What is a Pancakeswap?
Pancakeswap is a decentralized exchange that allows you to trade cryptocurrencies and tokens without a centralized intermediary, keeping custody of your tokens all the while. It is built on automated smart contracts deployed on Binance Smart Chain, the blockchain platform run by crypto exchange Binance.
Even though Binance operates a centralized exchange service, it does not control or operate Pancakeswap—it was built by anonymous developers. The service looks and feels very similar to the popular Ethereum DEX, Uniswap. Pancakeswap is used specifically for BEP-20 tokens running on Binance Smart Chain, although it’s possible to bring over tokens from other platforms via Binance Bridge and “wrap” them as a BEP-20 token for use on the DEX.
Is Pancakeswap safe?
Pancakeswap has been oprating without any issues for 5 months as of the time of this writing, and as a decentralized exchange it seems completely safe. The team behind the DEX has gone as far as to have it audited by CertiK and the results found that all the code is secure.
How do you use Pancakeswap Exchange?
Strangely, the Binance Smart Chain blockchain is the making of Binance, an incorporated crypto trade known for being the biggest on the planet. With Pancakeswap, Binance is basically going up against two particular digital money foundations — Ethereum and Uniswap.
The interest settles the score further on the grounds that Pancakeswap can eclipse Binance itself if trade volume gets adequately profound. Nonetheless, cryptographic money accounts to the side, Pancakeswap is one of the present biggest DeFi conventions, and one that requirements clarifying in case you’re new.