CAKE is the governance token for PancakeSwap.
ancakeSwap is a Decentralized Exchange (DEX) built on top of Binance Smart Chain (BSC). It is the biggest Automated Market Maker (AMM) based exchange in BSC.
Binance Smart Chain has much lower transaction fees than Ethereum.
How to use Binance Smart Chain?
To access Binance Smart Chain, users can access it through Metamask or Binance Chain Wallet. Users will have to customize their Metamask by key in the following details after choosing custom RPC from the network’s option
Binance Chain - BEP 2
Binance Smart Chain (BSC) - BEP 20
Binance DEX is the primary decentralized app operating on Binance Chain. Most other projects are building on the Binance Smart Chain. The easiest way to convert any assets to its BEP 20 representation is through the Binance exchange.
For example, after depositing Bitcoin to Binance Exchange, users can choose to withdraw it in the forms of ERC 20 (ETH), BEP 2 (Binance Chain), BEP 20 (BSC), and BTC’s native chain. Choose BEP 20 if you would like to have the asset interact with PancakeSwap.
Like Uniswap, users will have to add two tokens into the Liquidity Pool in the ratio of 1:1. Users will receive FLIP tokens - PancakeSwap’s version of liquidity provider tokens - to represent their stake in the pool.