PancakeSwap：一步一步打造著名的加密 DEX

在本指南中，我们将逐步探索著名的加密 DEX PancakeSwap。目前在最大的加密货币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 是一种去中心化交易所 (DEX)，它以去信任的方式促进多个区块链上的加密货币交换，无需中心化中介。它于2020年9月“DeFi之夏”期间作为Uniswap的分叉推出，并迅速成为BNB Chain生态系统的领先交易所。 PancakeSwap 的基础设施由币安开发，旨在为用户提供一个在去中心化交易所交易加密货币的平台。

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.

多年来，PancakeSwap 已经扩展到支持九个区块链网络，包括以太坊、Aptos、Arbitrum 等。除了买卖数字代币的简单界面之外，它还添加了一系列新功能。 PancakeSwap 推出几个月后，因其在“流动性挖矿”方面提供的良好激励措施，吸引了众多投资者和流动性提供者。

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.

用户可以将加密货币借给该平台，以促进交易的流动性，作为回报，他们将获得奖励。这种做法今天仍然存在，尽管它已经失去了早年几乎每个人都在 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 的核心是实用代币 CAKE，它具有治理和质押功能。该平台提供的许多回报都是以 CAKE 支付的，并且多个流动性池与该代币挂钩。目前，CAKE 的市值为 4.3 亿美元，尽管过去曾达到 70 亿美元。

How to trade crypto on PancakeSwap?

如何在 PancakeSwap 上交易加密货币？

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.

在最初的演示之后，现在让我们看看如何使用加密 DEX PancakeSwap 来交易数字货币。首先，您需要做的第一件事是进入平台主页并连接您的非托管钱包。我们发现了各种受支持的去中心化钱包，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.

连接后，我们可以通过转到“交易”选项并选择 DEX 上的可用货币对之一来开始交易加密货币。与通过订单簿操作的中心化交易所不同，PancakeSwap 等去中心化平台使用“自动做市商”（AMM）。这意味着交易不是由买卖订单簿管理，而是由方程 Y*X=K 控制，其中 Y 和 X 是池中代币的价格，K 是流动性常数。

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.

如果从技术方面来看，对于经验不足的人来说，这个问题可能看起来很复杂，但在实践方面，进行去中心化交易确实很简单。例如，通过选择以太坊网络并选择 ETH-CAKE 池，我们注意到交易界面非常直观。

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 数量（反之亦然），PancakeSwap 将表明您将收到的代币数量以及相关费用。单击“交换”（如果需要，请事先批准）并在连接的去中心化钱包中确认交易。注意：根据参考链，您将需要支付应有的 Gas 费用（例如：在以太坊上您用 ETH 支付；在 BNB 链上您用 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.

我们建议初学者先用少量资金测试平台，然后再开始大笔资金操作。还建议注意较小资金池中的流动性，并避免高滑点交易。

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.

正如已经提到的，PancakeSwap 不仅允许您买卖加密货币，而且还提供了广泛的附加功能。例如，通过该平台，我们可以通过在“池”标题下列出的各种流动性池中进行质押来赚取资产回报。例如，在 CAKE 上，目前有一项促销活动，提供高达 25.81% 的年利率作为收益，并以相同的存款代币支付。

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.

如果您想获得 CAKE 回报，您还可以考虑“农场”部分，通过添加流动性对，您将获得经济激励。最近推出的“头寸管理器”功能也是如此，其中 LP 经理依赖于更高效的自动化系统。管理。

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，有一个完全致力于加密货币游戏的区域。在里面，我们找到了一个彩票，用户可以在那里购买彩票并希望赢得抽奖奖品。或者是预测部分，可以押注某些代币的短期趋势（牛市或熊市）。 “任务”部分也非常有趣，只需完成任务即可获得加密货币奖励。

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.

不要忘记跨链加密货币传输的桥梁和永续期货或期权交易平台的存在。从“交换”这样的简单功能，PancakeSwap 还集成了各种其他或多或少复杂的产品来使用。这使得 DEX 成为一个完整的去中心化平台，您可以在其中进行 DeFi 中的任何加密活动。

PancakeSwap: TVL and on-chain analysis

PancakeSwap：TVL 和链上分析

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 是加密货币领域“总价值锁定”（TVL）第三大 DEX，仅次于 Curve 和 Uniswap。总体而言，根据 DefiLlama 数据，