Easy way to Buy PaPancakeSwap(CAKE) Online with Wigwam crypto app

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PancakeSwap | CAKEPancakeSwap1,223 CAKE

How to buy and hold CAKE with Wigwam

CAKE

1. Choose a token number that you want to buy

2. Create a wallet, where to store your crypto

3. Pay with credit card

728.98 CAKE

4. Check your crypto in the created wallet

Why Wigwam is the best crypto wallet for PancakeSwap (CAKE) storage

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Why Wigwam is the best crypto wallet for PancakeSwap (CAKE) storage

CAKE (PancakeSwap) token review

CAKE is the native token of PancakeSwap, which is a multichain DEX supporting BNB chain, ETH, Aptos, Polygon zkEVM, zkSync Era, Arbitrum, Linea, Base, and opBNB. CAKE serves many purposes in the PancakeSwap ecosystem, it is utilized as a Governance Token, staking token, etc.

About PancakeSwap

Founded by an anonymous group of developers in September 2020, PancakeSwap is an open-source, leading decentralized exchange built on the BNB chain, helping its users to swap different BEP-20 tokens and stake their assets. The exchange also provides services for Ethereum, Aptos, Polygon zkEVM, zkSync Era, Arbitrum, Linea, Base, and opBNB. 

PancakeSwap has two versions, V2 and V3, both versions utilize a different method for helping with liquidity. However, it's worth mentioning that the V3 version is more efficient and cheaper for the end user.

CAKE Use Cases 

  1. Governance: PancakeSwap is a community-governed platform which means having CAKE tokens allows users to participate in its governance. The core PancakeSwap team or any token holder can send a proposal on its voting portal and the community gets to vote on it. (The more number of CAKE tokens a user holds, the more power his vote holds)
  2. Staking in Syrup Pools: PancakeSwap allows users to earn rewards (CAKE) passively by staking CAKE in Syrup Pools. There are many types of Syrup Pools in PancakeSwap’s ecosystem, with Auto Cake being the most popular among users. (Users are required to stake their tokens for at least 72 hours before gaining rewards).
  3. Staking in Liquidity Pools: PancakeSwap operates on an automated market maker model, where users trade against liquidity pools instead of specific individuals. Unlike centralized exchanges, PancakeSwap facilitates direct trading without intermediaries.

    Users contribute tokens to liquidity pools, receiving LP tokens in return. These tokens can later be exchanged for the initial tokens plus a share of trading fees. Users need a 50-50 proportion of two coins, like CAKE and another accepted cryptocurrency, to stake and earn rewards from liquidity pools. Trading fees are approximately 0.2%, with 0.17% benefiting liquidity providers.
  4. Staking in Farms: The rewards earned through Liquidity Pools- the Liquidity Provider (LP) tokens can further be staked to generate more passive CAKE income in the form of Yield Farming. Users holding BNB-CAKE LP tokens can stake them in a BNB-CAKE farm, as LP can only be staked in the corresponding farm. 
  5. Initial Farm Offerings: Similar to Blockchain’s ICOs, new DeFi projects also have their fundraisers called Initial Farm Offerings. Here, users have the liberty to stake LP and CAKE both tokens to gain access to new projects that have gone through vetting by PancakeSwap and then the staked token will be exchanged for new tokens.
  6. Lottery: PancakeSwap runs a lottery in its ecosystem, after every 12 hours of interval. A lottery ticket can be purchased using CAKE tokens and the buyer gets the option to select a 4-digit combination of numbers from 1 to 14 or have a random number selection made. 

The lottery pool consists of every ticket purchased and the 20,000 CAKE injected into the pool every 4 days to maintain a high-value pot. The lottery prize is 50% of the total pool tokens and if a prize isn’t claimed, the pot gets added to the next lottery round. Smaller prizes can also be won by having some of the numbers in the correct order. 

Economic value

Currently, the CAKE token has a circulating supply of 259,606, 031 CAKE coins with a max supply of 386,561,520 CAKE. 

CAKE is a multichain token, native to BNB Chain but also available on Ethereum, Aptos, Polygon zkEVM, zkSync Era, Arbitrum, Linea, Base, and opBNB. PancakeSwap plans to expand its presence to other blockchains too which is expected to increase the value and utility of CAKE tokens more. 

CAKE tokens are generated through yield farms and awarded to users for providing liquidity and farming. Although PancakeSwap burns CAKE to manage the inflation rate, it generates more CAKE than it burns. This was designed to promote more user adoption, staking for liquidity, and provide rewards, but this design is leading to a dilution in the value of CAKE, as the amount of tokens keeps increasing. 

For this, PancakeSwap’s core team and community decided to implement some technical upgrades to burn 45,000 CAKE daily, in addition to the dynamic amount of 9.09% of CAKE minted to the dev address and then burned. This means if 100 CAKE are harvested then 9.09 CAKE is minted in addition and sent to the dev address to be burned in the weekly burn. 

Challenges

CAKE is the native to PancakeSwap, which is a DEX that initially offered a few things that soon became very popular. Increased competition and innovations are some of the challenges that PancakeSwap is facing and hence it is focusing even more on the core business. 

The CAKE token faces the challenge of long-term sustainability posed by its inflation rates and its recent burn exceeded the weekly emission indicating potential deflation. 

Disclaimer

This article is for informational purposes only and should not be interpreted as financial or investment advice. The views expressed herein represent solely the opinion of the author and are not intended to provide specific trading or investment recommendations. We do not guarantee the accuracy, completeness, or reliability of the information contained in this article. The cryptocurrency market is known for its high volatility and unpredictable fluctuations. Investors, traders, and anyone engaging with cryptocurrency are advised to conduct thorough research, consider a variety of perspectives, and acquaint themselves with applicable local regulations prior to making any investment decisions.

FAQ

There are many ways you can purchase CAKE, depending on your choice you can opt for one. Buying CAKE with a credit or debit card through our Wigwam wallet or centralized exchanges such as Binance is the easiest way for new users looking to enter the market. If you are a seasoned crypto user, there are various decentralized and centralized exchanges where you can purchase CAKE in exchange for ETH or WBTC.

Yes, you can stake these tokens in various DeFi projects. For instance, PancakeSwap has $12 mln worth of CAKE in TVL (Total Value Locked). Users looking to stake their CAKE have three options.

  • Users can stake their CAKE on centralized exchanges which will yield them Annual  Percentage Returns (APR). Binance is one of the exchanges that support CAKE staking by offering returns as high as 55% APR for 30 days of staking.
  • CAKE can also be stacked in PancakeSwap Liquidity Pools as CAKE is the native asset. CAKE under locked protocol will give the user up to 61.95% APY (flexible staking rewards are low). 
  • Users can stake their CAKE by locking their CAKE in specialized crypto wallets and earning regular returns. TrustWallet is an example of that, it’s a software wallet, whereby staking CAKE, users can earn high rewards.

You can view it by visiting BNB Chain Explorer and entering your wallet address in the search bar.

Before adding CAKE to your wallet, make sure that the wallets support the BNB chain. However, most popular multi-token wallets support CAKE. The steps specifics might vary based on the wallet you are using but the general steps will be as follows:

Open your crypto wallet, and click on the option of “Add tokens”, this will open a list of blockchains, select BNB chain, and then enter the CAKE token details as follows

  1. Token Contract Address: 0x0E09FaBB73Bd3Ade0a17ECC321fD13a19e81cE82
  2. Token Symbol: CAKE
  3. Decimal Precision: With 18 Decimals

After entering the token details click on “Save” to add the CAKE token to your wallet.

CAKE is a cryptocurrency and comes with a high risk of the crypto market and price volatility. The Bearish Bullish indicators are signaling 32% market sentiment on Pancake and a score of 74(Greed) on the Fear & Greed Index, at the time of writing this. It's essential to thoroughly investigate before investing in CAKE or any cryptocurrency.