PancakeSwap (CAKE)

PancakeSwap is a decentralized exchange (DEX) built on the Binance Smart Chain (BSC). It allows users to trade BEP-20 tokens in a permissionless, peer-to-peer manner without needing an intermediary. PancakeSwap operates using an Automated Market Maker (AMM) model, where users trade against liquidity pools instead of a traditional order book. Users can also earn rewards by providing liquidity, staking CAKE tokens, and participating in yield farming. PancakeSwap has become one of the most popular DEX platforms due to its low fees, fast transactions, and integration with BSC. It is a direct competitor to Ethereum-based DEXs like Uniswap.