PancakeSwap

Pancakeswap was originally built on the BNB Chain and allows users to trade tokens without using a centralized exchange. It provides an array of products, such as:

• An exchange to swap tokens
• A yield farm to earn rewards
• Syrup pools to stake CAKE tokens
• Ethereum liquid staking (wBETH) and simple staking
• Pancake Protectors game
• v3 position manager (new feature)
• A prediction market
• Initial Farm Offering (IFO) token launches
• A bridge to bridge CAKE to Ethereum and Aptos
• A lottery
• An NFT marketplace

Pancakeswap innovates quickly and ships new products regularly. In April 2023, PancakeSwap voted to transition to a deflationary token model called “Ultrasound CAKE.” The protocol passed a proposal called CAKE Tokenomics v2.5 to create a structure combining real yield (no supply impact) and reduced token emissions. Over 102% of minted CAKE is burned weekly. This is intended to provide a multi-year runway for emissions and incentivize locking up CAKE, making the token more valuable long-term.

PancakeSwap has an anonymous team of “Chefs,” working in the PancakeSwap “Kitchen.” The platform is open-source and has been audited by multiple reputable blockchain security firms like Peckshield and Slowmist.