By far the most popular decentralized exchange (DEX) on Binance Smart Chain (BSC), PancakeSwap, has become somewhat of a phenomenon in the blockchain space in recent months, thanks to its massive liquidity, wide-ranging feature set, and sizeable user base.
The platform is designed to allow users to securely trade Binance Coin (BNB) and a massive variety of BEP-20 tokens without relying on centralized services or losing control over their private keys. As a decentralized exchange, all trades on PancakeSwap are automatically executed via smart contracts — completely eliminating counterparty risks.
Features of PancakeSwap
- No registration needed
- Smart contracts
- Support many coins
- Secure wallets
Advantages of PancakeSwap
- PancakeSwap has low transaction cost than it’s competitor Uniswap
- PancakeSwap leverages a number of its unique properties to provide an excellent trading experience to end-users
- It has an active developers and community
- It also has other features like Yield Farming, Staking, Lottery, IFO and Prediction products
Disadvantages of PancakeSwap
- Real risks are impermanent loss in yield farming, and gambling losses in the lottery or prediction games
- Their network are congested because of highest number of users
- As anyone can create a token on Binance Smart chains, the scams are really a headache
Binance Smart Chain PancakeSwap is the largest and most heavily used AMM for yield farming and staking. With over $650 million in daily trading volume it is over double the trading volume of SushiSwap and nearly as large as Uniswap (v2). It is by far the largest project running on BSC, and as DeFi continues to grow in popularity it would be surprising if it didn’t continue to grow as well.