![]() ![]() All transactions can be done quickly without having to worry about network congestion at BSC. This is what makes PancakeSwap better than UniSwap. Furthermore, because it is based on a PoS network, BSC can process transactions quickly at a fairly low cost. BSC itself is a proof-of-stake (PoS) blockchain with Ethereum Virtual Machine (EVM) capabilities that allow easy integration with applications from Ethereum. PancakeSwap is not a blockchain, it is a smart contract built on top of the BSC. Now it is one of the largest DEX in the crypto industry offering a wide range of DeFi products. In fact, only 8 months since its launch, PancakeSwap TVL soared to $7.5 billion dollars. PancakeSwap took advantage of this opportunity because it offers low transaction fees, fast transaction processes, and lower asset exchange fees than UniSwap.Īll these features help PancakeSwap attract a large number of users to its platform. This launch coincides with the height of DeFi enthusiasm now known as “DeFi Summer 2020.” These times were marked by network congestion and the price of Ethereum transaction fees becoming very expensive. They successfully launched PancakeSwap in September 2020. PancakeSwap was created by some anonymous developer at BSC. The platform has managed to attract a large number of users because it has many uses beyond just being a DEX. Even though it’s relatively new, PancakeSwap only has a $1 billion dollars difference from UniSwap’s TVL ($7.41 billion dollars). Read more: What is Decentralized Finance (DeFi)?Īccording to DeFiLlama, PancakeSwap is one of the largest DEX apps on Binance, with a total value locked (TVL) of $6.18 billion dollars. PancakeSwap is one part of the new wave of DeFi applications following UniSwap. Therefore, its experience is similar to UniSwap but added with various modifications to make it feel different. PancakeSwap is built from the code base of UniSwap, the first and most popular DEX on the Ethereum network. ![]() The native crypto asset of PancakeSwap is CAKE. The platform runs on a smart contract built on top of the Binance Smart Chain (BSC). That is, all transactions in PancakeSwap occur directly between users and the network does not store user funds while the transaction is in progress. PancakeSwap (CAKE) is a decentralized exchange (DEX) that allows users to exchange various crypto assets without third parties and is non-custodial. The role of CAKE as an incentive token in PancakeSwap’s ecosystem creates high sell pressure where most CAKE token holders sell or exchange them for other crypto assets.īlock-heading joli-heading" id="what-is-pancakeswap-cake">What is PancakeSwap (CAKE)
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