Pancakeswap is an uncentralized exchange that allows you to trade cryptocurrencies as well as tokens without the need for a central intermediary and keeping track of your tokens throughout. It is based on automated smart contracts that run using Binance Smart Chain, the blockchain platform operated by the cryptocurrency exchange Binance.
Although Binance runs a central exchange but it doesn’t manage or run Pancakeswap. The service was developed by unidentified developers. The service is exactly like the popular Ethereum DEX, Uniswap. Pancakeswap is designed specifically for BEP-20 tokens that run on the Binance Smart Chain, although it’s also possible to transfer coins from different platforms using Binance Bridge and “wrap” them in an BEP-20 token to be used for the DEX.
Is Pancakeswap safe?
Pancakeswap is operating without issue for five months as at the time of writing this article and, as an uncentralized exchange, it is to be completely secure. This team responsible for Pancakeswap’s DEX has gone so the extent of having it examined through CertiK with the result revealed that all code is secured.
It is interesting to note that it is interesting to note that the Binance Smart Chain blockchain has been the result of Binance which is a incorporated crypto trading platform that is known as one of one of the largest in the world. Through Pancakeswap, Binance is basically competing against two specific digital money bases: Ethereum along with Uniswap.
The interest balances the scores further due to the fact that Pancakeswap could surpass Binance itself , if the volume of trade increases to a sufficient extent. However, with cryptographic money accounts on the other hand, Pancakeswap is one of the largest DeFi conventions and it’s one that needs to be clarified for those who are new to.
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