PancakeSwap is the one of the leading decentralized exchange on BNB Chain (BNB Smart Chain more specifically), with the one of the highest trading volumes in the market.
Since it runs inside the BNB Chain gas fees are very low, similar to Ethereum Layer 2s and unlike centralized exchanges like Binance or Coinbase, PancakeSwap doesn’t hold your funds when you trade, 100% of the ownership of your own crypto. Currently it supports multiple blockchains like Polygon, Arbitrum, and others. It operates as an automated market maker (AMM), allowing users to trade cryptocurrencies directly from their wallets without intermediaries, using liquidity pools instead of traditional order books. PancakeSwap has become one of the largest DeFi platforms on BSC due to its low fees, fast transactions, and wide range of features. Beyond token swaps, it offers liquidity pools, yield farming, staking, lotteries, NFT marketplaces, prediction markets, and Initial Farm Offerings (IFOs)
PancakeSwap’s native token is CAKE, a BEP-20 token on the BNB Chain . CAKE serves multiple purposes within the ecosystem and is integral to its functionality and governance. The token serves for staking, NFT marketplace, yield farming, and liquidity provision rewards.