In this week’s Wealth Mastery Coin Review, we’ll discuss the following topics about PancakeSwap.
- Is PancakeSwap safe?
- BNB Smart Chain
- Ethereum
- Aptos
- What is PancakeSwap used for?
- Swaps
- Limit Orders
- Farms & Pools
- Predictions & Lottery
- NFTs
- What is a CAKE coin?
- How to buy PancakeSwap coins?
- How to buy CAKE using Binance?
- How to buy CAKE using PancakeSwap?
- Is CAKE worth buying?
Is PancakeSwap Safe?
With the latest FTX exchange implosion, it’s time to look back at some of the products we’ve been using over the years. Suppose you’ve been around the crypto space for any amount of time, you’re likely familiar with BNB Smart Chains’ golden child, PancakeSwap.
Released back in 2020, Binance (What is Binance) supported the release of PancakeSwap financially with a buttload of BNB to provide more than enough liquidity for success. Answering the problem Uniswap had fixed on Ethereum, PancakeSwap was cloned over to BNB Smart Chain, allowing all those whales with big bags of BNB to finally put it to good use.
Throughout the years, PancakeSwap has been the home to countless rug pulls, front-running, and poor coding. At one point, auditor Certik pulled its certification of PancakeSwap off the Certik website after multiple flaws were exposed with SYRUP tokens, causing many traders to lose funds when someone created 13 Million SYRUP and sold $500,000 in bogus tokens directly through PancakeSwaps staking contract. Meaning that “PancakeSwap IS NOT SAFE.”
To make things even worse, almost all the forks from PancakeSwap inherited a “Migrator” back door that allowed the PancakeSwap developers to steal all the staked assets in the farms. PancakeSwap can flat-out steal the funds of any contract. Not saying that they have or will, but the ability to do so is there, even if you’re not a developer.
Most PancakeSwap users end up finding themselves in one of a few different baskets:
- Either they get scammed directly from fake customer service interactions,
- Rug pulled by one of the hundreds of honeypot contracts hosted by PancakeSwap,
- Or they find themselves repeatedly getting cheated out of their trade by all the front-running bots deployed on PancakeSwap.
At the same time, I’ve never personally fallen victim to any of these on PancakeSwap. It’s because I limit my platform use to the bare minimum. Doing so can reduce your probability of becoming one of its next targets.
With the foundation being Binance Smart Chain (How to use BNB Smart Chain), it’s essential to understand that Binance does not control PancakeSwap. This seems to be a common misconception with products built on the Binance Chain. In the same way, Vitalik has no control over Uniswap, Binance doesn’t directly control who issues contracts on their network and how those contracts are used (not to be confused with their ability to do so). They most certainly can control the BNB Smart Chain however they like. But, those moments of complete control when the BNB Smart Chain is frozen. It’s to protect their assets and money, not yours. That’s an important thing to keep in mind when using Binance products. Short of someone attempting to drain an entire pool of BNB, you are on your own when using PancakeSwap.
Ethereum
Ethereum (What is Ethereum) has made a small divot in the…
Jesse is a passionate seeker of truth who enjoys educating others about Bitcoin.
As a free thinker and 2nd amendment advocate, Jesse believes each individual has the right to monetary freedom.
“The swarm is headed towards us” -Satoshi Nakamoto
