About PancakeSwap Coin
PancakeSwap price today is $12.61 with a 24-hour trading volume of $600,829,009. CAKE price is up 45.9% in the last 24 hours. It has a circulating supply of 120 Million CAKE coins and a max supply of ∞. Binance is the current most active market trading it.
What is CAKE?
CAKE is the governance token for PancakeSwap.
The supply of CAKE is not hard-capped. Theoretically, CAKE’s supply is unlimited. The team is looking into conducting regular token burns to make deflation higher than emission. For example, the team will burn 10% of the CAKE collected on lottery tickets and burn half of the fund raised through Initial Farm Offerings (IFO).
How to obtain CAKE?
What is PancakeSwap?
Binance Smart Chain has much lower transaction fees than Ethereum.
Users can find the network’s performance through Pancakeswap’s analytic page.
How to use Binance Smart Chain?
To access Binance Smart Chain, users can access it through Metamask or Binance Chain Wallet. Users will have to customize their Metamask by key in the following details after choosing custom RPC from the network’s option.
Binance operates two different chains:
Binance Chain - BEP 2
Binance Smart Chain (BSC) - BEP 20
Binance DEX is the primary decentralized app operating on Binance Chain. Most other projects are building on the Binance Smart Chain. The easiest way to convert any assets to its BEP 20 representation is through the Binance exchange.
For example, after depositing Bitcoin to Binance Exchange, users can choose to withdraw it in the forms of ERC 20 (ETH), BEP 2 (Binance Chain), BEP 20 (BSC), and BTC’s native chain. Choose BEP 20 if you would like to have the asset interact with PancakeSwap.
An alternative is through Binance Bridge, where users can swap the assets cross-chain from any L1 chain to BSC.
Users will need to have BNB to pay for any transaction fee on Binance Smart Chain, similar to how users will need ETH to pay for transaction fees on Ethereum.
What are the fees incurred from using PancakeSwap?
A token swap (trade) on the exchange will incur a 0.2% trading fee, broken down as follow:
0.17% - Returned to liquidity pools in the form of a fee reward for liquidity providers.
0.03% - Sent to the PancakeSwap Treasury.
How to provide liquidity in PancakeSwap?
Like Uniswap, users will have to add two tokens into the Liquidity Pool in the ratio of 1:1. Users will receive FLIP tokens - PancakeSwap’s version of liquidity provider tokens - to represent their stake in the pool.
Like Sushiswap, PancakeSwap has a yield farming program where users can stake their LP tokens to earn CAKE rewards.
What are Syrup Pools?
Syrup Pools allow Binance Smart Chain projects to bootstrap adoption by distributing a portion of their tokens to CAKE token holders. In exchange for that, projects will receive default listing on the PancakeSwap interface, obtaining priority promotion on the exchange by ranking temporarily first in the token selection list.
What is the Cake Lottery?
One lottery ticket cost 10 CAKE. Users will receive a random four-digit combination with each digit between 1-14, e.g., “1-9-3-2”. There is no limit on how many tickets users can buy.
The first prize winner will receive half of the lottery pool by matching the four winning numbers. Matching two and three numbers will also be entitled to prizes. Do find an example below:
For more details, please refer to the official Pancakeswap documentation.
What is Initial Farm Offering (IFO)?
Projects can launch new tokens by raising funds through the CAKE-BNB LP tokens. The project gets BNB tokens, PancakeSwap burns CAKE tokens, and users get the project’s tokens. CAKE tokens equating to half of the total funds raised will be burned forever. If $1,000,000 is raised, then $500,000 worth of CAKE tokens will be burned.