PancakeSwap is a food-themed DeFi protocol built on the Binance Smart Chain that uses an automated market maker (AMM) model to trade BEP-20 tokens.
PancakeSwap is a platform that allows people to exchange digital assets; there is no order book where users are paired with someone else. They trade against a liquidity pool instead. Those pools are stocked with money from other users. They put them into the pool in exchange for liquidity provider (or LP) tokens. They can reclaim their share, as well as a portion of the trading costs, with those tokens.
CAKE is the native BEP-20 token of PancakeSwap, which first debuted on Binance Smart Chain. CAKE's principal purpose is to encourage people to provide liquidity to the PancakeSwap platform.
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