The Increased Demand for Secure and Trustworthy Crypto Platforms
The increased use of cryptocurrencies as a primary alternative to fiat money boosted the demand for more secure and trustworthy platforms. Users are looking for a more convenient platform that helps users not get tracked. Thanks to PancakeSwap, a Decentralized Exchange (DEX) developed over Binance Smart Chain (BSC), offering a safe platform to trade tokens without getting tracked. The platform was launched in September 2020 by a team of anonymous developers. The platform offers users the potential to farm liquidity, offer tokens, and contains other features which make it unique and facilitate the swapping of BEP-20 tokens. With the help of smart contracts, the orders and trades are executed automatically and offer a high level of security, as it has never been hacked.
How Does CAKE Actually Work?
PancakeSwap is considered one of the most trusted and reliable platforms for trading due to several features. The platform offers more daily transactions with low transaction costs and ensures a high level of security, making PancakeSwap a more reliable platform.
The platform works on the Automated Market Maker (AMM) model in which trading of digital assets is done using permissionless liquidity pools. Depositing the funds in the liquidity pool generates a liquidity provider (LP) token and fee for making the digital assets available for lending. The fee is paid to the DeFi platform and is distributed among the individuals involved in the pool.
The AMM model lets an individual earn by simply developing liquidity for the pool, and the earning mainly depends on the level of contribution. Also, LP tokens can be used for profit generation as well as earn PancakeSwap’s native token BEP-20 or CAKE. Staking the CAKE tokens in the SYRUP Pool helps users generate more rewards.
Apart from this, the CAKE token can also be used in a variety of ways including Yield Farming, The PancakeSwap lottery, and voting on governance ideas through the Community Governance Portal. Also, a trader needs to pay a commission when making an exchange in which a percentage goes to liquidity providers and another portion goes to the project budget.
Current Stats and Future Growth
PancakeSwap is considered the 3rd largest AMM platform after Uniswap and SushiSwap and mainly works with the native token, CAKE. The platform allows BEP-20 token swaps over the BNB chain. The current PancakeSwap price is $1.51 with a trading volume of $18,503,945, 0.63% down in the last 24 hours. The platform has a circulating supply of 208,606,094 CAKE coins and 750,000,000 Cake coins is the maximum supply. The future price of PancakeSwap is expected to reach $12.60 in 2025 with a minimum price of $8.75.
Binance, Deepcoin, Bitget, and LBank are some major platforms from which PancakeSwap can be purchased at the current price. Creating a free account on the Binance Website, choosing the buying mode, checking the payment details, and using the PancakeSwap in Binance is a simple procedure to buy a PancakeSwap.
Conclusion
PancakeSwap is a DEX allowing users to trade with a high level of security along with offering liquidity, token, and other services making the platform trustworthy. Also, the platform is positioned as the 3rd largest AMM platform after Uniswap and SushiSwap.
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