Today, on the Binance Smart Chain, PancakeSwap currently holds the place of the best-performing DEX. Built by anonymous developers, the app has several food-based visuals and names to entice participants. The reason for its immense popularity could stem from its offering of big-league liquidity, interesting and varied features, as well as its large user base. The native utility token of the app is CAKE, and can be accessed via a variety of web wallets.
Currently, the token has a value of slightly more than $15, and is placed comfortably in the top fifty list of cryptocurrencies. The coin is known to be extremely robust amongst traders, thanks to its 0.05% buy-back rate.
A lot of conventional exchange platforms use order books, and limits on orders, but PancakeSwap does not indulge in the same. Its AMM (Automated Market Makers) structure helps participants automatically withdraw liquidity. This also allows PancakeSwap to have huge income potential.
How does the future look for PancakeSwap?
As for the future, the app’s team has several upgrades in store for users. These include auto-compounding on stakes, as well as an exciting referral program. It’s also known to help users execute trades quickly, attributing to its low fees and fast transaction times. Hence, this DEX is all set for interested parties to invest in the future.
Like all forms of investment, crypto also comes with its fair share of risks. Users are advised to proceed with caution when they use DEXs like CAKE for any of their crypto transactions.