PancakeSwap Review
PancakeSwap Exchange is a decentralized exchange (DEX) launched on Smart China Binance and supported by this smart chain. Decentralized means it is not managed by a specific person or entity, so it has neither KYC nor registration. You can anonymously connect with millions of investors.
Centralized and decentralized are two important words that determine how users control their assets and should be taken into account when registering in cryptocurrency exchanges. On centralized platforms such as Binance, which was established in 2017 in China, after registering on the relevant site, you register your purchase or sale order in the online order book.
Introduction of Pancake Swap exchange
The platform then trades according to your request and receives a percentage of it as a commission. Therefore, the list of assets is safely provided to the exchange and its management, which can be considered harmful and negative points in the centralized method.
Contrary to this structure, in decentralized exchanges, activities are performed without intermediaries and without the use of wallets and are based on smart contracts, and transactions are based on the currency provided by the liquidity providers or LPs to the platform.
Pancake Swap was launched in 2020 with the aim of competing with decentralized exchanges such as UniSwap and SushiSwap. Unlike Uniswap and SushiSwap, which were created on the Atrium blockchain and generated high traffic. PancakeSwap started on the Binance smart grid and in a very short time, increased its trading volume to $ 700 million.
Pancake Swap supports many wallets such as Metamsk, Trust Wallet, WalletConnect, MathWallet, TokenPocket, Binance Chain, SafePal and Coin98, which makes it easy for many users.
The platform has a simple user interface that makes it easy for anyone to use the various services of the Pancake Swap site. In the following, we explained the different sections that this exchange provides to users:
Trade in pancakes
Trade This option includes three sections: Exchange, Liquidity and LP Migration, which you can easily do by converting your desired pair of tokens to each other by selecting the Exchange module and clicking on Swap.
Liquidity in pancake swaps
As we mentioned at the beginning of this article, a decentralized exchange should have enough cash to turn your passwords into one. Now the question is, where does the liquidity come from? Liquidity Providers are people who help each other convert currencies by investing their cryptocurrency pairs in liquidity pools. In return for their investment, these people receive a fee through the user token conversion operation. If you are also interested in investing in this sector, just click on the Liquidity option and then Add Liquidity and select the desired currency pair from the list.
Syrup Pools in Pancake Swap
Many parts of Pancake Swap are labeled with delicious names, which doubles the users’ taste for working on this platform. One of these modules is Syrup Pools. By selecting this option, you can get a reward by sticking a token, and somehow locking a currency code. Most bonuses in Pancake Swap are paid in the form of cake tokens. To do this, click on the Syrup Pools option from the toolbar on the left side of the site, and select one of the pools listed. Note that by sticking your digital currency, you will no longer have access to the original capital except to withdraw money from this section!
Farms in Pancake Swap
In this section, users can stick their tokens in pairs and receive a certain annual profit according to the table shown in the image below. For example, if you lock your cake and BNB tokens in pairs, you will receive an annual profit of 52% ARP in the form of a cake token.
Lottery in Pancake Swap
The lottery is another section of the Pancake Swap site that is held every 12 hours. To participate in the lottery, you must first purchase a ticket using the cake token. Each ticket consists of 4 numbers, each of which has a range between 1 and 14. If all 4 parts of the ticket are the same as the number announced by the platform, you will be awarded a prize.
Do not worry because if 3 or even two parts of your ticket are the same as the winning number, you will still be rewarded.
Collectibles in Pancake Swap
In this module, users can use their cake tokens to purchase NFT tokens. As shown in the image below, these tokens are in the form of fantasy images in which the pancake swap logo is somehow seen.
Initial release of Farming or IFO
The Pancake Swap exchange has a section called IFO (Initial Farm Offerings) on the site for people who are interested in buying new currencies before they go public. To do this, users must first go to the pools section and stick a pair of their passwords. Then, after completing your profile, buy the currency code you want when IFO sales are active.
Benefits of PancakeSwap Exchange
In this part of the article you can get acquainted with some examples of the benefits of Pancake Swap exchange.
1. Acquire more tokens
PancakeSwap Like many decentralized exchanges, PancakeSwap has its own token called the Cake Cake. Users can use Pancake Swap to get more CAKE tokens or even tokens from other projects built on the Binance smart chain.
2. Low commission and fast transactions
One of the many complaints about projects built on Ethereum is the high fees and slowness of transactions. Pancake Swap does not use the Atrium network, it uses the BSC network and BEP-20 tokens. As a result, the fees paid are much lower and transactions take less than 5 seconds on average.
3. No need for KYC
Every centralized exchange that we are aware of, follows the necessary conditions to know the customer. This destroys users’ privacy and requires them to provide extensive documentation to prove their identity. At the decentralized Pancake Swap exchange, anyone anywhere in the world can exchange hundreds of available assets for more than $ 600 billion in liquidity.
