About PancakeSwap (CAKE)
PancakeSwap is a peer-to-peer (P2P) supported decentralized exchange (DEX) launched on Binance in September 2020. By 2021, it was recognized as the largest DEX on Binance. The daily trading volume on PancakeSwap has reached into the hundreds of millions consistently, even when the cryptocurrency market has experienced down-trends.
PancakeSwap’s native token is CAKE. Since PancakeSwap operates as an Automated Market Maker (AMM) — in which liquidity is provided by peers who lock funds into the protocol on their own — CAKE is used as a utility token that incentivizes liquidity provision on the DeFi platform. It is a BEP-20 token and is, therefore, fully compatible with other Binance-based cryptocurrencies. CAKE price is updated and available in real time on Binance.