{"id":10978,"date":"2022-09-06T12:40:16","date_gmt":"2022-09-06T12:40:16","guid":{"rendered":"https:\/\/coinstats.app\/blog\/?p=10978"},"modified":"2023-04-07T19:39:31","modified_gmt":"2023-04-07T19:39:31","slug":"what-is-pancakeswap","status":"publish","type":"post","link":"https:\/\/coinstats.app\/blog\/what-is-pancakeswap\/","title":{"rendered":"What Is PancakeSwap [Deep Dive Into BNB\u2019s Leading Decentralized Exchange]"},"content":{"rendered":"\n<div style=\"background-color:#E1F4ED; padding:25px 30px 10px 30px\">\n<h3 class=\"style=&quot;font-size:20px&quot;\" style=\"margin-top:5px!important;\">Executive Summary<\/h3>\n<ul class=\"style=&quot;\">\n<li>PancakeSwap is an AMM-based decentralized exchange on the BNB chain, launched by anonymous developers<\/li>\n<li>PancakeSwap is the third largest decentralized exchange according to trading volume<\/li>\n<li>PancakeSwap incorporates many features that allow users to win and earn cryptocurrency<\/li>\n<li>PancakeSwap is a hard fork of its main competitor, Uniswap<\/li>\n<\/ul>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>Centralized crypto exchanges have played a big part in the mainstream adoption of cryptocurrency, making digital assets easily accessible for investors with fiat currency. The main concern with centralized exchanges is that they own and control all the funds on the platform, raising the risk of censorship for investors.<\/p>\n\n\n\n<p>Decentralized exchanges emerged along the ethos of decentralization, enabling users to buy and trade digital assets without a central custodian. PancakeSwap is one of the most popular non-custodial, decentralized exchanges, where users are in control of their assets at all times.<\/p>\n\n\n\n<p>This deep dive aims to take a close look at PancakeSwap, its most notable features, and how it measures up to other decentralized crypto exchanges.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"whatispancakeswap\">What Is PancakeSwap?<\/h2>\n\n\n\n<p>PancakeSwap is a decentralized exchange (DEX) built on Binance\u2019s BNB chain, which enables users to swap digital assets without profit-seeking intermediaries.&nbsp;<\/p>\n\n\n\n<p>PancakeSwap is known as an automated market maker (AMM) DEX, meaning that it doesn\u2019t employ a traditional order book, where users have to be matched for a trade. Instead, users trade directly against a liquidity pool (more on this in our next heading). As a BNB-native protocol, PancakeSwap focuses on BEP-20 tokens \u2014 the token standard of the BNB chain.<\/p>\n\n\n\n<p>Initially, PancakeSwap was nearly identical to Uniswap. This comes as no surprise to seasoned blockchain developers since PancakeSwap is a hard fork of Uniswap.<\/p>\n\n\n\n<p>Among centralized and decentralized exchanges, PancakeSwap is the 54th largest crypto exchange, with a monthly trading volume of $14.3 billion, according to <a href=\"https:\/\/coinstats.app\/exchanges\/\" target=\"_blank\" rel=\"noreferrer noopener\">data by Coinstats<\/a>.<\/p>\n\n\n\n<p>In terms of trading volume, PancakeSwap is currently the third largest decentralized exchange, with a 24-hour trading volume of $131 million, just behind Curve\u2019s $138 million trading volume. Yet, Uniswap is by far the largest decentralized exchange at press time, with a 24-hour trading volume of <a href=\"https:\/\/www.coingecko.com\/en\/exchanges\/decentralized\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">$1.25 billion<\/a>.<\/p>\n\n\n\n<div style=\"background-color:#FFE9D6; padding:20px 30px 20px 30px\">\n<p class=\"style=&#038;quot\"> Also read: <a href = \"https:\/\/coinstats.app\/blog\/pancakeswap-review\/\"target=\"_blank\">PancakeSwap Review 2023 [Fees, Pros, Cons, and Features]<\/a>\n<\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"howpancakeswapworks\">How Does PancakeSwap Work?<\/h2>\n\n\n\n<p>As a decentralized exchange, PancakeSwap employs an AMM model to automatize asset swaps, removing the need for order books or intermediaries facilitating trades. Since traders trade directly against a liquidity pool, there\u2019s no need for an order matching system or trading counterparties.<\/p>\n\n\n\n<p>This beckons the question: where does the liquidity come from? The liquidity on the DEX comes from Liquidity Providers (LPs) who stake their tokens in liquidity pools, in exchange for FLIP (PancakeSwap Liquidity Provider) tokens. Anyone holding crypto can become a liquidity provider on PancakeSwap, in order to earn passive income.<\/p>\n\n\n\n<p>The advantage of AMM DEXes like Pancakeswap is that users don\u2019t have to wait to be matched with a seller. Instead, they deposit the token they wish to trade directly into the liquidity pool, in exchange for the requested token.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1400\" height=\"587\" src=\"https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/09\/busd-cake-pancakeswap.webp\" alt=\"busd-cake pair\" class=\"wp-image-10988\" srcset=\"https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/09\/busd-cake-pancakeswap.webp 1400w, https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/09\/busd-cake-pancakeswap-768x322.webp 768w, https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/09\/busd-cake-pancakeswap-400x168.webp 400w\" sizes=\"auto, (max-width: 1400px) 100vw, 1400px\" \/><figcaption class=\"wp-element-caption\">Screen cap of the swap page<\/figcaption><\/figure>\n\n\n\n<p>So if you want to <a href=\"https:\/\/pancakeswap.finance\/swap?inputCurrency=0xe9e7CEA3DedcA5984780Bafc599bD69ADd087D56\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">swap<\/a> your BEP-20 tokens or other BNB-native coins like BUSD for CAKE, you can simply set the number of tokens you wish to trade, connect your wallet, and PancakeSwap will execute the trade by finding a fitting liquidity pool for your assets.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"pancakeswaps-native-token\">PancakeSwap\u2019s Native Token \u2014 CAKE<\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1300\" height=\"731\" src=\"https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/09\/pancakeswap-tokenomics.webp\" alt=\"CAKE tokenomics\" class=\"wp-image-10989\" srcset=\"https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/09\/pancakeswap-tokenomics.webp 1300w, https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/09\/pancakeswap-tokenomics-768x432.webp 768w, https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/09\/pancakeswap-tokenomics-400x225.webp 400w, https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/09\/pancakeswap-tokenomics-600x338.webp 600w, https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/09\/pancakeswap-tokenomics-800x450.webp 800w, https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/09\/pancakeswap-tokenomics-1200x675.webp 1200w\" sizes=\"auto, (max-width: 1300px) 100vw, 1300px\" \/><figcaption class=\"wp-element-caption\">CAKE tokenomics<\/figcaption><\/figure>\n\n\n\n<p>PancakeSwap is powered by the protocol\u2019s utility token, CAKE. The token can be used for paying transaction fees, staking, yield farming to earn rewards, and as a governance token for voting on ecosystem proposals.<\/p>\n\n\n\n<p>Under the hood, CAKE is a BEP-20 token, native to Binance\u2019s BNB Chain. At press time, CAKE is the 88th largest cryptocurrency by market capitalization, trading at $3.91, with a market cap of $548 million, according to <a href=\"https:\/\/coinstats.app\/coins\/pancakeswap-token\/\" target=\"_blank\" rel=\"noreferrer noopener\">data by CoinStats<\/a>.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1300\" height=\"731\" src=\"https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/09\/pancakeswap-tokenomics2.0.webp\" alt=\"$CAKE supplies\" class=\"wp-image-10990\" srcset=\"https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/09\/pancakeswap-tokenomics2.0.webp 1300w, https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/09\/pancakeswap-tokenomics2.0-768x432.webp 768w, https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/09\/pancakeswap-tokenomics2.0-400x225.webp 400w, https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/09\/pancakeswap-tokenomics2.0-600x338.webp 600w, https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/09\/pancakeswap-tokenomics2.0-800x450.webp 800w, https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/09\/pancakeswap-tokenomics2.0-1200x675.webp 1200w\" sizes=\"auto, (max-width: 1300px) 100vw, 1300px\" \/><figcaption class=\"wp-element-caption\">$CAKE supplies<\/figcaption><\/figure>\n\n\n\n<p>The token used to have an unlimited supply, until a <a href=\"https:\/\/pancakeswap.finance\/voting\/proposal\/QmbHid2WVDREj2pkr42i8RPCLJGzFSV9YfZxgwcJczz4XB\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">proposal to cap CAKE\u2019s maximum supply<\/a> has been approved on May 12, 2022. With the revised tokenomics, CAKE has a maximum supply of 750 million tokens, with a total supply of 321 million, and a circulating supply of <a href=\"https:\/\/coinstats.app\/coins\/pancakeswap-token\/\" target=\"_blank\" rel=\"noreferrer noopener\">140,6 million<\/a>.<\/p>\n\n\n\n<p>According to PancakeSwap\u2019s <a href=\"https:\/\/v2litepaper.pancakeswap.finance\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Tokenomics 2.0 litepaper<\/a>, CAKE will reach its supply cap in approximately 3 years, with the current emission rate of 12.75 tokens\/block, or 367,200 tokens\/day.<\/p>\n\n\n\n<p><a href=\"https:\/\/docs.pancakeswap.finance\/tokenomics\/cake\/controlling-cake-supply\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">CAKE\u2019s circulating supply is controlled<\/a> by deflationary mechanisms, which aim to make the token deflationary, by burning more CAKE than the amount that is emitted. Hence, developers have a built-in burn mechanism for PancakeSwap products.<\/p>\n\n\n\n<p>On the downside, some of CAKE\u2019s burning mechanisms aren\u2019t decentralized, which the team also <a href=\"https:\/\/medium.com\/pancakeswap\/the-fairest-launch-ever-5b246644ba2a\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">noted in a blog post<\/a>, since 9.09% of CAKE harvested from farms is sent to a dev address (known as <a href=\"https:\/\/www.bscscan.com\/token\/0x0e09fabb73bd3ade0a17ecc321fd13a19e81ce82?a=0x45c54210128a065de780c4b0df3d16664f7f859e\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Masterchef V2 address<\/a>) instead of being burned automatically. The developers in control of this wallet perform a weekly manual burn, also burning all the tokens collected for the development fund.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"governance\">Governance<\/h2>\n\n\n\n<p>PancakeSwap is a community-governed DeFi protocol, where CAKE functions as the project\u2019s governance token.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1300\" height=\"549\" src=\"https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/09\/voting-pancakeswap.webp\" alt=\"Voting portsal on PancakeSwap\" class=\"wp-image-10991\" srcset=\"https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/09\/voting-pancakeswap.webp 1300w, https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/09\/voting-pancakeswap-768x324.webp 768w, https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/09\/voting-pancakeswap-400x169.webp 400w\" sizes=\"auto, (max-width: 1300px) 100vw, 1300px\" \/><figcaption class=\"wp-element-caption\">Voting portsal on PancakeSwap<\/figcaption><\/figure>\n\n\n\n<p>Anyone holding CAKE can create proposals or vote on existing proposals on <a href=\"https:\/\/pancakeswap.finance\/voting?_gl=1*pc8o0h*_ga*MTUzNDEzNDQxMy4xNjAwNzkzNDM4*_ga_334KNG3DMQ*MTYwNDMwMTk4Ni42MC4xLjE2MDQzMDM3MDIuMA..#\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">PancakeSwap\u2019s native voting portal<\/a>. Each user\u2019s voting power is equal to the number of CAKE tokens held. <a href=\"https:\/\/docs.pancakeswap.finance\/products\/voting\/voting-guide\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Voting<\/a> is fairly user-friendly on PancakeSwap, and it\u2019s completely free, whereas other protocols often charge users a gas fee to cast their votes.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"beginning-funding-pancakeswap\">The Beginning and Funding Behind PancakeSwap<\/h2>\n\n\n\n<p>PancakeSwap was launched by a group of anonymous developers in September 2020, aiming to become the \u201cnumber one liquidity provider on Binance Smart Chain and the home of new, innovative gamified farming mechanics,\u201d according to their <a href=\"https:\/\/medium.com\/pancakeswap\/pancakeswap-the-flippening-13bea39921b7\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">first blog post<\/a>.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1476\" height=\"1030\" src=\"https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/09\/cake-flipping.webp\" alt=\"The flipping date of CAKE\" class=\"wp-image-10993\" srcset=\"https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/09\/cake-flipping.webp 1476w, https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/09\/cake-flipping-768x536.webp 768w, https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/09\/cake-flipping-400x279.webp 400w\" sizes=\"auto, (max-width: 1476px) 100vw, 1476px\" \/><figcaption class=\"wp-element-caption\">The flipping date of CAKE<\/figcaption><\/figure>\n\n\n\n<p>PancakeSwap received funding from Binance in 2020, as part of their <a href=\"https:\/\/www.binance.com\/en\/support\/announcement\/c4881a04c12c457ca2709d42fdb2c817\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">$100 million fund to connect DeFi and CeFi<\/a>, aiming to support yield farming with major crypto assets on the Binance Smart Chain. Later that year, in November 2020, PancakeSwap received an additional <a href=\"https:\/\/www.binance.com\/en\/blog\/all\/binance-launches-$240000-reward-pool-in-collaboration-with-pancakeswap--stake-bnb-to-earn-free-tokens-421499824684901288\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">$240,000 worth of liquidity support from Binance<\/a>.<\/p>\n\n\n\n<p>In June 2022, Binance Labs made another strategic investment (of an undisclosed amount) in PancakeSwap\u2019s CAKE token, to facilitate the next wave of global blockchain adoption:<\/p>\n\n\n\n<p>\u201cPancakeSwap has been leading the development and mass adoption of the BNB chain. Given that PancakeSwap is the most widely used dApp and the DeFi project with the highest TVL on the BNB chain, we have and will continue to provide strong support for the project,\u201d <a href=\"https:\/\/www.binance.com\/en\/blog\/ecosystem\/binance-labs-makes-strategic-investment-in-pancakeswap-421499824684903961\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">wrote Bill Qian<\/a>, Head of Binance Labs.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"ifo\">IFO \u2014 Initial Farm Offerings<\/h2>\n\n\n\n<p>PancakeSwap\u2019s <a href=\"https:\/\/pancakeswap.finance\/ifo\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Initial Farm Offering (IFO)<\/a> feature enables users to directly buy new tokens launching on the BNB chain. Much like the Initial Coin Offering (ICO) model, it allows traders to invest in newly launched tokens through the power of yield farming.<\/p>\n\n\n\n<p>The process is pretty straightforward for CAKE stakers, who already have <a href=\"https:\/\/docs.pancakeswap.finance\/products\/ifo-initial-farm-offering\/icake#what-is-icake\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">iCAKE<\/a>. All they have to do is commit their CAKE tokens to PancakeSwap\u2019s IFO page. When the IFO is finished, users will receive the newly launched token in exchange for their deposited CAKE.<\/p>\n\n\n\n<p>In case you\u2019re not already a staker who has iCAKE, you\u2019ll first have to stake some CAKE tokens to one of the <a href=\"https:\/\/pancakeswap.finance\/pools\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">SYRUP pools<\/a>, in exchange for iCAKE. The number of iCAKE you receive is based on the number of CAKE you staked in the fixed-term staking pool.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/09\/stake-cake.webp\" alt=\"Stake CAKE screenshot\" class=\"wp-image-10994\" width=\"364\" height=\"612\" srcset=\"https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/09\/stake-cake.webp 500w, https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/09\/stake-cake-400x673.webp 400w\" sizes=\"auto, (max-width: 364px) 100vw, 364px\" \/><figcaption class=\"wp-element-caption\">Staking CAKE<\/figcaption><\/figure>\n<\/div>\n\n\n<p>iCAKE is not a new token, but a numerical metric employed by the DEX\u2019s IFO system. Think of iCAKE as an IFO credit system, which determines the maximum amount of CAKE you can commit to the IFO. So if you have 100 iCAKE, you can commit a maximum amount of 100 CAKE tokens to the IFO.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"yield-generation\">Yield Generation on PancakeSwap<\/h2>\n\n\n\n<p>PancakeSwap stands out among decentralized exchanges due to its numerous yield generation tools, offering users multiple options to generate passive income. Below we\u2019ll go through all the different options.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"staking\">Staking<\/h3>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/09\/staking-cake-scr.webp\" alt=\"Staking CAKE on PancakeSwap\" class=\"wp-image-10995\" width=\"376\" height=\"469\" srcset=\"https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/09\/staking-cake-scr.webp 450w, https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/09\/staking-cake-scr-400x499.webp 400w\" sizes=\"auto, (max-width: 376px) 100vw, 376px\" \/><figcaption class=\"wp-element-caption\">Staking CAKE on PancakeSwap<\/figcaption><\/figure>\n<\/div>\n\n\n<p>Staking is among the most popular options for investors seeking to generate passive income. Any CAKE holders can stake their tokens in the DEX\u2019s SYRUP pools, in exchange to earn more tokens.<\/p>\n\n\n\n<p>Staking is simple on PancakeSwap. Users simply have to visit the <a href=\"https:\/\/pancakeswap.finance\/pools\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Pools<\/a> page and select a staking pool to lock up their assets. Depending on the staking pool, stakers can earn anywhere from 14% to 124% annual percentage yield (APY).<\/p>\n\n\n\n<p>Staking is vital for proof-of-stake blockchain networks like PancakeSwap. This is what secures the network and enables validator nodes to process transactions. It involves locking up your funds in a smart contract for a predetermined period, to earn more crypto.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"yield-farming\">Yield Farming<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1100\" height=\"527\" src=\"https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/09\/farms-pancakeswap.webp\" alt=\"Farms page on PancakeSwap\" class=\"wp-image-10996\" srcset=\"https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/09\/farms-pancakeswap.webp 1100w, https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/09\/farms-pancakeswap-768x368.webp 768w, https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/09\/farms-pancakeswap-400x192.webp 400w\" sizes=\"auto, (max-width: 1100px) 100vw, 1100px\" \/><figcaption class=\"wp-element-caption\">Farms page on PancakeSwap<\/figcaption><\/figure>\n\n\n\n<p>Yield farming is another popular yield-generation product on PancakeSwap. It involves locking up a user\u2019s LP tokens, in exchange to earn CAKE.<\/p>\n\n\n\n<p>In essence, \u201cfarms\u201d are staking pools, but instead of locking up your CAKE, users can lock up different LP tokens to earn more of PancakeSwap\u2019s native cryptocurrency.&nbsp;<\/p>\n\n\n\n<p>Similar to staking, users can simply access the <a href=\"https:\/\/pancakeswap.finance\/farms\">Farms<\/a> tab and select a liquidity pool based on their specific tokens. Yield farmers can earn anywhere from 2% to 137% APY on their investment.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"liquidity-providing\">Liquidity Providing<\/h3>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/09\/liquidity.webp\" alt=\"Liquidity Providing on PancakeSwap\" class=\"wp-image-10997\" width=\"415\" height=\"746\" srcset=\"https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/09\/liquidity.webp 556w, https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/09\/liquidity-400x719.webp 400w\" sizes=\"auto, (max-width: 415px) 100vw, 415px\" \/><figcaption class=\"wp-element-caption\">Liquidity Providing on PancakeSwap<\/figcaption><\/figure>\n<\/div>\n\n\n<p>Liquidity providing is an essential part of AMM-based decentralized exchanges like PancakeSwap. This is how users can swap assets near-instantly, without the need for an order book or central intermediary.<\/p>\n\n\n\n<p>Providing liquidity requires users to lock an asset pair, which is two different cryptocurrencies, to a relevant liquidity pool. Users who add to a liquidity pool will receive Liquidity Provider (LP) tokens and a share of the trading fees.<\/p>\n\n\n\n<p>For instance, if users deposed the CAKE-BNB trading pair, they will receive CAKE-BNB LP tokens, depending on the amount of CAKE-BNB they committed. The advantage of liquidity providing is that you can remove your funds and rewards at any time from these pools.<\/p>\n\n\n\n<p>Users who trade on PancakeSwap pay a <a href=\"https:\/\/docs.pancakeswap.finance\/products\/pancakeswap-exchange\/pancakeswap-pools#:~:text=Providing%20liquidity%20gives%20you%20a,swap%20pair%20they%20traded%20on.\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">0.25% trading fee<\/a>, of which 0.17% is added to the liquidity pool they used. When people use a liquidity pool for an asset swap, a portion of that 0.17% trading fee is given to the pool\u2019s liquidity providers.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"other\">Other Notable Features<\/h2>\n\n\n\n<p>As part of its mission to GameFI decentralized finance, PancakeSwap offers several other lucrative features that allow users to win prizes from the protocol. Below we\u2019ll explore some of the most exciting features.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"lottery\">Lottery<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1300\" height=\"483\" src=\"https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/09\/pancakeswap-lottery-1.webp\" alt=\"\" class=\"wp-image-10998\" srcset=\"https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/09\/pancakeswap-lottery-1.webp 1300w, https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/09\/pancakeswap-lottery-1-768x285.webp 768w, https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/09\/pancakeswap-lottery-1-400x149.webp 400w\" sizes=\"auto, (max-width: 1300px) 100vw, 1300px\" \/><figcaption class=\"wp-element-caption\">Lottery on PancakeSwap<\/figcaption><\/figure>\n\n\n\n<p>The <a href=\"https:\/\/pancakeswap.finance\/lottery\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">PancakeSwap lottery<\/a> is exactly what it sounds like \u2014 a traditional lottery system infused with the perks of cryptocurrency and DeFi.<\/p>\n\n\n\n<p>Players have to try and guess the winning lottery numbers in the right order. The more corresponding digits they got right, the higher the reward. Depending on the number of participants, the prize pots of the lottery are usually above 27,000 CAKE, worth around $107,000, at the time of writing.<\/p>\n\n\n\n<p>One lottery ticket costs approximately $5 worth of CAKE, the price of which is established before each new round begins. Users can randomize their ticket numbers or select them manually. A lottery draw occurs every 12 to 36 hours.<\/p>\n\n\n\n<p>To win the jackpot \u2014 worth 50% of the total lottery pool \u2014 a player\u2019s ticket needs to match all four numbers in the correct order as the winning ticket.<\/p>\n\n\n\n<p>Lottery V2 leverages Chainlink\u2019s implementation of VRF to guarantee true randomness of outcome for players. In case the lottery isn\u2019t won, the unclaimed prize pool rolls over to the next lottery round, as per <a href=\"https:\/\/docs.pancakeswap.finance\/products\/lottery\/lottery-faq\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">PancakeSwap\u2019s Lottery FAQ<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"trading-competition\">Trading Competition<\/h3>\n\n\n\n<p><a href=\"https:\/\/pancakeswap.finance\/competition\" target=\"_blank\" rel=\"noreferrer noopener\">Trading competition<\/a> is another one of PancakeSwap\u2019s \u201cwin\u201d features. As the name suggests, traders compete in teams to reach the highest trading volume for the period of the trading battle. The team with the highest trading volume wins and is eligible for $120,000 worth of prizes in cryptocurrency and NFTs.<\/p>\n\n\n\n<p>Beyond the winning team, all eligible participants will win prizes at the end of the competition, based on their performance. For instance, during the last trading battle, the top 100 traders in each team were eligible for 300 PancakeSwap NFTs and 100 Miners of Dalarnia NFTs.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"prediction\">Prediction<\/h3>\n\n\n\n<p><a href=\"https:\/\/pancakeswap.finance\/prediction\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Prediction<\/a> is PancakeSwap\u2019s decentralized iteration of a prediction market. As with other prediction markets, users can bet on the outcome of future events, without any intermediaries.&nbsp;<\/p>\n\n\n\n<p>In the case of PancakeSwap\u2019s prediction, users can predict whether BNB or CAKE prices will rise or fall. Users can enter \u201cUP\u201d positions if they believe prices will rise or \u201cDOWN\u201d positions for the contrary.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/09\/PancakeSwap-documentation.webp\" alt=\"Predictions on PancakeSwap\" class=\"wp-image-10999\" width=\"810\" height=\"287\" srcset=\"https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/09\/PancakeSwap-documentation.webp 1345w, https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/09\/PancakeSwap-documentation-768x273.webp 768w, https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/09\/PancakeSwap-documentation-400x142.webp 400w\" sizes=\"auto, (max-width: 810px) 100vw, 810px\" \/><figcaption class=\"wp-element-caption\">Predictions on PancakeSwap<\/figcaption><\/figure>\n\n\n\n<p>Each session takes 5 minutes. If you took a \u201cUP\u201d position and the token price went up at the end of those 5 minutes, then you won, and vice versa. The prize pool for each session depends on the number of participants.<\/p>\n\n\n\n<p>As a decentralized prediction market, PancakeSwap\u2019s predictions are governed by smart contract algorithms. At press time, the prediction market is still in beta.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"pottery\">Pottery<\/h3>\n\n\n\n<p>PancakeSwap\u2019s <a href=\"https:\/\/pancakeswap.finance\/pottery\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">pottery<\/a> feature combines locked CAKE staking with lottery elements, offering a chance for users to win bigger yields on their CAKE deposit. The biggest upside is that even if you lose, you get back all your deposited CAKE tokens.<\/p>\n\n\n\n<p>Users who wish to participate can deposit their CAKE tokens on the first Monday of each month, with a lock-up period of 10 weeks. The bigger the deposit the higher the chances of winning. A portion of the staking rewards from the deposited cake will make up the prize pool for each weekly draw, which will be won by 8 players. Winners can claim their prize after the weekly draw, but their initial deposit will remain locked for 10 weeks.<\/p>\n\n\n\n<p>Pottery is still officially in beta, at the time of this writing.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"nfts\">NFTs on PancakeSwap<\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"538\" src=\"https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/09\/pancakeswap-nfts.webp\" alt=\"NFT collections on PancakeSwap\" class=\"wp-image-11000\" srcset=\"https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/09\/pancakeswap-nfts.webp 1000w, https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/09\/pancakeswap-nfts-768x413.webp 768w, https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/09\/pancakeswap-nfts-400x215.webp 400w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><figcaption class=\"wp-element-caption\">NFT collections on PancakeSwap<\/figcaption><\/figure>\n\n\n\n<p>Another one of PancakeSwap\u2019s outstanding features is its <a href=\"https:\/\/pancakeswap.finance\/nfts\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">NFT marketplace<\/a>, where users can mint, buy, and sell non-fungible tokens (NFTs) native to the BNB chain.<\/p>\n\n\n\n<p>There is a 2% platform fee subtracted from every NFT sale on the market, 100% of which are used to buy back CAKE tokens and eliminate them from circulation during the weekly CAKE burn \u2014 adding to the deflationary mechanisms of the token.<\/p>\n\n\n\n<p>Some of PancakeSwap\u2019s most popular NFT collections by trading volume include <a href=\"https:\/\/pancakeswap.finance\/nfts\/collections\/0xa61da6E5B8F61285d46C2ED65eBE0E7c2FA27044\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Planet ZUUD: Tiger Warriors<\/a>, <a href=\"https:\/\/pancakeswap.finance\/nfts\/collections\/0x57A7c5d10c3F87f5617Ac1C60DA60082E44D539e\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Dauntless Alpies<\/a>, and <a href=\"https:\/\/pancakeswap.finance\/nfts\/collections\/0x73096042a5297128e2bB074Bd91450Db58F3B4eA\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Kalmy\u2019s Universe<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"what-makes-pancakeswap-stand-out\">What Makes PancakeSwap Stand Out?<\/h2>\n\n\n\n<p>As a fully decentralized exchange, PancakeSwap is <a href=\"https:\/\/docs.pancakeswap.finance\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">non-custodial<\/a>, meaning that digital assets are never owned or controlled by the protocol. Instead, smart contracts control user funds while the asset swap takes place. This is an important feature for DeFi enthusiasts since they can avoid the risk of censorship by using PancakeSwap.<\/p>\n\n\n\n<p>PancakeSwap has numerous additional features compared to Uniswap. For one, PancakeSwap has two built-in yield farming tools that allow users to stake liquidity provider (LP) tokens in exchange for more CAKE tokens. <a href=\"https:\/\/pancakeswap.finance\/pools\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Syrup Pools<\/a> is the protocol\u2019s second yield farming tool, where users can stake their CAKE to earn more CAKE or other BEP-20 tokens.<\/p>\n\n\n\n<p>PancakeSwap\u2019s \u201cWin\u201d features also make the protocol stand out in comparison to other decentralized exchanges, where users are limited to token swaps. PancakeSwap\u2019s lottery, pottery, prediction markets, and trading competition were built to incentivize more network participation and allow the most active users to win crypto prizes.<\/p>\n\n\n\n<p>PancakeSwap also offers more advantageous fees than Ethereum-based Uniswap. A token swap on PancakeSwap costs 0.2% in trading fees \u2014 0.17% of which is returned to liquidity providers as a reward, and 0.03% is sent to the PancakeSwap Treasury. In comparison, Uniswap charges a fee of 0.3%.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"bottom-line\">Bottom Line<\/h2>\n\n\n\n<p>PanakeSwap is the biggest AMM DEX on Binance\u2019s BNB chain, and the third largest decentralized exchange in the crypto space, with a total market share of <a href=\"https:\/\/www.coingecko.com\/en\/exchanges\/decentralized\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">5.4%<\/a>. While this is still negligible compared to Uniswap\u2019s leading market share of 43.7%, PancakeSwap is aiming to catch up through its yield farming and prize-winning features \u2014 although UniSwap is not a direct competitor, since it is an Ethereum-based DEX.&nbsp;<\/p>\n\n\n\n<p>Looking at the total value locked (TVL), PancakeSwap seems to be inching closer to its competitor. While UniSwap currently has a <a href=\"https:\/\/defillama.com\/protocol\/uniswap?hideEvents=true&amp;hideMcapChart=true\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">$5.63 billion<\/a> TVL, PancakeSwap has a TVL of <a href=\"https:\/\/defillama.com\/protocol\/pancakeswap?hideMcapChart=true\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">$2.99 billion<\/a>.&nbsp;<\/p>\n\n\n\n<p>While PancakeSwap is nowhere near Uniswap in terms of market share, PancakeSwap\u2019s outstanding features were designed to attract new users and incentivize more trading activity.&nbsp;<\/p>\n\n\n\n<p>Thanks to its low fees, <a href=\"https:\/\/fullycrypto.com\/pancakeswap-flips-uniswap-to-become-top-dex-by-volume\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">PancakeSwap temporarily flipped Uniswap<\/a> in February 2022, becoming the world\u2019s biggest DEX by daily trading volume. The reason why users started flocking to PancakeSwap, was the high gas fees on UniSwap \u2014 as UniSwap is among the top gas guzzlers on the Ethereum network.<\/p>\n\n\n\n<p>PancakeSwap\u2019s low fees, fast transactions, and features will likely cement it as one of the most popular decentralized exchanges in the DeFi space.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Executive Summary PancakeSwap is an AMM-based decentralized exchange on the BNB chain, launched by anonymous developers PancakeSwap is the third largest decentralized exchange according to trading volume PancakeSwap incorporates many features that allow users to win and earn cryptocurrency PancakeSwap is a hard fork of its main competitor, Uniswap Centralized crypto exchanges have played a big part in the mainstream adoption of cryptocurrency, making digital assets easily accessible for investors with fiat currency. The main concern with centralized exchanges is that they own and control all the funds on the platform, raising the risk of censorship for investors. Decentralized exchanges [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":10979,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"wl_entities_gutenberg":"","inline_featured_image":false,"footnotes":""},"categories":[191],"tags":[],"wl_entity_type":[314],"ppma_author":[346],"class_list":["post-10978","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-defi","wl_entity_type-article","post--single"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What Is PancakeSwap [The Ultimate Guide 2022] | CoinStats Blog<\/title>\n<meta name=\"description\" content=\"Here is your all in one guide on What Is PancakeSwap, how does it work and what makes PancakeSwap stand out! 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