PancakeSwap

The DEX lets you swap tokens without an intermediary, as well as earn liquidity pool and staking rewards, enter a lottery, and other options.

Unlike popular, centralized cryptocurrency exchanges like Binance and Coinbase that are operated by a single, corporate entity, decentralized exchanges (DEXs) allow for trading without an intermediary. Many such DEXs are based on Ethereum, where the bulk of the decentralized finance (DeFi) action takes place.

However, as rival smart contract blockchains take root, comparable DEXs are springing up elsewhere, sometimes with unique twists. In the case of PancakeSwap, it’s built on Binance Smart Chain rather than Ethereum, and offers much lower trading fees as a result. Binance Smart Chain is newer and less established than Ethereum, but PancakeSwap is already making major waves among DEXs.