Welcome to 60-second Crypto Gem by KuCoin. Today, we will be talking about PancakeSwap and its native token, CAKE. PancakeSwap was launched in September 2020 on Binance Smart Chain as a decentralized exchange. It is an automated market maker that allows users to exchange tokens, provide liquidity and earn fees in return. CAKE is used for swapping the BEP-20 tokens using AMM. Users can also stake tokens to earn CAKE as rewards for further investments. As the biggest AMM on Binance Smart Chain, PancakeSwap offers lower trading fees and better trading experiences and is thus extremely competitive in performance, especially in total value locked statistics. It even surpassed Uniswap in 24-hour trading volume. The recent announcement by the PancakeSwap team, which gives CAKE holders control over inflation, has also ensured that CAKE tokens will have a value increment in the future.