PancakeSwap：一步一步打造著名的加密 DEX

在本指南中，我們將逐步探索著名的加密 DEX PancakeSwap。目前在最大的加密貨幣交易所排名中排名第3

PancakeSwap is a decentralized exchange (DEX) that facilitates the exchange of cryptocurrencies on multiple blockchains in a trustless manner, without the need for a centralized intermediary. It was launched in September 2020 as a fork of Uniswap during the “DeFi Summer” and quickly became the leading exchange of the BNB Chain ecosystem. The infrastructure of PancakeSwap was developed by Binance with the intention of offering its users a platform for trading cryptocurrencies on decentralized exchanges.

PancakeSwap 是一種去中心化交易所 (DEX)，它以去信任的方式促進多個區塊鏈上的加密貨幣交換，而無需中心化中介。它於2020年9月「DeFi之夏」期間作為Uniswap的分叉推出，並迅速成為BNB Chain生態系統的領先交易所。 PancakeSwap 的基礎設施由幣安開發，旨在為用戶提供一個在去中心化交易所交易加密貨幣的平台。

Over the years, PancakeSwap has expanded to support nine blockchain networks, including Ethereum, Aptos, Arbitrum, and others. It has also added a range of new features beyond the simple interface for buying and selling digital tokens. A few months after its launch, PancakeSwap attracted many investors and liquidity providers due to the excellent incentives offered on the “liquidity mining” front.

多年來，PancakeSwap 已經擴展到支援九個區塊鏈網絡，包括以太坊、Aptos、Arbitrum 等。除了買賣數位代幣的簡單介面之外，它還添加了一系列新功能。 PancakeSwap 推出幾個月後，因其在「流動性挖礦」方面提供的良好激勵措施，吸引了許多投資者和流動性提供者。

Users could lend their cryptocurrencies to the platform to facilitate liquidity for trading and, in return, they would receive rewards. This practice is still in place today, although it has lost the FOMO of the early years when practically everyone operated on the DEX.

用戶可以將加密貨幣借給該平台，以促進交易的流動性，作為回報，他們將獲得獎勵。這種做法今天仍然存在，儘管它已經失去了早年幾乎每個人都在 DEX 上操作的 FOMO。

At the center of PancakeSwap is the utility token CAKE, which serves governance and staking functions. Many of the returns offered by the platform are paid in CAKE, and several liquidity pools are pegged to this coin. Currently, CAKE has a market capitalization of $430 million, although in the past it reached 7 billion.

PancakeSwap 的核心是實用代幣 CAKE，它具有治理和質押功能。該平台提供的許多回報都是以 CAKE 支付的，並且有幾個流動性池與這種代幣掛鉤。目前，CAKE 的市值為 4.3 億美元，儘管過去已達到 70 億美元。

How to trade crypto on PancakeSwap?

如何在 PancakeSwap 上交易加密貨幣？

After the initial presentation, let's now see how to use the crypto DEX PancakeSwap for trading digital coins. First of all, the first thing you need to do is enter the homepage of the platform and connect your non-custodial wallet. We find a wide range of supported decentralized wallets, including Metamask, Trust Wallet, Coinbase Wallet, Binance Web3 Wallet, Opera and many others.

在最初的演示之後，現在讓我們看看如何使用加密 DEX PancakeSwap 來交易數位貨幣。首先，您需要做的第一件事是進入平台主頁並連接您的非託管錢包。我們發現了各種支援的去中心化錢包，包括 Metamask、Trust Wallet、Coinbase Wallet、Binance Web3 Wallet、Opera 等。

Once connected, we can start trading crypto by going to the “trade” option and selecting one of the available pairs on the DEX. Unlike centralized exchanges that operate through an order book, decentralized platforms like PancakeSwap use an “Automated Market Maker” (AMM). This means that trades are not managed by a buy and sell order book, but are governed by an equation Y*X=K, where Y and X are the prices of the tokens in the pool and K is the constant of liquidity.

連接後，我們可以透過前往「交易」選項並選擇 DEX 上的可用貨幣對之一來開始交易加密貨幣。與透過訂單簿操作的中心化交易所不同，PancakeSwap 等去中心化平台使用「自動做市商」（AMM）。這意味著交易不是由買賣訂單簿管理，而是由方程式 Y*X=K 控制，其中 Y 和 X 是池中代幣的價格，K 是流動性常數。

If from the technical side the issue may seem complex for the less experienced, on the practical side doing decentralized trading is really simple. By selecting for example the Ethereum network and choosing the ETH-CAKE pool, we notice how the trading interface is very intuitive.

如果從技術方面來看，對於經驗不足的人來說，這個問題可能看起來很複雜，但在實踐方面，進行去中心化交易確實很簡單。例如，透過選擇以太坊網路並選擇 ETH-CAKE 池，我們注意到交易介面非常直觀。

Just indicate the quantity of ETH you want to sell for CAKE (or vice versa) and PancakeSwap will indicate the quantity of tokens you will receive and the associated fees. Click “swap” (prior approval if required) and confirm the transaction in the connected decentralized wallet. Attention: based on the reference chain you will have to pay the due gas fees (for example: on Ethereum you pay with ETH; on BNB Chain with BNB etc.)

只需表明您想要出售 CAKE 的 ETH 數量（反之亦然），PancakeSwap 將表明您將收到的代幣數量以及相關費用。點擊“交換”（如果需要，請事先批准）並在連接的去中心化錢包中確認交易。注意：根據參考鏈，您將需要支付應有的 Gas 費用（例如：在以太坊上您用 ETH 支付；在 BNB 鏈上您用 BNB 支付等）

We recommend beginners to test the platform with small amounts of capital before starting to operate with large sums of money. It is also recommended to pay attention to the liquidity present in the smaller pools and avoid trading at high slippage.

我們建議初學者先用少量資金測試平台，然後再開始大筆資金操作。也建議注意較小資金池中的流動性，並避免高滑點交易。

Additional features of PancakeSwap

PancakeSwap 的附加功能

As already mentioned, PancakeSwap not only allows you to buy and sell crypto, but it offers a wide range of additional features. With the platform, we can, for example, earn returns on our assets by staking in the various liquidity pools, which are listed under the “pools” heading. On CAKE, for example, there is currently a promo offering up to 25.81% APR as yield, which is paid in the same deposit token.

正如已經提到的，PancakeSwap 不僅允許您買賣加密貨幣，而且還提供了廣泛的附加功能。例如，透過該平台，我們可以透過在「池」標題下列出的各種流動性池中進行質押來賺取資產回報。例如，在 CAKE 上，目前有一項促銷活動，提供高達 25.81% 的年利率作為收益，並以相同的存款代幣支付。

If you want to receive returns in CAKE, you can also consider the “farms” section where by adding a liquidity pair you will have an economic incentive Same goes for the “position manager” feature recently introduced where LP managers rely on a more efficient automated management.

如果您想獲得CAKE 回報，您還可以考慮「農場」部分，透過添加流動性對，您將獲得經濟激勵。 。

Among the other interesting features offered by PancakeSwap, there is an area entirely dedicated to crypto gaming. Inside it, we find a lottery where users can buy tickets and hope to win the draw prizes. Or a predictions section where one can bet on the short-term trend (bull or bear) of certain tokens. Very interesting also the “quest” section where simply by completing tasks you earn rewards in crypto.

PancakeSwap 提供的其他有趣功能中，有一個完全致力於加密貨幣遊戲的區域。在裡面，我們找到了一個彩票，用戶可以在那裡購買彩票並希望贏得抽獎獎品。或者是預測部分，可以押注某些代幣的短期趨勢（多頭或熊市）。 「任務」部分也非常有趣，只需完成任務即可獲得加密貨幣獎勵。

Not to forget the presence of a bridge for cross-chain crypto transfers and a platform for perpetual futures or options trading. From simple functionalities like the “swap”, PancakeSwap thus also integrates a variety of other more or less complex products to use. This makes the DEX a complete decentralized platform, where you can carry out any cryptographic activity in DeFi.

不要忘記跨鏈加密貨幣傳輸的橋樑和永續期貨或選擇權交易平台的存在。從「交換」這樣的簡單功能，PancakeSwap 還整合了各種其他或多或少複雜的產品來使用。這使得 DEX 成為一個完整的去中心化平台，您可以在其中進行 DeFi 中的任何加密活動。

PancakeSwap: TVL and on-chain analysis

PancakeSwap：TVL 和鏈上分析

PancakeSwap is the third largest DEX in the crypto sector for “Total Value Locked” (TVL), behind only Curve and Uniswap. Overall, according to DefiLlama data,

PancakeSwap 是加密貨幣領域「總價值鎖定」（TVL）第三大 DEX，僅次於 Curve 和 Uniswap。總體而言，根據 DefiLlama 數據，