PancakeSwap (CAKE)
4.5

PancakeSwap (CAKE)

Used to : PancakeSwap + Popular

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Home » PancakeSwap (CAKE)

Pros
  • Holding CAKE allows users to have a say in governance and shape the future direction of the PancakeSwap decentralised exchange ecosystem
  • Used to trade in PancakeSwap
  • Holding CAKE tokens allows users to participate in token airdrops and initial coin offerings
Cons
  • Strong competition from Ethereum based DEXs such as Uniswap Token


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The PancakeSwap (CAKE) is the native token of the PancakeSwap decentralised exchange/ecosystem and provides many benefits to its holders. The PancakeSwap token (CAKE) is the main token of the PancakeSwap empire. CAKE is a BEP20 token running on the Binance Smart Chain. CAKE token is a governance token and allows users to vote to decide how the ecosystem fund is spent and distributed. It also provides staking rewards to users who decide to stake their tokens.

The CAKE token has seen phenomenal growth and has given rise to an entire ecosystem surrounding the decentralised exchange (DEX) universe.

Tokenomics

There is no supply cap for the CAKE token. The total supply of the CAKE token is controlled by an effective burn mechanism. The tokens are burned via several routes such as CAKE spent on lotteries, minting NFTs, Farm auctions, performance fees from IFOs, 0.05% is spent in transaction fees on every trade, 2% for every yield harvest etc.

The distribution mechanism is explained below.

Syrup Pools: 25%

Famrs and Lottery: 10.62%

Has CAKE Token been audited and doxxed?

Yes. The CAKE token was audited by CERTIK and Slowmist and has been doxxed. It is also protected by CERTIK Shield Insurance. Slowmist also audited the Liquidity and the CAKE’s Prediction system was audited by Peckshield. PoolThe team behind the CAKE Token publishes regular documentation via press releases and is active on social media channels.

Trust & Fairness: 4

Exchanges & Swaps: 4

Community: 5

Overall Rating: 4.25

Detailed Review of PancakeSwapToken (CAKE)

The PancakeSwap token is used inside the PancakeSwap decentralised exchange ecosystem that allows users to swap tokens on the BSC smartchain.

CAKE can be used to earn free tokens in the Syrup liquidity pools, it can be used to farm and earn a yield which is a great source of passive income, it is also used as a governance token for voting purposes, it allows users to create a profile for minting NFTs, CAKE also allows users to participate in lottery and IFO sales.  

Users can buy a lottery ticket using CAKE. Tickets cost $5 in CAKE and can be bought in batches of 100. Matching ticket numbers enables users to win rewards. CAKE can also be used to purchase tokens introduced via the Initial Farm Offerings of PancakeSwap.

The PancakeSwap token opens the door to an entire ecosystem of services inside the PancakeSwap exchange. It also provides its hodlers with voting and governance power to shape the future of the PancakeSwap exchange. This is what makes the CAKE token such a powerful and attractive investment.

Where to Buy PancakeSwapToken?

The CAKE token can be bought on on Binance, KuCoin, Gate.io, Tokpie, Bitbns, WazirX, and LBank.

You can buy CAKE either through cash via P2P (peer to peer), credit or debit cards or through other cryptocurrencies.

If you already hold some crypto, then you can use the coins to purchase CAKE directly through the supported native decentralised exchange: PancakeSwap. All you need to do is connect your wallet such as Metamask and select the appropriate coin pair that you wish to use for purchasing CAKE (for example: ETH/CAKE). The decentralised exchanges are a quicker and easier method that guarantees anonymity as you do not have to deposit fiat currencies or complete a KYC process before purchasing the PancakeSwap token. You can also use CAKE for purchasing other altcoins through the decentralised route as explained above.

What Can you do With the PancakeSwap Token?

NFT Marketplace: The CAKE ecosystem has recently launched an NFT marketplace that allows users to buy/sell collectibles between users. In the future, it plans to launch an upgraded version of its marketplace.

Staking CAKE: PancakeSwap allows users to stake currencies through the Syrup Pools. Syrup pools allow users to stake their CAKE and other tokens to earn staking rewards. Its one of the best ways to earn an additional source of passive income.

Participate in IFO: Initial Farm Offerings are similar to ICOs and users can use their CAKE to purchase newly launched tokens.

Pancake Lottery: Users can buy a lottery ticket using CAKE. Tickets cost $5 in CAKE and can be bought in batches of 100. Matching ticket numbers enables users to win rewards.

Yield Farming: Users can chose to add liquidity and earn an additional source of income on PancakeSwap.

Hodl as a long term investor: The developers of CAKE have plans to include the token as a form of payment on NFT marketplaces all over the world. You could also simply hodl it and gain from its price appreciation in the long term. The token also generates passive income for its holders as it can be staked.

Swap CAKE to other BSC tokens: You can use CAKE and directly swap to other altcoins on a decentralised exchange. The process is quick and simple, and is described below.

How to Swap CAKE to other altcoins Simply head over to a decentralised exchange and connect your wallet. Then, select the amount of CAKE you wish to spend (factoring in transaction fees) and swap for another crypto token. You will receive the tokens in the same wallet.

How to Buy CAKE?

In order to buy CAKE, you will need to use a centralised exchange or a decentralised exchange. Decentralised exchanges (DEXs) are simple and easy to use and do not require any registration. The process of token swap on DEXs has been explained above.

For purchasing CAKE on a centralised exchange, you will need to register and create an account with the exchange and then deposit fiat currencies or crypto assets which can be used to buy CAKE. You will need to complete Know Your Customer (KYC) procedure to open an account on a centralised exchange.

Steps to open an account on a centralised exchange:

  1. Go to the exchange site where CAKE is listed and click on the Register button.
  2. Then select your country of residence and proceed to the registration interface. Here, you will need to provide your email ID/phone number and a password that will be used to login into the newly created account.
  3. Click on the agree to terms and conditions button and wait for the verification mail or message.
  4. Clicking on the verification tab will take you to your new account. You will need to provide documentation such as a driving license, passport or other government issued IDs to confirm your identity and address. A utility bill and national ID may also be accepted in some cases. This process is known as the KYC regulation and it is in place to prevent the risk of fraud and to ensure that the site is safe for all users.
  5. Once this additional step is completed, the exchange will activate your account and you can deposit funds to start trading. You can select fiat currencies or cryptocurrencies supported by the exchange to deposit funds to buy CAKE.
  6. Most exchanges support multiple payment methods including credit/debit card, bank transfer, third party payment processors and P2P transfer.

Upcoming Events/Launches – CAKE Roadmap

The CAKE token has plans to launch an upgraded version of its NFT marketplace that will incorporate the ability for its users to access and mint exclusive NFTs. This will be an important breakthrough for the CAKE token and will help in generating more rewards for its users.

Token Price & Chart

The all time high price of one CAKE was $43.96 on April 30, 2021. It is currently trading at $11.27 at the time of writing (Source: CoinGecko). The all time low price was $0.194441 on November 3, 2020. Comparing the all time low and all time high price, we get returns of about 5715% which are very impressive returns. The CAKE token is slowly establishing its position as a leading cryptocurrency of the PancakeSwap DEX.

The CAKE price can be checked on sites like CoinGecko and CoinMarketCap.

PancakeSwap (CAKE) Details

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Crypto Token

Investing in crypto coins is always a risk! Proceed with extreme Caution!

*Reviews, articles and content on AltCoinReviews.org website are NOT financial advices!
4.0
Trust & Fairness
4.0
Exchanges & Swaps
5.0
Tokenomics
5.0
Community
4.5 Overall Rating