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What is Pancakeswap (CAKE) coin and how does it work?

by Financial Economy

CAKE is the token of the PancakeSwap platform. It is a BEP20 token originally launched on the Binance Smart Chain (BSC) network. It is a digital currency whose main function is to promote the provision of liquidity to the PancakeSwap platform. Information about some topics that what is Pancakeswap (CAKE) coin, how it works, how to buy it, on which exchange, how much is it, etc. is in continuation of the article. You can browse here for information about TAROT coin.

What is Pancakeswap (CAKE) coin and how does it work?

PancakeSwap is a decentralized exchange that started its operations in September 2020 to exchange tokens supporting the BEP20 standard on the Binance Smart Chain (BSC). The project, which was started on this basis, has come to an important position today with its transaction volume and market value. CAKE, the platform built to solve many problems and bring innovations in the field of decentralized finance, also offers a strong project target to both provide liquidity and strengthen in the markets.

Continuing on its way as the leading decentralized exchange in BNB Smart Chain with the highest transaction volume in the markets, the project aims to reach an influential position in the crypto world of the future by also offering the NFT ecosystem.

CAKE token founders!

Contrary to popular belief, PancakeSwap was not established by a person or institution. Like many DeFi applications, it is a project started by anonymous developers. Pancakeswap is a decentralized exchange based on Binance Smart Chain. Having a strong community has enabled the market value to improve in a short time. The protocol, which was launched in September 2020, soon turned into a large area using the automatic market maker model, where users trade against the liquidity pool.

How to use Cake coin?

Developed to power the PancakeSwap ecosystem, CAKE is a digital currency earned from farms and pools or the lottery or purchased on exchanges. The Cake token can be used to vote on proposals related to the PancakeSwap ecosystem, participate in IFO Token sales, NFT transactions, and purchase PancakeSwap lottery tickets. It also allows additional CAKE staking opportunities to stake LP tokens to earn CAKEs and earn more CAKEs. CAKE is also used to incentivize the provision of liquidity to the PancakeSwap platform.

Which exchange is CAKE coin on?

PancakeSwap coin is listed on some cryptocurrency exchanges such as Binance, BTCEX, Bybit, MEXC, BingX, etc.

How to buy CAKE coins?

PancakeSwap coin can be purchased from listed some cryptocurrency exchanges, like mentioned above. However, before trading, it is necessary to make sure that the exchange and the crypto project are “RELIABLE”. It is so important point for investors.

CAKE coin supply!

Total supply of PancakeSwap coin is 324.656.550 CAKE.

CAKE coin price!

As of September 7, 2022, at the time of the writing, 1 PancakeSwap coin price is around $4,04 (because of the volatility on crypto market the price can change instantly).

Caution: The information contained in this content is for general informational purposes only. It is not investment advice.

For information about cryptocurrency: https://en.wikipedia.org/wiki/Cryptocurrency

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