I discovered Pancake Swap 16 months ago and has been a rollercoaster. I farmed $CAKE when it was $0.20 and sold it at a value that wasn't even half of the All-Time High! I earned a big bag of crypto and slowly lost it all ... and came back humble to Pancake Swap.
Why Pancake Swap? Because I can swap instantly crypto in a still fairly decentralized exchange. The fees are still low even at high trading volumes and I can still have ownership of my crypto by using it. Pancake Swap has over 3,000,000 users and over 5 billion TVL.
The main reason why I am using Pancake Swap is the multiple ways to earn passive income. No crypto should be kept idle, no asset should be sitting lazy in the wallet.
Staking, launchpools and IDOs are the classic ways to earn, but PancakeSwap has new ways for the bold ones! If you like a bit of forecasting or gamble, you could try the predictions or the lottery. Over 720,000,000 in $BNB were shared until now through the prediction system and amazing prizes in $CAKE are distributed each round. They say that PancakeSwap makes making money fun, and it may be the truth, as millions of dollars regularly go up for grabs on the Lottery. Users can also win NFT Collectibles for participating in trading competitions.
I am still hungry for $CAKE, because $CAKE makes the world go round. The CAKE token powers the PancakeSwap ecosystem and is one of the most popular tokens on Binance Smart Chain. I started farming early and I will probably farm for many many months to come.
CAKE has a total supply of 290,736,458 tokens and over 419l were burned up to date. CAKE holders are earning tens of millions of USD worth of free tokens each week from major projects. New projects are added frequently, with juicy APY at the start of the farming.
I like the PancakeSwap yield farms due to difersity and security. The platform has up to date security audits from Certik and a Certik Shield insurance. In addition, PancakeSwap has a Slowmist security audit, a Slowmist Auto-CAKE Pool security audit and a Peckshield's Prediction V2 security audit. The whole system is transparent, built on open-source software and all Smart Contracts are publicly visible.
I used a part of the CAKE bags to farm $GAL, when the project was added on Binance Launchpool, and the APY was high. Joined when the APR was 200% and staked for less than a day.
When I check the next day, the APR was down to 12.44%. I farmed 1.44 USD worth of GAL and moved the $CAKE into the auto-compounding pool. I didn't earned much in one day but every amount is better then zero. The bear market makes us appreciate every profit, no matter how small it is.
I decided to get rid of the JET tokens, and swap it all for $CAKE. This transactions took place before the market crash, and the values were higher then today's values.
I kept my CAKE in the auto-compounding pool, until the new pools with time-locking periods and multipliers were added. This pool had a 0.1 unstaking fee and 2% performance fee. The new locking pools are now offering a higher APY, when the $CAKE is locked. The APY is higher if the locking period is higher.
Conclusion: PancakeSwap still has some of the best tools on Binance Smart Chain, and uses the market leader position as a method to maintain their place in the BSC user's preferences. The pools with locking periods brought something new for HODLers, while the constant additions of pools and farms keeps DeFi yield farmers happy.
DeFi bounty at CakeDeFi with $30 DFI for new users