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What is PancakeSwap?
Everything you need to know about this decentralized finance app
A token exchange platform widely used by traders who love NFT games. This interesting exchange gateway was created by Binance Smart Chain, being very separate, completely decentralized.
PancakeSwap has its own token whose value hovers around $6 and its movements are stable relative to the price.
It is considered a platform that contains within itself, the utility of the "DEX". And what is a DEX? Well, it is part of a system of exchange between users, something that raises the value of the platform without losing part of what you have earned with it.
What is PancakeSwap for?
It serves as a system of exchanges between traders, adding potential buyers and sellers within it. These are directly linked to "Binance Smart Chain".
So it could be said with certainty that it would be one more annex to be able to provide money or contracts with other people within the platform.
The striking thing about all this is that intermediaries are never noticed, so it would be a very rewarding P2P. Taking into account that there are no excessively high fees.
The curious thing about this platform, although it is widely used, is not the only one that exists, much less the most important.
How does PancakeSwap work?
The operation is quite interesting, since for there to be movement in the "DEX" there must be a way to invest among users.
It generally focuses on the automated market model and its focus is directly on liquidity pools. Users can earn their income by being liquidity providers.
It is a very well elaborated strategy, since being a token it would be evaluated only for the trend it maintains.
Another of its functions that also reflects a wide range of knowledge, are the famous ones: “Betting”. It is striking to think that in a cryptocurrency platform, the name "Betting" can be read.
Well, as we know, having digital currencies has nothing to do with luck, but in this function it allows you to bet if the currency goes up or down: “BNB”. Perhaps that is the way in which they also gain liquidity.
PancakeSwap Mainnet
As we know PancakeSwap has its network from Binance Smart Chain, it is a third generation Exchange as we have surely already deduced.
This suggests that it can openly collude with other wallets. In most cases with any dapps, that is linked directly to a chain of blocks as it is.
This would give more functionality, because as we can see, there is not much versatility in this Exchange. It also offers a farming network, something called by the great experts: “Yield farming”.
Those who contribute financially digitally, will be instructed to take it to a "Pool" of fluency. So they would give you a profit percentage for each transaction made by the platform.
Learn how to connect PancakeSwap with Binance
For this we would have to have Metamask, which is part of an extension and can be downloaded in this case in Google Chrome or in that case in Firefox.
The utility and simplicity make this form of Exchange very quick to understand. Just one click would be enough to link our private key to PancakeSwap.
Is PancakeSwap safe?
Completely safe, it is not. Being an Exchange, even if it is linked to a block chain, you can still be scammed or hacked. By staying connected daily you could be a victim of a hacker.
But it is not to worry either, since being a decentralized market you will know what measures to take. So the security provided by this market would also be part of many others, which are considered the best on the list. Always choose to verify your internet and that your private key remains private, so you will feel more secure.
