{"id":282,"date":"2021-05-07T23:58:14","date_gmt":"2021-05-07T23:58:14","guid":{"rendered":"https:\/\/deficoins.io\/?page_id=282"},"modified":"2021-05-10T03:48:36","modified_gmt":"2021-05-10T03:48:36","slug":"pancakeswap-review","status":"publish","type":"page","link":"https:\/\/deficoins.io\/review\/pancakeswap","title":{"rendered":"PancakeSwap (CAKE) Review: Everything About CAKE Explained"},"content":{"rendered":"
PancakeSwap is a DEX (decentralized exchange) powered by the Binance Smart Chain. The exchanges facilitate the swapping of one cryptocurrency with another crypto asset. Users can swap BEP-20 tokens on PancakeSwap quickly and safely.<\/p>\n
PancakeSwap operates like Uniswap as both exchanges have many similarities. They\u2019re decentralized and enables trading plus liquidity pools. The exchange is the largest decentralized application on Binance Smart Chain. Many people consider PancakeSwap as futuristic with a lot of opportunities to offer.<\/p>\n
Presently, the total value locked in PancakeSwap is up to $4,720,303,152. This is a clear indication that many DeFi lovers are adopting and utilizing the exchange. Right now, the exchange is almost competing with top players such as SushiSwap and Uniswap<\/a>.<\/p>\n Contents<\/p> The Binance Smart Chain was launched on the 20th<\/sup> of September 2020. It is a blockchain that runs side by side with the main Binance Chain. It supports smart contracts and also works with the EVM (Ethereum Virtual Machine).<\/p>\n The Binance Smart Chain utilizes many Ethereum DApps and tools. Presently, many investors use it for staking and yield farming. However, many people wonder if the reason for the exponential growth is because it was accepted and promoted by the \u201cBinance Accelerator Fund.”<\/p>\n The aim of developing the BSC was to introduce smart contracts in the Binance ecosystem while still maintaining the Binance Chain high throughout.<\/p>\n This is why both chains run side by side, although BSC can run on its own even if the main Binance Chain shuts down. Other names for BSC include “Off-chain” and “layer-two” scalability solutions.<\/p>\n One important thing to note about BSC is that it is faster than Binance Chain and the transaction fees are lower also. Moreover, it is more advanced and delivers ultra-high performance, exemplified by its capacity to produce blocks in a 3-second interval.<\/p>\n Another important reason for the Binance layer2 is to enable developers to create staking mechanisms and smart contracts. To achieve this, developers create a Binance version of ERC-20 called BEP-20. But users of BEP-20 tokens stand a chance to gain more from trading the tokens.<\/p>\n This is because the tokens are on the Chain, and as such, the transaction fees are lower, and there are other opportunities to explore.<\/p>\n The crypto market is never free from issues and difficulties for traders and investors. Amongst the many challenges of the industry, security concerns have been more prominent. That’s why many investors and traders often lose their earnings or funds to cybercriminals.<\/p>\n But the entrance of PancakeSwap has helped to reduce the security concerns. The Chain is committed to its security, and as such, it’s often compared to big shots like Uniswap in terms of security.<\/p>\nIntroducing the Binance Smart Chain<\/strong><\/span><\/h2>\n
What are PancakeSwap Contributions to the Crypto Market? <\/strong><\/span><\/h2>\n
\u00b7\u00a0\u00a0\u00a0\u00a0 Security <\/strong><\/span><\/h3>\n
\u00b7\u00a0\u00a0\u00a0\u00a0 Centralization<\/strong><\/span><\/h3>\n