PancakeSwap is the number one AMM and yield farm on the Binance Smart Chain. The native token to this site is the CAKE. In farms and staking, new users should learn to use the term CAKE to harvest and Cake in Wallet. Cake to collect is the term used in Lottery winnings in this site.
When looking at Cake Stats users should check the Total CAKE supply and the total CAKE burned and the new CAKE block. Each team in the liquidity pool have a unique profile. Using profiles teams show off their stats and collectibles.
The tasks center has a list of regular tasks to be completed. Users will be able to collect points for these tasks. For completing more tasks users will be able to complete larger quests.
There is a collectible section in which users can see bullish, Hiccup, sleepy, sunny, churro, dollop, and several others.
There is a Pancake Swap Exchange page from where users will be able to trade. Users go to the exchange page. Unlock their Binance Smart Chain Wallet. Select the tokens they wish to trade and enter the amount. Check the details and they click on Swap. And then after double checking the details further click on Confirm Swap. The transaction is them confirmed in the wallet. Under “View on bscscan” users will be able to see their transaction details.
To Yield Farm on Pancake Swap users go to the farm page, unlock the wallet, connect to the Binance Smart Chain Wallet, pick the farm they want to use, select the tokens they will want to add like BNB and Cake by providing a 50/50 ratio vs USD value. Then click on Supply. Confirm Supply. The transaction in confirmed in the Wallet. The liquidity tokens are now made available. Liquidity tokens are staked and confirmed. From now users begin farming CAKE tokens.
With several users looking for low cost alternatives to Ethereum Decentralized Exchange, CAKE – The native token is gaining momentum. Important to note that PancakeSwap has outperformed rival DEX Sushiswap (SUSHI).
Cake is expected to likely to gain more adoption with it being the most viable option for users to avoid the high cost of developing Ethereum-based smart contracts. Another reason being the gas fees surge following the recent ethereum (ETH) bullrun. Also, the average transaction fees now is enormous and more users are trading.
This is also one reason for why the CAKE team decided to have their DEX on Ethereum Network than on the Binance Smart Chain (BSC).
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