New to Crypto Logo

What is PancakeSwap and Cake Token

New To Crypto Podcast Logo image

What is PancakeSwap and Cake Token

SUMMARY KEYWORDS

crypto, token, ethereum, swap, decentralized exchange, rewards, users, smart contract, pancake, pools, episode, cake, platform, wallet, stake, chain, cryptocurrency, offers, liquidity provider, dex

 

00:00

Welcome to the New To Crypto Podcast designed to guide you through the crypto landscape with pinpoint accuracy created for the new and intermediate crypto investor. Join your host Crypto Travels Michael as he takes you through the different facets of getting started and succeeding in your crypto journey. New to Crypto Podcast brings you new episodes daily, Monday through Friday with surprise bonus episodes sometimes on the weekend.

 

00:31

Let me ask you, are you new to crypto? Don’t know where to start? Are you more experienced too but have questions? Then you’re in the right place. This podcast is designed for you coming at you from the Trading Center and the Lifestyle Dezign Studio. Here’s your host Crypto Travels Michael.

 

00:52

Okay, welcome to today’s show. I’m excited to report to you that we have had listeners in 47 countries around the world and nearly 280 cities globally.

 

01:07

So some of the countries that have joined us is Czech Republic, Saudi Arabia, Poland, Spain, and many others. So we welcome you if you’re just tuning in for the first time, or if you’ve heard all of the episodes. So without further ado, let’s jump into today’s episode. What is PancakeSwap?

 

01:33

PancakeSwap is a decentralized exchange. So it’s similar to us swap which runs on Ethereum. But PancakeSwap runs on the Binance Smart Chain. So it’s a DEX. It’s a decentralized exchange, which lets you swap tokens without any intermediary in the middle.

 

01:56

As well as you can earn liquidity pool and staking rewards. You can also enter a lottery as well as other things. So PancakeSwap has the most users of any decentralized platform. According to their website, PancakeSwap.finance, they have 2.6 million users and 45 million trades have been made in the last 30 days alone. Think about that for a moment. 45 million trades just in the last 30 days. They’ve also had the equivalent of 10 billion US dollars for a total value locked. So you can trade anything that is on PancakeSwap with no registration, no hassle. You can trade any token on Binance Smart Chain in seconds just by connecting your wallet.

 

02:55

So as a decentralized exchange, all trades on pancake swap are automatically executed via smart contracts, which completely eliminates issues with companies in the middle of your transactions, you can start an account and start swapping and seconds, you just connect your crypto wallet to start using the app immediately. So PancakeSwap is a decentralized exchange built on the Binance Smart Chain as I mentioned earlier, however, it’s known about being fast and inexpensive. It’s basically an alternative to Ethereum because the fees on Ethereum have been much higher PancakeSwap is much lower, so much like Uniswap, which is a DeFi AMM protocol running on Ethereum. 

 

03:47

PancakeSwap enables users to swap between cryptocurrency assets just by tapping into user generated liquidity pools. And to create liquidity pools. PancakeSwap offers a ton of DeFi farming opportunities for liquidity providers. One of my good friends is one of those providers, he really likes being a liquidity provider. 

 

04:13

Unlike Uniswap, PancakeSwap rewards those who stake its native BEP-20 token which is called Cake. When you stake cake, you get what they call syrup at a one to one ratio. So holding syrup entitles you to 25% of the Cake rewards, which is distributed amongst the holders based on how many they stake. So PancakeSwap’s native token, called Cake is a native utility token of PancakeSwap. And it’s used for a variety of purposes within their platform. So its main functions are yield farming, staking, and you can participate in PancakeSwap lottery.

 

04:59

As well as voting governance proposals that come up, the total supply of Cake currently is just over 209 million tokens. And so far, a total of over 196 million tokens have been burned, which means the supply has become less and less, which is really good. For holders of the token. The current market cap for Cake is just over $4 billion on like centralized cryptocurrency exchanges, like Kraken, Coinbase, Binance, some of the others that are operated by a single corporate entity. If you remember, from previous episodes, DEX is or decentralized exchanges allow you to trade without an intermediary. Many of the DEX’s are based on Ethereum where a lot of the decentralized finance the Defi action is taking place. However, other smart contract blockchains are coming on the scene.

 

06:10

With PancakeSwap. It’s built on the Binance Smart Chain rather than Ethereum. And it offers much lower trading fees. Binance Smart Chain is newer and less established in Ethereum. But PancakeSwap is already crushing it among DEXs. So as mentioned before, PancakeSwap is a decentralized exchange that allows you to trade cryptocurrency and tokens. Without a centralized intermediary. You keep custody of your tokens, and PancakeSwap is built on automated smart contracts deployed on the Binance Smart Chain, the blockchain platform run by the crypto exchange Binance, like many other DEXs is PancakeSwap is built on what they call automated market maker AMM for short, and automated market maker system.

 

07:09

 PancakeSwap has surpassed uniswap on multiple occasions, to become the most popular DEX based on trading volume. So how does PancakeSwap work? token swaps take place via liquidity pools between token pairs. Users are able to exchange one type of token for another without an intermediary. While other users who stake their tokens in the liquidity pools earn a share of the rewards generated by transactions. 

 

07:46

PancakeSwap also lets you stake coins into what they call syrup pools that provide growing rewards. For example, you can stake cake, pancake swaps and native token and earn even more kick just by letting it sit there in a syrup pool over time. There’s even an auto stake option that will restate your cake at least once per hour continuously compounding your rewards. PancakeSwap offers game life experiences such as wagering on whether the price of BNB the Binance coin will go up or go down within a certain amount of time. 

 

08:28

It also has a lottery feature that lets users buy a ticket trying to win a bunch of cake. PancakeSwap offers a wide variety of bunny themed collectible NFT’s non fungible tokens that can be purchased. There are also initial farm offering sales that let you buy brand new coins from projects that are just starting up. PancakeSwap is one of the more recent in a long line of food themed crypto projects. Some of the Others include SushiSwap Yamswap, BakerySwap, even Kimchi Finance and there’s more.

 

09:11

So as mentioned before, pancake swap cuts out the middleman of centralized exchanges, and lets users reap the rewards instead. If you’re willing to lock up your tokens for a while, the rewards can be beneficial particularly with some of the liquidity pools and staking options. 

 

09:31

New people in crypto will likely struggle to navigate pancake swap and understand all of the features. However, if you’re willing to learn, it could be worth it.

 

09:43

A guide on using PancakeSwap would be you will need your own cryptocurrency wallet to use PancakeSwap and PancakeSwap does not support fiat currency. It works with wallets such as Trust Wallet, Math Wallet, The Binance Chain wallet and MetaMask, yes even meta mask which is an Ethereum wallet, but it can be configured to work with the Binance Smart Chain. I’ve done this myself. Unlike centralized exchanges, you won’t have to give any personal data. No KYC. You don’t even have to create a profile with PancakeSwap.

 

10:25

The team behind pancake swap is completely anonymous. The platform has been audited by several blockchain security firms cirrhotic and slow mist are a couple of them, the platform is completely open source. And since the pancake swap website and smart contract code are open to the public, you can investigate and check out all of the open source code yourself. It is known that PancakeSwap team consists of more than a dozen members. And these members are known as chefs. And then there’s two colleagues known as Hops and Thumper as well as some engineers. So overall, the project is new. The platform launched in September of 2020.

 

11:18

So as you can see, pancake swap has many different offerings and many different things. And its growth has been incredible in the short time that it’s been available and running. So this pretty much concludes our episode for today. If you like today’s episode, be sure to like and subscribe and chime in here and tune in here tomorrow. Until then, make it a great day. 

 

11:42

Thanks for tuning in to New to Crypto Podcast. If you liked the episode, be sure to follow and subscribe. You can listen to every episode on all major platforms have an interest in being on the show or one advertising reach out at newtocrypto.io. Head over to our site newtocrypto.io to access the resources mentioned in each episode. Until next time, remember to navigate the crypto landscape with pinpoint accuracy

By: cryptotravelsmichael
0

Table of Contents

PancakeSwap is a decentralized exchange built on the Binance Smart Chain. It’s quick and efficient. Many prefer it because of the low gas or transaction fees. Listen to this episode and learn all about PancakeSwap and it’s native token called Cake.

Blockchain technology could change our world more than people imagine

- Jack Ma

Here's What We Discussed in Detail in This Interview

  • How PancakSwap is an Automated Market Maker protocol similar to Uniswap
  • How PancakeSwap runs on the BSC and has much cheaper gas fees than others
  • How you can trade anything token on PancakeSwap which is on the Binance Smart Chain

Killer Resources

HOW TO REACH OUT TO CRYPTO TRAVELS MICHAEL

New To Crypto Contact Page: Details Here https://newtocrypto.io/contact-us/

Crypto Travels Michael (Twitter). Details Here https://twitter.com/CryptoTravels5

Crypto Travels Michael (Instagram). Details Here https://www.instagram.com/cryptotravelsmichael/

Telegram Details Here https://t.me/newtocryptopodcast

Final Thoughts

PancakeSwap has some of the largest volume among all exchanges. It processes more volume on the Binance Smart Chain or BSC than anyone else. Investors can participate in staking and liquidity pools. There are no KYC requirements in order to use PancakeSwap.

Share this podcast with a friend or family member, join our newsletter at https://newtocrypto.io/ and leave a review on Apple Podcasts. Let me know your thoughts on this episode.

Share This…

Subscribe

Related Posts

Leave a Reply

Your email address will not be published.

team

Crypto Travels Michael

Founder

Helping those to navigate the crypto landscape with pinpoint accuracy.

  • Really helpful podcast
    June 12, 2022 by Peter S. Pickett from United States

    Great listen for anyone interested in what is going on in their crypto - It's been great listening to them.

  • Loving this podcast
    June 12, 2022 by Ray S. Penny from United States

    Very informative

  • Great discussions
    June 12, 2022 by Daniel E. Houston from United States

    Really appreciate you crypto making this! Much appreciated

  • Brilliant
    June 12, 2022 by Abrams231 from United States

    This is a well informed, interesting podcast for anyone looking to find out more about crypto matters. The topics are varied and well researched and I’ve learnt so much from it

  • Fantastic Podcast
    June 12, 2022 by Jeremiah E. Crowe from United States

    A great podcast, not so long as to ramble but discusses a wide range of topics, well presented and easy to listen to.