PancakeSwap explained
| PancakeSwap |
| Programming Language: | Solidity |
| Platform: | Binance Smart Chain
Ethereum |
| Genre: | Decentralized exchange |
| License: | GNU General Public License v3.0 |
PancakeSwap is a decentralized exchange (DEX) built on multiple blockchains.[1] [2] As of 2024, it is one of the major DEX on Binance Smart Chain and has more than $2.3B in total value locked.[3]
History
PancakeSwap was founded in September 2020.[4]
In March 2021, PancakeSwap among others was subjected to a hacker attack.[5]
Protocol
PancakeSwap is a decentralized finance protocol that is used to exchange cryptocurrencies and tokens; it is provided on blockchain networks that run open-source software. It uses an automated market maker (AMM) model for trading BEP-20 tokens.[6]
The native token of protocol is CAKE which is used for governance and to incentivize liquidity provision. CAKE token holders can participate in governance by voting on proposals that influence the platform's development.[7]
See also
Notes and References
- Web site: The FT crypto glossary. Philip . Stafford . October 21, 2021. Financial Times.
- Web site: Khaitan . Tarang . PancakeSwap To Release V3 Iteration In Early April - "The Defiant" . thedefiant.io . 15 August 2024 . en . 6 March 2023.
- Web site: PancakeSwap sets eyes on v4 launch . forkast.news . 15 August 2024 . 16 March 2024.
- Web site: PancakeSwap Launches on Base . bsc.news . 15 August 2024.
- Web site: Fernau . Owen . Pancakeswap, Cream Finance, Suffer DNS Attacks - "The Defiant" . thedefiant.io . 15 August 2024 . en . 16 March 2021.
- Web site: Billionaires Peter Thiel and Alan Howard back new $10bn crypto exchange . Philip . Stafford . Eva . Szalay . 11 May 2021 . Financial Times.
- Book: Di Maggio, Marco . Blockchain, Crypto and DeFi: Bridging Finance and Technology . . 2024 . 9781394275908 . 375–376 . As the leading decentralized exchange (DEX) on BSC, PancakeSwap has carved a niche for itself, offering an attractive alternative to Ethereum-based protocols. Launched in September 2020, PancakeSwap quickly ascended to prominence, capitalizing on the growing demand for DeFi services amid Ethereum network congestion and high gas fees ... At the core of PancakeSwap's ecosystem is the CAKE token, which plays a pivotal role in both incentivizing liquidity provision and empowering users with governance rights. CAKE rewards are distributed to users who provide liquidity to the platform’s various trading pairs, fostering a robust and diverse liquidity pool that underpins the exchange's functionality. Beyond its utility in liquidity mining, the CAKE token allows holders to participate in PancakeSwap's governance, voting on proposals that shape the platform’s development and future direction..
