PancakeSwap is a Binance Smart Chain-based decentralized exchange (DEX) with an automated market maker (AMM) model for swapping BEP-20 tokens.
There are 3 kinds of tokens on PancakeSwap:
FLIP: Similar to other AMM models, users will receive Liquidity Provider (LP) tokens in the form of FLIP tokens in return for providing liquidity towards the various liquidity pools available on the platform (e.g. one will receive BUSD-BNB FLIP tokens in return for providing liquidity to the BUSD-BNB liquidity pool).
CAKE: LPs receive CAKE for staking their FLIP tokens.
SYRUP: CAKE tokens can be staked in the SYRUP Pool to earn SYRUP. SYRUP holders will earn a portion of 25% of each CAKE block reward and give them the right to earn tokens from brand new BSC projects. SYRUP tokens can also be used for voting in platform governance, collecting fees, and the upcoming Golden Syrup lottery.