PanCakeSwap: A Decentralized Crypto Exchange
PanCakeSwap is a decentralized exchange that was established in 2020. At the time of writing, this exchange has only been on the market for a little over two years, which may mean that it is relatively unknown to many.
Due to the creation of PanCakeSwap, another term has also appeared – PanCakeSwap Coin. PanCakeSwap Coin is this exchange’s own cryptocurrency ( read more about cryptocurrency in general ), and we will also get to know this a little better in this article.
So below is simply what we are going to do – get to know PanCakeSwap and PanCakeSwap Coin better. We will both take a closer look at general information about them, as well as to what extent it is a good idea to invest in it. In addition, we will look at how you can buy it if you want.
Yes, so what is PancakeSwap? Learn more in this video:
What is PanCakeSwap?
PanCakeSwap may well be a new term for some. Therefore, it is only appropriate to include this section “What is PanCakeSwap?”. Because what exactly is PanCakeSwap? Here is some general information about PanCakeSwap:
- PanCakeSwap is an exchange that was launched in 2020. It is a decentralized central, which means it can also be called DEX.
- PanCakeSwap was developed on the Binance Smart Chain (BSC). The exchange is based on AMM (automated marketers), and is considered to be the largest AMM-based exchange in BSC.
PanCakeSwap has followed in the footsteps of many other exchanges in that they have developed their own coin, for example Binance which has developed Binance Coin. PanCakeSwap has also developed its own coin.
PanCakeSwap’s coin has naturally been given a name that helps the coin to be easily traced back to its origin. The coin is called PanCakeSwap Coin, and goes by the ticker “CAKE”. PanCakeSwap Coin has a market cap of more than $5 billion.
PanCakeSwap has high volatility, which means the price jumps up and down all the time. At the time of writing, the price for PanCakeSwap is $3.21.
Here is a small overview of some of the factors that can affect the price of PanCakeSwap:
- Supply and demand – If demand is high and supply is low, then the price will increase in most cases. If it is the other way around (low demand and high supply), the price will fall.
- Number of coins in circulation – The number of coins in circulation has a big impact on the price. At the time of writing, just over 164 million coins of PanCakeSwap are in circulation. These have a total supply of 214 million. In other words, it is still possible to mine PanCakeSwap, which undoubtedly increases interest in it in the market.
- How the coin is mentioned in the media and on social media – A good reputation in the media and on social media never fails. Bad reviews will drag down interest.
- The crypto market in general – The crypto market plays an important role in relation to everything in the market. Many cryptocurrencies have experienced a price increase recently, and this has naturally also affected PanCakeSwap.
That’s why you should buy PanCakeSwap
It is only natural that people doubt whether or not PanCakeSwap is a good investment. In fact, this is probably something many people wonder about, and this is a question we can answer.
Should one buy PanCakeSwap? Yes, at least we think it can be a good investment. Here is some of the background to our position:
- PanCakeSwap operates with low fees. The fees here tend to be much lower (between 0.04 and 0.20 dollars) than with other players who operate with exclusively higher fees.
- Transactions with PanCakeSwap are quick. The average length of a transaction is 5 seconds, which is much faster than several other platforms .
- Mining of PancakeSwap still possible – not all PancakeSwap coins are in circulation yet, which means that mining of PanCakeSwap is still possible.
- You get the opportunity to participate in lotteries if you have a stock of PanCakeSwap coins. These coins also give you the opportunity to farm tokens.
- In recent months, the price of PancakeSwap has risen greatly.
How to buy PanCakeSwap
You can buy PancakeSwap on a number of trading platforms. The most important thing is to find a trading platform that you like, because there are an incredible number of trading platforms on the market today.
In connection with this, our best tip is to spend plenty of time before making a final decision. Many people go with the flow here, but remember that you can save a lot by doing proper research first. Maybe you get away with slightly lower fees by choosing a different trading platform than the one you intended? In other words, it might be worth it!
However, we will leave it up to you to decide which trading platform you want to choose. As I said, there are many good ones out there.
Below you will find a general guide that takes you through how to buy PanCakeSwap – step by step.
- Choose a trading platform – Here, as I said, it is important that you take your time. Factors you should be aware of are the selection of cryptocurrency, analysis tools, any fees, how user-friendly the platform is and how far the platform is regulated by a serious player.
- Register a profile – Once you have found your trading platform you must register as a customer. This involves creating a profile (by filling in your personal details). The registration process will also include profile verification, i.e. proving that you are the person you say you are.
- Make a deposit – After you have registered and verified your profile, you must make a deposit. It is a prerequisite for you to be able to proceed to the next step. Some trading platforms operate with a set limit for deposits, both a lower and an upper limit, but beyond that, you decide how much you want to deposit.
- Buy PanCakeSwap – Now you have reached the last step, which is to buy PanCakeSwap. To be able to do that, you need to find PanCakeSwap in the platform selection, press “Open trade” to be sent to the purchase page, get an overview of the details and press “Buy”. Enter the amount you want to shop for, and then you’re actually done!