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CAKE to USD
PancakeSwap token is a coin on Binance Smart Chain that has one of the largest trading volumes in all crypto today. With over one hundred million being traded most days. Launched in September of 2020, CAKE token has enjoyed a meteoric rise to the top of the Binance Smart Chain as the undisputed top coin on the platform.
PancakeSwap functions include yield farming and staking. The large user base allows for lottery participation along with voting on governance proposals through its community governance portal. These participation options are popular among the user base. Couple these options with the extremely low trading fees and fast confirmation times and the secret of the CAKE token’s popularity is found.
PancakeSwap’s tremendously low transaction fees, especially versus other contemporary cryptocurrencies and famously fast transaction speeds are why CAKE token is extremely popular among the cryptocurrency community. A benefit of convenience that benefits all who take advantage is one of the best ways to attract potential users to the service. PancakeSwap’s forward thinking has revolutionized how cryptocurrency deals are completed.
PancakeSwap is an automated market maker, meaning that the traditional limit orders, bid systems, and order books are not utilized. Instead, liquidity pools rebalance during trading which lends to the appeal of an automated market maker. A trade is made from one side of the liquid pool and placed on the other which changes the value of each side. Liquidity providers add equal value to the pools to maintain the balance.
On the homepage of PancakeSwap.finance the tagline is “The moon is made of pancakes.” Like many cryptocurrencies, the creators have fun with their theme. In this case, pancakes, or CAKE tokens. However, there is power behind the silly name. Just as that homepage claims about the CAKE token “Trade, earn, and win crypto on the most popular decentralized platform in the galaxy.”
PancakeSwap is used by millions trusted with billions. Which speaks to the activity of the CAKE token. PancakeSwap’s CAKE token is traded by a several million users. Boasting a very impressive more than thirty million trades in the first year of the CAKE token’s existence. Along with over twelve billion staked, PancakeSwap is a very formidable cryptocurrency.
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