what is cake crypto?

Summary: What is the PancakeSwap Platform and how does it work? Advantages of the PancakeSwap exchange. PancakeSwaps past, present and future price positions. The PancakeSwap Platform PancakeSwap is an automated market maker (AMM), a decentralised finance (DeFi) application which allows users to exchange tokens and provides liquidity via farming and earning rewards. PancakeSwap was launched in September of 2020. PancakeSwap users trade against a liquidity pool, which are filled by users with deposits and in return receive liquidity provider (LP) tokens. The liquidity provider tokens can later be used to reclaim their deposits plus a portion of the trading fees. PancakeSwap also allows users to farm CAKE and SYRUP tokens, users can deposit liquidity provider tokens and receive CAKE as a reward. Current circulating supply is more than 296 million, with a maximum supply of 750 million tokens. The current market capitalisation is more than $1.3 billion. Read next: Altcoins: What Is Monero? Explaining XMR. Untraceable Cryptocurrency!? | FXMAG.COM PancakeSwap allows users to trade BEP20 tokens (token on the Binance smartchain), and provides liquidity to the exchange and earn fees, stake liquidity provider tokens to earn CAKE, stake CAKE to earn more CAKE and stake CAKE to earn tokens of other projects. CAKE is a BEP20 token, which originally launched on the Binance smartchain, the CAKE tokens main purpose is to try and incentivise the liquidity provision to the PancakeSwap platform. What makes PancakeSwap unique? Due to the automated market maker model, PancakeSwap does not have any order books and so liquidity pools are used instead. Users can earn income through becoming a liquidity provider, this is done through adding their tokens into the liquidity pool and from there they can farm liquidity provider tokens and stake their CAKE, whereby they can earn rewards. PancakeSwap uses a process called farming, which refers to the process of depositing liquidity provider tokens and locking them up. Farming gives users a reward earning opportunity. The tokens can be unstaked without any waiting period. Read next: Altcoins: What Is Litecoin (LTC)? A Deeper Look Into The Litecoin Platform| FXMAG.COM PancakeSwap is one of the most popular decentralised platforms that is available to users for trading, winning crypto and earning. The platform is trusted with billions by millions. PancakeSwap has the most users of any decentralised platform, ever. The platform has 2.9 million users over 40 million trades in the last 30 days and a stake of $4.8 billion. PancakeSwap is the leading decentralised exchange available on the Binance (BNB) smart chain and has the highest trading volumes in the market. The fact that PancakeSwap runs on the Binance smartchain means that automatically the transaction fees are lower. The fees are also lower than any of the other top decentralised exchanges. The decentralised aspect of the PancakeSwap platform allows users to trade directly from the wallet app, unlike centralised exchanges, PancakeSwap does not hold their users funds, the users’ cryptocurrency is 100% their own. Earn tokens with Syrup pools, when users stake CAKE, they can earn free tokens. The CAKE Syrup pools are known as the easiest way to earn free tokens on PancakeSwap. The syrup pools in crypto are special staking processes. Advantages of holding PancakeSwap: It solves the problem of growing centralisation in the market, by exiting the confines of the Ethereum ecosystem and the regulation and uncertainty that comes with the Ethereum blockchain. Selection: PancakeSwap allows users access to new tokens, in addition the platform allows users to transfer all kinds of other tokens (USDT, BTC, BUSD and ETH) from the ETH chain to the BSC chain by using the deposit features. Users of PancakeSwap gain access to all the top projects in the market. Interconnectivity: the platform was built with the intention to link multiple wallets such as Trust Wallet, TokenPocket, WalletConnect and more. The point of linking wallets was to try to ensure users are able to trade between the PancakeSwap platform and the Ethereum platform. PancakeSwap linked the blockchains as they knew a large portion of their user base would likely come from the Ethereum platform. Ease of Use, users do not need prior experience to use the PancakeSwap platform. PancakeSwap Transactions are cheaper, the average transaction on the platform sits at around $0.08. PancakeSwap is faster, in many cases the transaction time is 5 seconds or less. Profits, PancakeSwap is consistently introducing innovative ways to create new income streams. Private, the platform doesn’t require an intense signup process, all users need to do is sign up and add their wallets. PancakeSwap is proven to be very secure. Follow FXMAG.COM on Google News Past, present and future prices PancakeSwaps (CAKE) price didn't take very long to begin to see gains. The cryptocurrency hit its peak price in May of 2021, and has since seen an overall downward trend mixed with volatility. In the past 24 hours PancakeSwaps value has increased in value, so far the month of May in 2022 has seen volatility in all markets across the board including the cryptomarket. According to certain analysts going in the future to 2030, the price of PancakeSwap could reach $188. However, markets are volatile and so it is difficult to make an accurate prediction. PancakeSwaps Price Chart Sources: coinmarketcap.com, finance.yahoo.com, docs.pancakeswap.finance, pancakeswap.finance, securities.io, crowdwisdom.live