PancakeSwap (CAKE) price has declined today.
The price of PancakeSwap (CAKE) is $2.35 today with a 24-hour trading volume of $73,829,506.35. This represents a -1.10% price decline in the last 24 hours and a 0.00% price increase in the past 7 days. With a circulating supply of 230 Million CAKE, PancakeSwap is valued at a market cap of $550,623,921.
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).
What is PancakeSwap?
PancakeSwap is a Decentralized Exchange (DEX) built on top of Binance Smart Chain (BSC). It is the biggest Automated Market Maker (AMM) based exchange in BSC.
Binance Smart Chain has much lower transaction fees than Ethereum.
How to start using Pancakeswap?
Users will need to connect to the Binance Smart Chain in order to access Pancakeswap. It is possible to do so through Metamask or Binance Chain Wallet. Users will have to customize their Metamask with the following details after choosing custom RPC from the network’s option.
Binance operates two different chains:
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Binance Chain - BEP 2
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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:
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0.17% - Returned to liquidity pools in the form of a fee reward for liquidity providers.
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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.
Where can you buy PancakeSwap?
CAKE tokens can be traded on centralized crypto exchanges. The most popular exchange to buy and trade PancakeSwap is MEXC, where the most active trading pair CAKE/USDT has a trading volume of $548,430.83 in the last 24 hours. Other popular options include Binance and XT.COM.
What is the daily trading volume of PancakeSwap (CAKE)?
The trading volume of PancakeSwap (CAKE) is $73,829,506.35 in the last 24 hours, representing a 60.80% increase from one day ago and signalling a recent rise in market activity.
What is the all-time high for PancakeSwap (CAKE)?
The highest price paid for PancakeSwap (CAKE) is $43.96, which was recorded on Apr 30, 2021 (over 2 years). Comparatively, the current price is -94.70% lower than the all-time high price.
What is the all-time low for PancakeSwap (CAKE)?
The lowest price paid for PancakeSwap (CAKE) is $0.194441, which was recorded on Nov 03, 2020 (about 3 years). Comparatively, the current price is 1,106.30% higher than the all-time low price.
What is the market cap of PancakeSwap (CAKE)?
Market capitalization of PancakeSwap (CAKE) is $550,623,921 and is ranked #100 on CoinGecko today. Market cap is measured by multiplying token price with the circulating supply of CAKE tokens (230 Million tokens are tradable on the market today).
What is the fully diluted valuation of PancakeSwap (CAKE)?
The fully diluted valuation (FDV) of PancakeSwap (CAKE) is $907,221,392. This is a statistical representation of the maximum market cap, assuming the maximum number of 750 Million CAKE tokens are in circulation today. Depending on how the emission schedule of CAKE tokens are designed, it might take multiple years before FDV is realized.
How does the price performance of PancakeSwap compare against its peers?
With a price increase of 0.00% in the last 7 days, PancakeSwap (CAKE) is underperforming the global cryptocurrency market which is up 4.40%, while underperforming when compared to similar Ethereum Ecosystem cryptocurrencies which are up 12.70%.
What is the market sentiment of PancakeSwap today?
The community is bullish as more than 72% of users are feeling good about PancakeSwap (CAKE) today.
How to add PancakeSwap (CAKE) to MetaMask?
Adding PancakeSwap (CAKE) to MetaMask allows you to view your token holdings, trade on decentralized exchanges, and more. To add them, you’ll need to import CAKE as a token. You can copy CAKE’s contract address (0x0e09fabb73bd3ade0a17ecc321fd13a19e81ce82) and import it manually, or if you've installed MetaMask's chrome extension, add CAKE to MetaMask with one click on CoinGecko.
Add CAKE to MetaMask.
