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What Is PancakeSwap (CAKE)?

A decentralized finance (DeFi) application called PancakeSwap is an automated market maker (AMM) that enables users to trade tokens, farming out liquidity in exchange for commissions.

A decentralized exchange for trading BEP20 tokens on Binance Smart Chain, it went live in September 2020. Users of PancakeSwap can trade against a liquidity pool using an automated market maker model. Users fill these pools by contributing money, in exchange for which they are given liquidity provider (LP) tokens.

These tokens can then be used to recoup their portion of the pool and some of the trading commissions. These tokens are referred to as FLIP. Users of PancakeSwap can also farm additional tokens like CAKE and SYRUP. Users who deposit LP tokens on the farm are rewarded with CAKE.

Users can stake LP tokens to earn CAKE, stake CAKE to earn more CAKE, and stake CAKE to earn tokens of other projects on PancakeSwap. This platform also enables users to trade BEP20 tokens, provide liquidity to the exchange and earn fees.

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