LATOKEN Review. PancakeSwap (CAKE)
Yes, here is our new August 2021 LATOKEN review… LATOKEN, a rapidly growing crypto exchange and the leading platform for compliant multi-asset tokenization, cares about its users, traders, and crypto enthusiasts. That’s why we are constantly enlarging our collection of LATOKEN reviews.
Keep in mind, we are always here to provide a better understanding of various tokens and protocols. It is far from the first time we remind our users to be extremely careful when dealing with cryptocurrencies. If you made a decision to become a crypto trader, knowing if a project is legit or a cryptocurrency scam is essential.
Farming projects with “food” names have been captivating participants in the crypto space for several months. Most of these projects were created on the Ethereum blockchain. Ethereum, one of the first blockchains to support smart contracts, has a developed ecosystem of users, developers, and tools to create powerful decentralized applications.
In today’s LATOKEN review, we will talk about PancakeSwap (CAKE) that was recently listed on LATOKEN.
What is PancakeSwap (CAKE)? Read on LATOKEN Review
PancakeSwap (CAKE) is a decentralized exchange (DEX) that’s been created on the Binance Smart Chain. It allows you to trade cryptocurrencies and tokens without a centralized intermediary, keeping your tokens in custody at all times. Are you familiar with Uniswap or SushiSwap? If so, you will have no problem understanding PancakeSwap — in essence, their technologies are quite similar.
Although Binance operates a centralized exchange service, it does not control or operate PancakeSwap as anonymous developers created it. PancakeSwap is used specifically for BEP-20 tokens running on the Binance Smart Chain. However, it is possible to transfer tokens from other platforms via the Binance Bridge and wrap them as a BEP-20 token to use on the DEX.
Why is PancakeSwap (CAKE) unique?
PancakeSwap eliminates centralized exchange intermediaries, allowing other users to receive rewards. If you want to lock your tokens temporarily, the rewards can be quite plentiful, especially with some liquidity pools and staking options.
Of course, as with other DEXs, crypto newbies will likely find it challenging to navigate PancakeSwap (CAKE) and understand its countless features. However, it might be worth taking the time to figure it out.
Is PancakeSwap (CAKE) safe or another crypto scam?
PancakeSwap is transparent; it is built on open-source software. The project’s website and all their Smart Contracts are publicly visible for maximum transparency. What is more, their contracts are verified on BscScan, so all the users know that what they see, is what they get. The project’s creators claim they use security best practices, and what is more, PancakeSwap is listed on LATOKEN, an international crypto-exchange and IEO platform with over 1.3 million users across the world. So that’s why you can just forget about the LATOKEN scam!
However, do not forget that depositing funds into smart contracts always poses the risk of bugs, even in the most proven projects with a high reputation. So never invest more than you are ready to lose. When dealing with crypto, you should always keep your eye on the ball, and do not forget that there is always a risk of becoming a victim of a crypto scam.
PancakeSwap is one of the largest AMM projects on the BSC with a number of innovative features. Ethereum started the DeFi trend, but initiatives like PancakeSwap show that the wave of innovation is spreading to other blockchains and networks.
Want to start trading CAKE? You can do it now on the LATOKEN exchange!
- Ranked #2 worldwide in the startup tokens primary market with 220+ IEO’s since 2017.
- Has over 2 mln registered users, over 1 mln Android app installs.
- Is in the TOP 10 of CoinGecko rank by the amount of token pairs and coins listed.
- VCTV, a live streaming panel with high-profile industry leaders, produced over 500 shows to advise traders and investors how to navigate the crypto world with discussions, news updates, and interviews.
- Advisory Board includes former CFOs from JP Morgan and Paypal.
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LATOKEN crypto exchange does not provide any investment, tax, legal, or accounting advice. This article is written for informational purposes only. Like other assets, cryptocurrency is subject to market risk. Please do your own research and trade with caution.