Is PancakeSwap Exchange Safe to use?
PancakeSwap is a DeFi based DEX exchange, whose smart contract is audited by Certik. Smart Contracts always hold their own risks and bugs. Even though audited properly, there may be any smart contract vulnerabilities at any time, which may result in bugs or errors in the platform which may cause asset loss.
Every platform has its own risks, thus deposit as much as you can afford in the platform PancakeSwap.
Popular Features of PancakeSwap
Listed here are some of the features that attract users to the platform called PancakeSwap.
PancakeSwap is an Open Source DeFi protocol designed specially for swapping BEP-20 tokens. Anyone can use this platform and swap their own BEP-20 token on the exchange which is built on the Binance Smart Chain.
PancakeSwap allows you to farm its own native token called CAKE.The farming feature of PancakeSwap allows users to deposit their LP tokens and lock them up and earn CAKE tokens as rewards.
Addition of Liquidity
As the PancakeSwap exchange works on the AMM model, the traders can swap tokens without any order books. To farm CAKE tokens, one must first add liquidity to the exchange.
Select the token pair that you wish to deposit and add liquidity to the exchange. Know completely about the impermanent loss, before adding liquidity to the pool.
Once you have got LP tokens, it’s time to stake those and earn CAKE tokens. When you have got a CAKE token, you can stake those in SYRUP pools.
When you stake a CAKE token, you will be earning the rewards of CAKE tokens.
Apart from the swap, stake, and farm, PancakeSwap allows lottery tickets using CAKE tokens. Each lottery session takes about 6 hours and a lottery ticket costs about 10 cakes & it will give you a random four-digit combination number between 1 to 14.
To win the jackpot, the four numbers on your ticket should match all the numbers in the same positions. Even if the numbers do not match, you will get rewards when two or three numbers match.
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