PancakeSwap is an AMM – automated market maker – and decentralised exchange that allows the swapping or exchanging of two BEP20 tokens on the Binance Smart Chain. Using this AMM, users on PankcakeSwap trade against a liquidity pool of user funds that can be deposited into. In return, users receive liquidity provider tokens which can be used to reclaim shares and get a portion of trading Pancakeswap fees. The PancakeSwap Finance platform now also supports some additional services such as “Syrup Pools” and “Lottery”.
Syrup Pools allows users to distribute their CAKE tokens using the Binance Smart Chain to participate in new token distributions that get supported on the platform referred to as liquidity pool tokens (LP tokens). The Syrup pools are split into two major sections (Community & Core). Core projects are released to the members of PancakeSwap team first with Community Syrup pool options being released to the users participating on the platform. Tokens that are chosen to be listed on the Syrup Pool are decided via the voting governance component of PancakeSwap. Some of the paired tokens are BNB, ALICE, NULS, DODO that can be used to generate the LP Tokens.
Syrup Pools have two components of “earning” to them (a multiplier value and a APY %). When “Harvesting” from these pools you harvest CAKE tokens. To get your tokens on the platform; PancakeSwap allows you to connect your Binance Smart Chain Wallet, Metamask to allow Yield Farming on its platform!
Another component of PancakeSwap is its Lottery. Users of the platform can enter by using 1 CAKE to enter 1 Entry into the Lottery. Although Crypto Lottery’s within Australia are currently illegal, participating users from other countries are given a random 4 digit combination with each number of that combination being between 1-14.
If you win the lottery you win 50% of the entire lottery pool and you will need to match all 4numbers on your ticket in the same order as that of the chosen numbers.
On top of the simple Lottery system, the lottery is held 4 times a day, every 6 hours! For more information how the Lottery operates and how the numbers are determined be sure to check the PancakeSwap Lottery Docs.
CAKE has no hard cap on its supply however the token does undergo burning, the process of making its tokens unusable. One way that CAKE does this is by burning 10% of its tokens during the lottery that is conducted along with doing regular burns. One of the major tokenomic points of CAKE is to ensure deflation of the token is always higher than its emission. This balance of supply is what helps to incentivise people to buy Pancakeswap CAKE tokens and adding to the liquidity cake pools along with managing the price change of the CAKE token.
You can buy CAKE tokens on the PancakeSwap decentralised exchange by swapping another token such as BNB (Binance Coin). Alternatively, you can easily buy CAKE on the Swyftx cryptocurrency exchange. To create your account, click the ‘Sign Up’ button at the top of this page. You’ll be asked to provide a few personal details such as your name, email address and phone number. Once your account is created, you’ll then need to verify your account by submitting a photo of your identification. We accept forms of government-issued photo identification such as drivers license, passport etc. Verifying your account usually only takes a few minutes and once completed you can deposit funds into your account. Swyftx allows you to deposit AUD via bank transfer, credit/debit card, POLi or PayID. When your funds have successfully landed in your account, you can buy CAKE token and hundreds of other assets listed on the Swyftx trading platform.
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