Is the PancakeSwap app legit?

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Is the PancakeSwap app legit?

A Warning to New Users ‍ PancakeSwap is the top Decentralized Exchange (DEX) on Binance Smart Chain (BSC). Notably, the DEX does not have a mobile application. Thousands of users have downloaded the applications, and unfortunately, many users have already fallen victim to the fake application scam.

Is PancakeSwap pool legit?

Launched in 2020, PancakeSwap is a decentralised exchange (DEX) on the Binance Smart Chain (BSC) and uses permissionless liquidity pools which are run by algorithms and therefore automated.

Is PancakeSwap audited?

So it was with PancakeSwap, which was audited by Certik (actually, “partially” audited). And the smart contract has an impressive grade. Some users found how to trick the smart contract and withdraw Cake tokens without burning Syrup.

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How much does PancakeSwap cost?

CAKE Price Statistics

PancakeSwap Price $12.72
Trading Volume24h $206,160,530.62 16.10\%
Volume / Market Cap 0.06432
Market Dominance 0.14\%
Market Rank #52

Can I use ETH on PancakeSwap?

That’s because PancakeSwap is built on Binance Smart Chain, not Ethereum. However, even if you only hold ERC-20 tokens, you’re in luck — just use the Binance Bridge to wrap your assets for use on PancakeSwap.

How does PancakeSwap staking work?

PancakeSwap Farming is recognized as an automated market maker (AMM) that allows its users to trade using crypto tokens and hence, provides liquidity. Staking is a process of staking cryptocurrencies that involves buying several tokens of any currency and putting them aside while other transactions are happening.

Can US residents use PancakeSwap?

Yes! The US residents can now access PancakeSwap and use it to generate passive income and lead their lives.

Are there gas fees on PancakeSwap?

Preparing BNB as gas fee Currently, the transaction fee on PancakeSwap is approximately 0.25\% of the trading amount.

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Is PancakeSwap anonymous?

Although the team behind PancakeSwap is completely anonymous, the platform has been audited by several prominent blockchain security firms — including Certik and Slowmist. The platform is also completely open-source, since the PancakeSwap website and smart contract code are open to public scrutiny.

Is pancakeswap safe to use?

It also lets you lose a lot of money due to a flaw in their contract. The contract is also “audited” by Certik ( https://www.certik.foundation) and confirmed to be a safe one, which is false. Note: While this was written, PancakeSwap was removed from Certik’s list of secured projects.

What is wrong with syrup on pancakeswap?

Once PancakeSwap learned about this Syrup exploit, they discontinued Syrup’s use and that lead to syrup being devalued to almost 0, causing syrup buyers to lose huge amounts. (Note: there are previous messages from users in the Telegram chat, saying that something is wrong with Syrup because its supply is higher than Cake, which shouldn’t be.

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What is pancakeswap and how does it work?

Lets see how the exploit happened. Beside the exchange part, PancakeSwap is also a yield farm, letting you earn Cake with staking and other tokens with staking Syrup. Syrup is basically the proof of stake. You get Syrup only when you stake Cake. If you stake 100 Cake, you get 100 Syrup.

What wallets does tokenpancakeswap support?

PancakeSwap has support for a number of popular wallets, including Trust Wallet, TokenPocket, WalletConnect, MathWallet, and MetaMask. While MetaMask is an ERC-20 wallet it is also able to store BEP-20 assets when set up properly. Binance provides instructions on how to do this here.