lottery.
The tokens circulating supply is 290,488,699.47 CAKE, with no data available on the maximum supply.
