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Home Platforms PancakeSwap
PancakeSwap reviews

Average rating of 66% based on 353 reviews.

Founded 4 years ago in 2020.

Use anonymously. No KYC required.

Decentralised exchange.

Reviewed by Yunis
4 October 2022 (Updated 16 June 2024)

PancakeSwap Crypto Platform

PancakeSwap, an open-source protocol, is definitely one of the most heard platforms with significant popularity as a decentralized exchange (DEX) that offers users a rich selection of features and functionalities. One of the key strengths of PancakeSwap is its open-source nature, which allows developers to review and contribute to its codebase, fostering transparency, and encouraging community involvement. This collaborative approach enhances the protocol's security and efficiency, as it benefits from a diverse pool of expertise and scrutiny.

In terms of security, PancakeSwap has demonstrated resilience in its measures against potential attacks. While no system is completely immune, PancakeSwap has managed to avoid being hacked, highlighting the effectiveness of its security protocols. The protocol has undergone multiple audits conducted by reputable firms, which have provided comprehensive reports on the security of the platform. These audits serve as a testament to PancakeSwap's commitment to protecting user funds and ensuring a secure trading environment. It is worth noting that PancakeSwap has been working without any major security concerns, further reinforcing its reputation as a reliable and secure DEX.

One of PancakeSwap's notable strengths is its robust and proven codebase. The protocol's code has undergone extensive review and has been utilized by various other DEXs in the crypto space. Many exchanges have forked PancakeSwap's source code to create their own DEXs on different blockchain networks. This widespread adoption of PancakeSwap's code highlights the trust and confidence placed in its security practices and reinforces its reputation as a reliable and battle-tested DEX.

PancakeSwap offers a diverse range of features that cater to the needs of DeFi enthusiasts. One of its main features is the swap function, which allows users to easily trade between different assets with low fees and customizable slippage tolerance. This feature provides users with a seamless and efficient trading experience, enabling them to quickly and cost-effectively swap their tokens.

The protocol also introduces Syrup Pools, which serve as a staking mechanism for users. By staking their CAKE tokens, users can earn additional CAKE or other available pools without the risk of losing their assets. This staking mechanism provides an opportunity for users to generate passive income and participate in the governance of the PancakeSwap ecosystem.

In addition to Syrup Pools, PancakeSwap offers an auto-compounding pool for CAKE, simplifying the process of earning rewards. This feature automatically reinvests the earned CAKE tokens, compounding the rewards and maximizing the users' returns. This convenient and efficient approach to yield farming appeals to users looking for hassle-free options to grow their holdings.

The Farms feature is another attractive offering from PancakeSwap. Users can stake liquidity pool tokens to provide liquidity for specific asset pairs and earn payouts in CAKE. While this feature presents an opportunity to earn additional tokens, it is important to be aware of the potential risks associated with impermanent loss. Users should consider the risks and rewards before participating in Farms.

PancakeSwap also adds an element of entertainment to its platform with the Lottery and Prediction features. The Lottery allows users to purchase tickets for a chance to win a portion or the entire prize pool. This interactive and exciting game appeals to users who enjoy a touch of gambling and the potential for substantial rewards. Similarly, the Prediction feature enables users to make predictions on the future price movement of Binance Coin. Correct predictions result in payouts based on the amount bet against, making it an engaging and potentially profitable activity.

Another noteworthy feature of PancakeSwap is the availability of Initial Farm Offerings (IFOs), which resemble the concept of Initial Coin Offerings (ICOs). Through IFOs, new assets are introduced to the PancakeSwap community, and users can acquire these assets using liquidity pair tokens of CAKE and BNB. This feature provides an opportunity for users to participate in the early stages of promising projects and diversify their portfolios.

Despite the team operating under pseudonymous names, PancakeSwap has managed to build a loyal following and a thriving community. While some users may prefer more transparency regarding team identities, it is important to note that the protocol's security and functionality have not been compromised by this anonymity. PancakeSwap's success can be attributed to its strong codebase, reliable performance, and continuous development efforts, which have fostered trust and confidence among its users.

In conclusion, PancakeSwap stands as a well-established and highly regarded decentralized exchange protocol. Its open-source nature promotes transparency and community involvement, while its robust security measures, proven codebase, and extensive feature set have contributed to its widespread adoption. From seamless asset swapping to staking opportunities, entertaining games, and opportunities to participate in new asset offerings, PancakeSwap offers users a comprehensive DeFi experience. Whether you are a trader, yield farmer, or DeFi enthusiast, PancakeSwap provides a platform that caters to a wide range of needs within the decentralized finance ecosystem.

Pros

tick $2,327,685,233 USD currently invested (TVL)

PancakeSwap Staking Yields

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PancakeSwap Reviews

Based on a total of 353 reviews across the web for PancakeSwap we gave the platform an overall rating of 66%.

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PancakeSwap YouTube Reviews

PancakeSwap Fees

Fees
Exchange maker fee 0.25%
Exchange taker fee 0.25%

PancakeSwap Scams, Frauds, Hacks and Blunders

1 Jan 1970

PancakeSwap Supported Currencies

PancakeSwap supports over 2,000 currencies including Tether USDt, Toncoin, Shiba Inu and Chainlink.

PancakeSwap Languages

PancakeSwap's supports the following languages: English, French, Korean, Japanese, Finnish, Dutch, Greek, Arabic, Hungarian, Ukrainian, Turkish, Polish, Brazilian-Portuguese, Vietnamese, Portuguese-Portuguese, Swedish, Romanian, Spanish, Simplified Chinese, Russian, German, Traditional Chinese, Italian, Indonesian, Hindi, Tamil, Bengali and Filipino.

PancakeSwap Key Data

Company
Automatic market maker tick Yes
Year founded 2020
Decentralised tick Yes
Open source tick Yes
Non-custodial tick Yes
Products
Savings accounts tick Yes
Loans cross No
Crypto to crypto exchange tick Yes
Fiat to crypto exchange cross No
Pro exchange marketplace tick Yes
Peer to peer exchange tick Yes
Corporate accounts cross No
Instantly buy crypto with fiat cross No
Integrated crypto wallet cross No
Crypto withdrawals to private wallet tick Yes
Futures exchange tick Yes
Security
Cold storage cross No
Know your customer cross No
Credit check cross No
Support
24/7 support cross No
Fees
Maker fee 0.25% more ...0%
Taker fee 0.25% more ...0%
Investment Strategy
Liquidity pools tick Yes
DeFi products tick Yes
Unsecured loans cross No
Independent proof of reserves cross No

ALooking at reviews from across the web, PancakeSwap has an average review score of 66% based on 353 reviews.

Useful Links

PancakeSwap Contact Details

https://pancakeswap.finance/

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