Pancake Swap is the leading DEX (Decentralized Exchange) on the Binance Chain and has the highest trading volumes in the market. The Pancake Swap token $CAKE is a BEP20 (an extension of the Ethereum standard, ERC20) token on the Binance Smart Chain (BSC), which boasts lower fees than Ethereum and Bitcoin as well as other DEX platforms. Additionally, it's fully decentralized, unlike platforms like Coinbase or Binance, so you only need a crypto wallet to access the platform instead of a registered account.