A Decentralized Exchange (DEX), utilizing the automated market maker (AMM) protocol for defining digital asset prices and providing liquidity, built on Binance Smart Chain (BSC). Pancakeswap is a fork of Sushiswap, a DEX built on Ethereum that also utilizes the AMM system
Example
“A trader swaps 1 BNB for CAKE tokens on PancakeSwap by connecting their MetaMask wallet, paying lower gas fees than they would on an Ethereum-based DEX.”