PancakeSwap is a decentralized exchange, AMM & yield farm on BNB Chain.
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- What is PancakeSwap?
- How was PancakeSwap launched?
- Who is the team behind PancakeSwap?
- How to Stake CAKE?
- How much can I make Staking CAKE?
- Is there any risk to Staking CAKE?
Familiar with Uniswap or SushiSwap? Then you’ll have no issue grasping PancakeSwap – they are quite similar in their core design.
PancakeSwap uses an automated market maker (AMM) model. That means that while you can trade digital assets on the platform, there isn’t an order book where you’re matched with someone else. Instead, you trade against a liquidity pool.
Those pools are filled with other users’ funds. They deposit them into the pool, receiving liquidity provider (or LP) tokens in return. They can use those tokens to reclaim their share, plus a portion of the trading fees.
So, in short, you can trade BEP-20 tokens, or add liquidity and earn rewards.
But wait, there’s more! PancakeSwap also allows you to farm its governance token – CAKE.
PancakeSwap was launched through a yield farming distribution where early contributors of liquidity to its platform were rewarded in CAKE tokens. Cake tokens are still being minted and rewarded 40 CAKE per block to various Pools as rewards. There is currently no maximum supply of CAKE.
The platform is built on Binance Smart Chain and is significant due to its extremely cheap fees compared to DEXs like UniSwap built on Ethereum.
PancakeSwap is a BNB Chain-based DEX launched by anonymous devs with a penchant for breakfast foods and rabbits.
Staking CAKE is mildly easy and requires a metamask wallet or BNB Wallet containing CAKE and BSC (BNB) to pay for gas.
With current participation rates, you can earn an APY of over 45% in the CAKE Pool.
You can follow our Step-by-Step Guide on How to Stake CAKE in the CAKE Pool on PancakeSwap here.
Currently, 10 CAKE per block is awarded to the CAKE holders staking in the CAKE Pool on PancakeSwap.
The APY for staking in the CAKE Pool is around 45%.
Visits the CAKE Staking Rewards Calculator to estimate the percent of supply engaged in staking to view your expected returns.
There is the smart contract risk associated with staking CAKE in the CAKE Pool.
There is no impermanent loss associated with this activity as the is not a Symmetric Liquidity Pool.
PancakeSwap has been audited by CertiK.