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PancakeSwap (CAKE) gains 444% as its daily DEX volume surpasses $90M

Published 02/06/2021, 01:10 PM
Updated 02/06/2021, 02:40 PM
PancakeSwap (CAKE) gains 444% as its daily DEX volume surpasses $90M

Launched in September 2020, PancakeSwap is a decentralized exchange (DEX) running on Binance Smart Chain. Instead of allowing its users to trade ERC-20 and ERC-721 tokens, the DEX focuses exclusively on Binance Chain BEP20.

By using an automated market maker (AMM), the DEX allows tokens to be exchanged with no need for order books. This is quite similar to Uniswap's liquidy pools which are automated by smart contracts.

PanCake (CAKE) token price at Binance. Source: TradingView
24-hour DEX volume ranking. Source: coingecko.com
PancakeSwap daily volume. Source: coingecko.com

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