Similarly, CAKE holders who stake their tokens receive SYRUP, entitling holders to rewards paid in CAKE. SUSHI holders who stake their tokens receive xSUSHI, a revenue-sharing token that earns transaction fees from the protocol. While all three enable decentralized exchange, community governance, yield farming, and LP (liquidity provider) opportunities, only Sushi and PancakeSwap pay rewards back to token holders who stake their tokens. PancakeSwap - Uniswap clone built on BSC to deliver fast and inexpensive trades using BEP-20 tokens and the BSC←→ETH bridge. SushiSwap - A community-governed Uniswap fork that has evolved into a DeFi hub offering token swaps, farming, and crypto lending/borrowing. Today's standard for easy cryptocurrency trading using ERC-20 tokens and mostly ETH pairs. Uniswap - The original DeFi liquidity protocol built on Ethereum. In today's cryptocurrency landscape, there are three major decentralized exchanges ruling the roost. Holding SYRUP entitles you to 25% of the CAKE emissions distributed proportionally to holders. When you stake CAKE, you get SYRUP at a 1:1 ratio. However, unlike Uniswap, PancakeSwap rewards those who stake its native BEP-20 token called CAKE. The liquidity grab has so far worked like a charm - well over $1 billion in total value locked (TVL) has migrated to PancakeSwap since it opened its doors. To create said liquidity pools, PancakeSwap offers a plethora of DeFi farming opportunities for liquidity providers. Much like the celebrated Uniswap DeFi AMM protocol running on Ethereum, PancakeSwap enables users to swap between cryptocurrency assets by tapping into user-generated liquidity pools. PancakeSwap is a decentralized exchange built on Binance Smart Chain, a fast and inexpensive alternative to Ethereum. What is PancakeSwap? It's more than just another food-themed DeFi protocol
#BINANCE CHAIN DEX HOW TO#
This guide to PancakeSwap will teach you the basics of how the decentralized exchange and liquidity protocol work, along with how to use each to your advantage.Īfter all, there are enough differences when you compare Uniswap to PancakeSwap that it's well worth understanding PancakeSwap's features. However, cryptocurrency narratives aside, PancakeSwap is one of today's largest DeFi protocols, and one that needs explaining if you're new. The intrigue gets even deeper because PancakeSwap can outshine Binance itself if exchange volume gets deep enough. With PancakeSwap, Binance is essentially competing against two distinct cryptocurrency establishments - Ethereum and Uniswap. Interestingly enough, the Binance Smart Chain blockchain is the creation of Binance, a centralized crypto exchange known for being the largest in the world. PancakeSwap is a decentralized exchange on Binance Smart Chain, one of Ethereum's top competitors.
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