This time we will get to know one of the DeFi platforms that is quite popular with investors and traders. Check out the history and main features in this article.
What is Pancakeswap?
Pancakeswap is a popular decentralized finance (DeFi) platform on Binance Smart Chain (BSC), now known as BNB Chain. Launched in September 2020, the platform has grown rapidly and become the top choice for crypto investors and traders.
History and Milestones
Here is some history of the timeline from the beginning of the launch to the latest update.
- September 2020: Pancakeswap launches with token swapping, yield farming and liquidity pool features.
- October 2020: Introduction of CAKE token as the platform's native token.
- November 2020: Launch of decentralized governance features.
- January 2021: Total asset value locked (TVL) reached $500 million.
- February 2021: Launch of Pancakeswap v2 with improved user experience and more optimized transaction fees.
- March 2022: PancakeSwap Mini Program integration into the Binance mobile app.
- April 2023: Pancakeswap v3 launch and $135,000 airdrop.
TGoals and Benefits of Pancakeswap
Offers a more cost-effective and scalable DeFi alternative
Pancakeswap addresses the high fees and scalability issues facing DeFi platforms on Ethereum by leveraging the BNB Chain blockchain.
Provides easy access to DeFi
The platform is designed with an intuitive user interface, making it easy to use for beginners.
Offers attractive investment opportunities
Pancakeswap provides various features to diversify your portfolio, such as yield farming, liquidity pools, and token lottery.
Strengthening communities
Pancakeswap has an active and supportive community that contributes to the development of the platform.
How Pancakeswap Works
Pancakeswap uses an Automated Market Maker (AMM) model to facilitate token trading. Users exchange tokens with liquidity pools provided by liquidity providers. Liquidity providers receive transaction fees for their contributions.
Key Features of Pancakeswap
- Token Exchange: Pancakeswap allows you to quickly and easily swap BEP-20 tokens on the BNB Chain.
- Yield Farming: You can deposit tokens into the farming pool and earn rewards in the form of CAKE tokens.
- Liquidity Pool: Become a liquidity provider by depositing token pairs into the pool and earn transaction fees in return.
- Reward Pool: Try your luck in the Pancakeswap lottery pool to win exciting prizes.
- Token CAKE: The platform's native token, CAKE, is used for governance, staking, and earning rewards.
Pancakeswap benefits
- Low Transaction Fees: Compared to DeFi platforms on Ethereum, Pancakeswap offers much lower transaction fees.
- High Performance: The platform runs on BSC which offers high scalability and speed.
- Easy to use: Pancakeswap's user interface is intuitive and easy to navigate, perfect for beginners.
- Diversification of Investment Opportunities: Pancakeswap offers various features to diversify your portfolio.
Lack of Pancakeswap
- DeFi Risks: Like other DeFi platforms, Pancakeswap also has security risks and token price volatility.
- Limited to BNB Chain: This platform only supports BEP-20 tokens on BNB Chain.
Conclusion
Pancakeswap is a solid DeFi platform with interesting features, low fees, and high performance. The platform is ideal for crypto traders and investors looking for an easy-to-use and affordable DeFi alternative on BNB Chain.
CAKE Crypto Price Prediction
The price of CAKE has experienced volatility since its launch. In February 2024, the price of CAKE will be around $13.3. Experts predict that the price of CAKE will continue to increase in the long term, with predictions reaching $25.52 in 2024 and $45.67 in 2025.
Check Price:
How to Buy CAKE Tokens on Bittime
You can buy and sell CAKE tokens in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappbeti. MANTA is available on Bittime with pairing CAKE IDR.
To be able to buy CAKE/IDR tokens on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of Bittime assets is IDR 10,000. After that, then you can purchase CAKE in the application.
Monitor the price chart movements of Pancakeswap (CAKE), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Read also:
What is Manta Network (MANTA)? Multi-modular Blockchain Ecosystem
Arbitrum (ARB): Its Ecosystem and Latest ARB Airdrop
What Are Bitcoin Cats (1CAT)? GameFi Platform for the Bitcoin Ecosystem
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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