Decentralized Exchange PancakeSwap is expanding its way onto the Ethereum blockchain. Therefore becoming not only exclusive a Binance Smart Chain – BSC DEX. By making this move it aims to improve its protocol’s revenue and bring new users from other chains back to PancakeSwap.
What is PancakeSwap?
PancakeSwap is a decentralized finance automated market maker (AMM) that enables users to trade tokens and provides liquidity in exchange for rewards. Its trading volume ranks fourth of all DEX’s in crypto.
What are the unique features of PancakeSwap?
PancakeSwap is more than an automated market maker. It offers several unique features such as;
What is CAKE?
CAKE is the PancakeSwap token and has as its primary purpose to reward the availability of liquidity on the PancakeSwap platform. By depositing and locking Liquidity Provider tokens, users can stake their tokens to gain incentives paid out in CAKE.
The PancakeSwap team burns CAKE from protocol revenue. So the higher revenue the more CAKE burned. This is a deflationary model that could see the price in CAKE return to previous highs.
Other Chains?
But this isn’t the end. The PancakeSwap team disclosed there: ‘There will be a major announcement on the next chain, and that is coming soon’. Maybe Polygon, Avalanche or Arbitrum would be next in line for PancakeSwap deployment.
