PancakeSwap is a decentralized exchange (DEX) that works on an automated market maker (AMM) model for exchanging BEP2 (Binance Chain Evolution Proposal 2) tokens.

Launched in September 2020, the PancakeSwap protocol is a DeFi (decentralized finance) that functions on the BSC (Binance Smart Chain) instead of the Ethereum network to enable direct trading. It uses the AMM (automated market maker) platform to eliminate the need for maintaining an order book. Instead, the users can trade directly against a liquidity pool. This DeFi protocol is fast, affordable, and allows for global participation.