We are happy to announce that CAKE has joined the family of the 200+ cryptocurrencies available on Changelly. The PancakeSwap token CAKE is a BEP20 token that originally launched on Binance Smart Chain. The main function of CAKE is to incentivize liquidity provision to the PancakeSwap platform.
PancakeSwap is an automated market maker (AMM) — a decentralized finance (DeFi) application that allows users to exchange tokens, providing liquidity via farming and earning fees in return. Users can stake their tokens to earn rewards, which is done by depositing Liquidity Provider tokens and locking them up. This is known as farming and is rewarded by the system with CAKE tokens. The tokens can be un-staked with zero holding time. CAKE gives users the opportunity to invest and increase returns in the future but comes with risks.
CAKE can also be used to enter lotteries on PancakeSwap. Each lottery session takes 6 hours. A single ticket costs 10 CAKE and comes with a random combination of four numbers between 1 and 14, for example, 8-6-4-13. To win the jackpot, which equals 50% of the entire lottery pool, the numbers in your ticket need to match all four numbers on the winning ticket. Users can also win non-fungible tokens that can be traded for CAKE or kept in a wallet.
PancakeSwap is a Binance Smart Chain-based decentralized exchange (DEX) that was launched in September 2020 by anonymous developers with an apparent passion for pancakes. PancakeSwap uses an automated market maker model where users trade against a liquidity pool. These pools are filled by users who deposit their funds into the pool and receive liquidity provider (LP) tokens in return.
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