PancakeSwap or CAKE (CAKE/USDT – Trade it here) is a decentralized exchange (DEX) powered by CAKE BEP-20 token based on Binance Smart Chain (BSC). One of the tokens used in the PancakeSwap protocol and is available for token swaps is the CAKE token. In addition, PancakeSwap is an automated market maker (AMM) that functions similarly to Uniswap. It has liquidity pools where users may earn passive income from staking, lending, and yield farming. Learn how to buy CAKE on MEXC by reading this article.
Core Features of PancakeSwap
There are a couple use cases with CAKE tokens, let’s explore:
- Yield Farming. Users who engage in yield farming can stake money in exchange for staking bonuses. Users can increase yield by pursuing the highest interest rates across different areas of the DeFi ecosystem by taking advantage of rewards that can be compounded and applied across numerous protocols.
- Additional utility. Besides staking and yield farming, there are more features that bring more utility to PancakeSwap. These inlcudes NFT marketplace and a platform for Initial Farm Offerings (IFOs). To illustrate more, you can trade shares of large corporations with tokenization, such as Tesla, Google and more.
Tokenomics of the Project
Pancake token doesn’t have a maximum supply, with tokens burned regularly to reduce the supply. In other words, it is a deflationary token. As writing, the live market cap of CAKE is $550,804,427 USD.
In terms of fees, anyone who contributes liquidity to PancakeSwap pools will be compensated with liquidity provider (LP) tokens and any trading commissions that may be generated. Users of the platform are charged a 0.2% fee. The distribution of this fee, 0.17% goes to LPs, and PancakeSwap Treasury burns the remaining 0.03%.
How to buy CAKE?
You can buy it on MEXC following the steps below:
- Log in to your MEXC account and click [Trade]. Click on [Spot].
- Search “CAKE” using the search bar to see the available trading pairs. Take CAKE/USDT as an example.
- Scroll down and go to the [Spot] box. Enter the token amount you want to buy. You can choose from opening a Limit order, a Market order or a Stop-limit order. Take Market order as an example. Click [Buy CAKE] to confirm your order. You will find the purchased CAKE in your Spot Wallet.
Recent PancakeSwap Token Price & Performance
CAKE reached the highest price (ATH) of 44.137 USDT on April 29th, 2021. On the other hand, the lowest price since the date of ATH date was on June 17th, 2022 reaching 2.487 USDT.
Interested in crypto like CAKE?
Pay attention to our listings in the Innovation and Assessment zones as well as the major coins in the Main Zone – we have more great projects to come! MEXC lists moonshot and offers access to trade and invest in significant crypto coins like CAKE. Visit the Hot Projects section and to find additional trending tokens that we’ve featured. Last but not least, visit MEXC Academy to learn more about cryptocurrency trading in general.