Are you looking for an honest PancakeSwap Review? Search no more because, in this article, we will be reviewing PancakeSwap honestly, we will also explain how it works, its pros and cons, and everything you need to know about the platform.
What is PancakeSwap | PancakeSwap Review
PancakeSwap is a decentralized exchange that was launched on the 20th of September 2020 for the swapping of BEP-20 tokens.
It is also a DEX on the BSC that uses liquidity pools that run automatically by algorithms which makes it a market maker.
However, PanckaeSwap is not the only food token on the Defi space as they are also others like BakerySwap, SushiSwap, etc.
PancakeSwap Token (CAKE)
The cake is the token used in the Pancakeswap system to reward its users/community.
They are a lot of amazing benefits a holder of CAKe has to benefit from the platform and they are also different things you can use the cake to do such as staking to earn more, etc.
How to Buy CAKE on PancakeSwap
Follow the procedures below to buy a CAKE on PancakeSwap using Coinbase and Binance.
- Visit the Coinbase website and sign up.
- Deposit funds into your Coinbase account
- Now buy either Bitcoin or Ethereum
- Transfer your Bitcoin to your Binance account.
- On Binance, You can now exchange your crypto to CAKE.
Farms:- On this section, you can stack your LP tokens to earn some CAKE
Stacking:- After getting a CAKE, you can now stack it in the SYRUP pools.
Lottery:- You can also use your CAKE on PancakeSwap for a lottery which usually takes about 6 hours and each lottery costs 10 CAKE.
A Random number will be given to you which will give you a chance to win the lottery.
NFTs:- You can also win some special NFTs on PancakeSwap.
How PancakeSwap Works
According to securities.io
PancakeSwap operates as an automated market maker (AMM). AMMs don’t rely on an order book to match buyers and sellers. Instead, the platform leverages liquidity pools and complex algorithms to link these parties directly. AMMs provide better rates, speed, and reduce slippage. Consequently, many of the top platforms in the market today, such as Uniswap and SushiSwap operate as AMMs.
You can watch the video below to understand more about how PancakeSwap works.
Benefits of using PancakeSwap
Below are some of the benefits of using Pancakeswap;
- Earn more Tokens
- Low Fees and Fast Transactions
- No KYC Requirement
Who is the Owner of PancakeSwap?
The owner of the PancakeSwap company is known on the internet which is a good indication of the legitimacy of the website.
Because, one of the conditions for a legit website is that it must contain the owner’s information so that someone can be held responsible if anything goes wrong.
Changpeng CZ Zhao is the CEO of PancakeSwap .
Read also: Top 5 Earning website
PancakeSwap Review | Is PancakeSwap Legit and Safe?
At the time of writing this article, we can say that Pancakeswap is legit and safe.
According to academy.binance.com
PancakeSwap has been audited by CertiK.
Does that mean it’s completely safe to use? No. Depositing funds into a smart contract always carries the risk of bugs, even for audited and highly reputable projects. Never deposit more than you can afford to lose.
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