Originally developed on the BNB Chain, PancakeSwap enables users to engage in token trading without relying on centralized exchanges. The platform offers a diverse range of products, including: An exchange for token swapping A yield farm for earning rewards Syrup pools for staking CAKE tokens Ethereum liquid staking (wBETH) and simple staking Pancake Protectors game v3 position manager (new feature) A prediction market Initial Farm Offering (IFO) token launches A bridge facilitating the transfer of CAKE to Ethereum and Aptos A lottery An NFT marketplace PancakeSwap consistently introduces innovative features and regularly delivers new products. In April 2023, PancakeSwap community members voted to adopt a deflationary token model known as "Ultrasound CAKE." The protocol implemented a proposal titled CAKE Tokenomics v2.5, designed to combine genuine yield (with no impact on supply) and reduced token emissions. Over 102% of newly minted CAKE tokens are burned weekly, providing an extended emission period and incentivizing CAKE locking, ultimately enhancing the token's long-term value. Operated by an anonymous team of "Chefs" within the PancakeSwap "Kitchen," the platform maintains an open-source nature and has undergone audits by multiple reputable blockchain security firms such as Peckshield and Slowmist.