PancakeSwap was only launched in September 2020, but it is already a staple breakfast in crypto land. The decentralized exchange runs on the Binance Smart Chain (BSC) platform and allows users to swap BEP20 tokens cheaply and efficiently. PancakeSwap users also provide liquidity for the exchange pools and stand to earn additional BEP20 tokens. BEP20 are tokens that run on the Binance Smart Chain platform.

PancakeSwap has grown in popularity because of its low fees and faster transactions compared to the popular Ethereum network. PancakeSwap transactions take an average of 5 seconds and cost less than $0.20. In comparison, Ethereum transactions cost about $20 and take an average of 5 minutes to be completed. It is worth noting that PancakeSwap has regular token burns attached to many of its activities, effectively limiting supply over time. The platform has also seen activity because users can farm and stake the native cryptocurrency on the platform, CAKE. The exchange also runs a lottery where users can earn significant amounts of PancakeSwap tokens as well as special NFTs. Users can also commit some of their tokens from a liquidity pool to access IFOs (initial farm offerings) and scoop newly launched coins on the BSC platform.          

Transactions occurring on the platform have already eclipsed those on the Ethereum network in terms of volume. Additionally, the platform has performed technology upgrades recently that have continued to boost its appeal. In the last week of April, the platform launched an auto-compounding pool that meant users will no longer have to manually stake their tokens. PancakeSwap also launched Prediction Beta, an interface that will allow users to speculate on the short term price direction of the BNB/USDT pair. Both features have proved very popular to users.

PancakeSwap has been one of the best performers of 2021. It started the year with its price trading at circa $0.6, but it has jumped over 6,000% to now trade at circa $37, having already printed an all-time high at just above $44. PancakeSwap has impressive fundamentals to continue cooking upward momentum. In April, it recorded over 40 million transactions, with volumes of over $34 billion. During the month, the platform also performed its biggest ever burn over a 24-hour period of over 5 million tokens. Technically, the recent drift lower from all-time highs could be attributed to profit-taking. Bears will likely target the 20-day EMA at circa $32.75. But this price will be very attractive for bulls who will consider the ATH of circa $44 the first immediate target. Beyond that, $55 will be the next realistic near term target.

At the moment, PancakeSwap looks like a healthy cream to satisfy any investors crypto appetite!