Review on PancakeSwap by Aman Arora
Pancakswap is best Solution for Low fees farming of bep20 tokens
Pancakswap is decentralized dex platfrom specifically built on Binance Smart chain for farming different token by providing liquidity and fetch rewards as cake. Pancake is quite similar to other ether based Defi Dex platforms but with a difference of governance rights and best substitute and benefit of low fees swaps as compare to any ERC20 Dex platforms and this is the reason why pancakeswap has become immensely popular and has grown immensely within few months.
Cake is platform native token which is paid for staking and providing liquidity to different pools. Pankcakeswap is similar to any other famous dex platferm like Uniswap and Sushi but as Pancakeswap is built on Binance smart Chain only BEP20 tokens can be swapped.
As we all know Most Dex Platfroms are models based on AMM, Pancakeswap also worked on Automated market Model which means there is no order book to match your orders and we usually trade against liquidity pools and liquidity providers get their share by providing liquidity and collect different tokens like CaKE, BUSD & BNB etc as rewards.
Beside this, there are special syrup pools where users stake earned tokens & earn Cake and other tokens for highest APY which is an added advantage of farming with Pancakeswap.
Pancakeswap is unique in terms of earning several ways beside just farming and providing LP. Users can earn from lottery as well as there is a special NFT page where you can get your hands on NFT.
Pancake is safe to use and it is already a big success because of Skyrocketed Eth gas fees for swapping and providing and withdrawing liquidity which is not the case with Pancakeswap because it is built on BSC and Cake token growth has been consistent which tells you about the ease to use the platform and also the opportunities being provided, but use your own knowledge to farm tokens as risk involvement is always high as does the rewards.
Pros
- Easy to use with most dApps
- Built on Binance smart chain offers low fees swapping and farming
- Cake token growth has been immense and consistent
- Lot of ways to earn from platfrom like lottery and NFT
Cons
- I have not seen any drawbacks and using it with ease and without any security threat and safety of funds
