How to buy PancakeSwap (CAKE) in Australia
A beginner's guide to buying and selling CAKE in Australia.
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How to buy PancakeSwap
Look for an exchange that supports both fiat and cryptocurrency to simplify buying PancakeSwap.
- Open an account on an exchange that supports CAKE.
Jump to our table to compare popular options — just remember that most exchanges require an email address, phone number and proof of ID to register.
- Deposit funds into your account.
Fund your account with a bank transfer, pay with a credit or debit card or deposit cryptocurrency from a crypto wallet to buy PancakeSwap.
- Buy PancakeSwap.
Complete your PancakeSwap purchase and then find the best wallet to store CAKE.
What is PancakeSwap?
PancakeSwap is a decentralised 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).
PancakeSwap (CAKE) is the 37th largest cryptocurrency in the world by market cap, valued at $2,278,047,581. The current price of PancakeSwap is $12.23, which is -4.905% lower than yesterday. Prices have ranged between $13.09 and $9.92 over the past 24 hours. All prices are listed in US dollars and accurate as of June 23, 2021 08:06 UTC.
Where to buy PancakeSwapFind an exchange to buy, sell and trade CAKE by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the provider.
PancakeSwap at a glance
|All time high||US$43.96|
|All time high date||April 30, 2021|
|Industry||Automated market maker|
|Token uses||Staking, rewards|
|Network||Binance Smart Chain|
PancakeSwap price performance over time
How to sell PancakeSwap
You can cash out your CAKE with the same exchange you bought it through:
- Sign in to the exchange you have CAKE on.
If you store your PancakeSwap in a digital wallet, compare crypto exchanges to sell it on.
- Place a sell order.
Choose the amount of CAKE you'd like to sell.
- Complete your transaction.
Confirm the sell price and fees and close your sale of PancakeSwap.
What to consider when buying PancakeSwapBelow are the aspects you should consider before investing in CAKE:
- Operational framework: PancakeSwap employs an automated market maker (AMM) model instead of a traditional order book to allow users to trade assets. Additionally, to receive steady returns as well as a portion of future trading fees, users are required to deposit their funds in a set pool. Incentives are distributed in the form of CAKE tokens which can later be reimbursed in exchange for BETH as well as various other cryptos.
- Recycled source code: It is not uncommon for many decentralized applications (dApps) to share the same source code with a few minor tweaks here and there. For example, SushiSwap is an out-and-out copy of the popular DeFi platform UniSwap. In the same vein, PancakeSwap is by and large a more refined iteration of SushiSwap, with the project featuring a similar UI and design scheme.
- Interoperability: Since Binance Smart Chain (BSC) is compatible with the Ethereum Virtual Machine (EVM), it allows for all of the dApps that have been built atop it to be interoperable with a wide range of Ether-based wallets including MetaMask, MEW, etc.
- Fee model: When making use of the platform, participants are required to pay a flat 0.2% fee as part of their individual transactions. Of this figure, 0.17% is set aside for liquidity providers with the remaining amount being burned by the protocol.
- Novel product offerings: In addition to its various yield farming options, PancakeSwap also comes pre-built with a platform for Initial Farm Offerings (IFOs) as well as an NFT marketplace where users can buy/sell a wide range of tokenized assets including synthetic shares for assets like Tesla, Google, Netflix, etc.
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