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PancakeSwap (CAKE) is the 63rd largest cryptocurrency in the world by market cap, valued at $1,396,703,298. The current price of PancakeSwap is $3.67, which is -2.653% lower than yesterday. Prices have ranged between $3.82 and $3.7 over the past 24 hours. All prices are listed in US dollars and accurate as of March 24, 2023 12:03 UTC.
PancakeSwap is a decentralized exchange that makes use of the Binance Smart Chain (BSC). Much like many of the other food-themed DeFi products in the market today — such as SushiSwap, Pickle Finance, etc.
– it affords users the ability to farm tokens in exchange for liquidity. Also, it is worth emphasizing that since the project has been built atop BSC, users can only trade tokens, add liquidity and acquire incentives via BEP-20 complaint assets. CAKE is the native crypto of the PancakeSwap ecosystem, with its main goal being to incentivize liquidity providers. Even though the currency has no max supply cap, small sums are burned regularly, so as to reduce its overall supply pool (thus preventing their value from being diluted).
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
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