Decentralized cryptocurrency exchanges (DEX) are an excellent alternative for those striving for functions and opportunities that centralized analogs lack. The cryptocurrency field is constantly developing, and new projects are only appearing. In this article, we will tell you about what the PancakeSwap DEX is and what it offers.
PancakeSwap is one of the leading decentralized exchanges in the world, functioning on the basis of the Binance Smart Chain (BSC) blockchain.
The main characteristics of the exchange that a potential user of PancakeSwap should be aware of:
The launch of this platform took place in September 2020. The developers of the project agreed with Binance in such a way to receive full support from them but at the same time to remain 100% anonymous.
To date, (December 2021) PancakeSwap holds the second position in the world by the indicator of the daily volume of transactions (in the Coinmarketcap rating).
To start using the functions and capabilities of the PancakeSwap exchange, you need to connect the Web3 wallet. Doing that is possible via the Connect button in the top right corner of the official project website.
Users can choose among a wide range of wallets that includes both famous and more exotic ones: MetaMask, Trust, MathWallet, Binance Chain Wallet, SafePal Wallet, Coin98 Wallet.
The PancakeSwap decentralized exchange is in demand due to an extensive list of opportunities for any category of traders and investors. They are based on a separate section, each of them attracting their own category of users:
PancakeSwap has successfully passed an audit (an independent verification of activity) via the CertiK framework. It means that the blockchain ecosystem and smart contracts of the exchange do not contain any critical bugs, holes, and are reliably protected from hacker attacks.
Currently, the safety of the exchange is ensured by a range of tools, including Security Oracle, CertiKShield DeepSEA, as well as The CertiK Virtual Machine.
The diversity of available assets and offers, low fees, high speed of transaction processing, and reliability have made PancakeSwap one of the most popular platforms in the DeFi field.
The $CAKE cryptocurrency in which you can invest even without personal involvement in the ecosystem of this DEX looks promising.
Nevertheless, there are some concerns based on the soon release of ETH 2.0. The modification of the Ethereum blockchain may lead to the situation that the projects based on it will receive even lower fees and more high-speed operations than those available on PancakeSwap now.
To date (December 2021), the characteristics of the decentralized exchange, its tariffs, and investing capabilities make it attractive for investors. The users of the project may not only save on deals but also get some pretty good profits as well as a number of DeFi functions that are certainly absent on centralized exchanges.