PancakeSwap is the largest peer-to-peer decentralized exchange (DEX) running on the BNB Chain.

PancakeSwap, the largest decentralized exchange on the Binance Smart Chain, has quickly emerged as a prominent player in the growing DeFi space. With the support of Binance, it provides a robust trading infrastructure and offers its own native currency called CAKE. 

Similar to other decentralized exchanges, PancakeSwap operates on an automated market maker model, utilizing user-provided liquidity pools to facilitate cryptocurrency trading. Instead of relying on an order book and finding a specific counterparty for a trade, users lock their tokens into smart contract-based liquidity pools. This system enables users to easily make swaps between tokens, and those who contribute to the liquidity pool earn rewards over time.

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