HOW TO BUY PANCAKESWAP [CAKE]: TRENDING CRYPTO
Here we show you how to buy Cake (Officially called PancakeSwap) coins in three easy steps:
Open an account with a platform that allows the trading of Cake tokens (available here): Our pick is Binance, which offers the greatest selection of Cryptocurrency pairs on the market.
Complete account verification details and fund the account: For this, you'll need to provide ID and address verification and wait for validation, which can take a few days at most.
Buy Pancakeswap via Bitcoin USD or BNB currency pair: Once you've funded the account with your FIAT currency, you'll have to then trade this into a currency that can purchase Cake, such as BUSD or BNB. These are both currency pairs of Cake.
That's it - simple - you are now a holder of Cake tokens.
What is CAKE (PancakeSwap)?
PancakeSwap is a Decentralised Exchange and Automated Market Maker (AMM) under the Binance Smart Chain (BSC), which is an up-and-coming rival to the Etherium Blockchain. BSC has over recent weeks exploded, with the utility token of the BSC (BNB) increasing in value from around $3.5 to $29.0 as at the time of writing this article - that's a colossal 800% return!
This return is down to the fact that the BSC can beat the Etherium blockchain with ease in terms of transaction fees, number of transactions per second, and speed of these transactions. All of these combined provide the opportunity for further growth to rival, if not exceed, that of Ethereum.
Pancakeswap is the most used AMM within the BSC, which has increased in price from around 30 cents in December 2020, to around 14 dollars as of today. It allows for more than just market-making, however, as the utility token of Pancake (Cake) can be staked to obtain other tokens, or for more Cake tokens itself. We discuss staking in another article here.
Cake is therefore the main rival of Ethereum's Uniswap ($32.05 as at the time of writing) and has been gaining significant ground over the past few weeks.