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The idea of decentralized finance, also known as DeFi, is a revolutionary one. It seeks to make society financially inclusive without the need for any intermediaries to facilitate transactions. While Ethereum is the first preference for developing DeFi protocols, PancakeSwap, a Binance-backed protocol, has emerged as a competitor. In this article, we will discuss PancakeSwap in detail. We will examine its potential to topple market leaders like Uniswap and SushiSwap.
PancakeSwap is a decentralized exchange built on the BNB Chain (previously BSC and Binance Chain) instead of Ethereum. It enables its users to swap BEP-20 standard tokens easily.
The original idea of DeFi and DEX was to decentralize world finances. Crypto experts imagined a system in which there would be no need for centralized exchanges as well. Uniswap and SushiSwap emerged as the market leaders. But there was a skewing trend with most of the DApps being developed on the Ethereum blockchain. This overdependence on the Ethereum network created challenges such as slow transaction speeds and high gas fees.