Product

Community

Ecosystem

Academy

Chef’s choice

## Data Recap

### **Overall**
- Total Volume: 7.1B$
- Average Daily Volume: $253M
- Unique Traders: 1.5M
- Unique Onsite Users: 3.5M
- Mini Program — Onsite Users: 291k
- Mini Program — Average Daily Users: 10.4k
- 4 CAKE Staker Reward Pools (Syrup + Boost)

### **$CAKE**
- Total burned: 28.3M CAKE ($119M)
- Bought back from the market to burn: $3.9M
- Effective CAKE Emission Rate: 9.91 CAKE/Block
- Number of holders:  1,329,069 (MoM  +0.48%)

_As our emissions and burn data are calculated and grouped by weeks, not months, the statistics above may not one-to-one reflect our “monthly burn”, and only serves as a guideline. For more information on our burns, please refer to our weekly burn post on our social channels._

## 🍽✅ Served In February

### General

#### **Tokenomics Proposal for v3 Products**

![photo_2023-03-09_00-07-30.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/a8dfe77c1367fc2d807ccef05e217195.jpg)

📢 During January, the Kitchen presented a proposal for redirecting emissions for our v3 products.

We have some exciting developments under way to deepen our position as the premier trading venue on BNB Chain, that’s why we proposed to redirect 1 CAKE / block from the Staking allocation to the Trading allocation. 

Once again, the community supported us. We greatly appreciate the trust. Stay tuned!

#### **PancakeSwap Takes the Lead with Reduced Fees for Stableswap Trading**

![photo_2023-03-09_00-20-12.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/d8c858b03adfe264653f532b71b8b56e.jpg)

🥳Trading just got better on PancakeSwap. Thanks to the PancakeSwap community voting on the proposal we had made, trading fees on Stableswap are now lower than ever!

Experience a more efficient & cost-effective trading experience. Get in on the action now 👉 https://pancakeswap.finance/swap

👉Learn more here https://medium.com/pancakeswap/experience-more-efficient-trading-with-pancakeswaps-stableswap-lower-fees-announced-da3390635805

#### **Ambassadors Program**

![photo_2023-03-09_00-20-33.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/0e174147fc90f5dc8458738d19e81d66.jpg)

🥳We're thrilled to announce the launch of PancakeSwap's Ambassador Program! A way to reward the relationship with our closest collaborators!

📚Two different Ambassador categories for now, and more to come! 

🙋Want to be an Ambassador? Read the full article and Apply now! 👉https://t.co/gyuuUPkTYT

### Aptos

#### **BlueMove: The First IFO on Aptos!**

![photo_2023-03-09_00-27-01.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/785df31656941d019ae5f6c27852b26c.jpg)


To welcome our IFO product to the Aptos Network, we ran an IFO with BlueMove, an NFT marketplace. 
We have raised a total of $400,000 USD for the project, with both sales being oversubscribed! The total committed funds exceeded the funds to be raised by 17972%🤯

Also, we launched a 365-day BlueMove Syrup Pool for the PancakeSwap community to Stake.
![Captura.PNG](https://sgp1.digitaloceanspaces.com/strapi.space/77629d36d6a993e0dbda3420f493f82d.PNG)

#### **Integration with Fewcha Wallet**

![photo_2023-02-02_09-09-00.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/0ea4a6875aef007f88bcb7871a47e565.jpg)

📣Fewcha Wallet has integrated PancakeSwap as a native swap on Aptos! To celebrate, we were giving away $2,000 to 100 lucky winners. This has resulted in an incredible surge in trading volume!

At PancakeSwap, we're committed to bringing the leading DEX closer to the Aptos community and beyond💚

✅Full details here: https://medium.com/@fewchawallet/fewcha-x-pancakeswap-announce-partnership-airdrop-2000-to-100-winners-99d4a45775cc 

#### **The tAPT - whUSDC Farm is now live on Aptos PancakeSwap**

We launched a new Farm waiting for all the CAKE users on Aptos!

🥞 Stake tAPT - whUSDC LP, Earn CAKE 

Start Farming now👉 https://aptos.pancakeswap.finance/farms 

### Ethereum

#### **Market Maker Integration is now live on Ethereum**

![photo_2023-03-09_00-20-20.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/9afc420713552ca817efbf3d312164db.jpg)

We have announced the integration of Market Makers on Ethereum PancakeSwap. This integration aims to provide an additional source of liquidity to the existing Automated Market Maker (AMM) and help traders enjoy better liquidity, pricing, and the best possible trading experience. 

At launch, over 20 popular ERC-20 assets will be available for trading, including ETH, BTC, and stablecoins, with other pairs added gradually.

![Fp9PlWWWAAIYp_H.jfif](https://sgp1.digitaloceanspaces.com/strapi.space/5432e40601430c72d8be5df10d49533c.jfif)

🎁 To celebrate the launch, PancakeSwap is partnering with Trust Wallet to launch a campaign and reward users up to $10,000 USDC! Traders can connect their Trust Wallet to trade and share the reward pool.

📚 Want to know more about it? Read the announcement here 👉 https://blog.pancakeswap.finance/articles/introducing-market-maker-integration-on-ethereum-pancake-swap-trade-and-share-10-000-usdc-in-rewards

#### **The FUSE Farm is now live on Ethereum PancakeSwap!**

![photo_2023-03-09_00-56-21.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/2e5ba2c959910d28341d6c36950c91ec.jpg)

Users can now:

🚜 Stake FUSE-WETH LP to earn CAKE:

✅ Try it out here: https://pancakeswap.finance/farms?chain=eth


#### **Farms boosted / incentivized**

During February, the working bunnies did some changes to some Farms on Ethereum:

🥞 The Stargate Finance (STG) Farm was introduced with boosted incentives for the first 48 hours, and is still live now with a 3x multiplier here: https://pancakeswap.finance/farms?chain=eth

👨‍🌾 The SingularityDAO (SDAO) Farm was boosted to a 0.3x multiplier.

🥞 Stake SDAO-ETH LP to earn CAKE with higher APR: https://pancakeswap.finance/farms?chain=eth 

![photo_2023-02-10_07-34-51.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/5232ba6eaf9862d975f89e3eca4c30e1.jpg)

### BNB Chain

#### **Farm Multipliers adjustment vote**

![photo_2023-03-09_00-07-49.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/e005ca1f20a234d5ee4e26a2f46e8466.jpg)

🗳️ We had a new Farm multipliers adjustments proposal to vote on last month. The goal was to redirect rewards to high value, high performing farms – optimizing our emissions.

After careful consideration and voting, the proposal was approved by the community, and we implemented the adjustments.

ℹ️ Farm emissions haven’t been reduced, only redistributed.


#### **New Farms and Syrup Pools for all of our lovely community!**

During the course of the month, many projects joined the Syrup Pools and Farms of PancakeSwap on the BNB Smart Chain, to expand the possibilities for all our users.


#### **Farms**
- 👉 CSIX - CAKE Farm
- 👉 axlUSDC - USDT Farm
- 👉 APX - BNB Farm

#### **Syrup Pools**
- 👉 Stake CAKE, Earn CSIX
- 👉 Stake CAKE, Earn axlUSDC

#### **The most used dApp on BNB Chain this 2023. What an achievement!**

The BNB Chain has been growing rapidly in popularity, and with it, the number of decentralized applications (dApps) on the network has also been increasing.

There are now over 15 dApps that have amassed a total of 2.18 million monthly users.

PancakeSwap takes the lead as the most used dApp 😎

![Captura3.PNG](https://sgp1.digitaloceanspaces.com/strapi.space/d6ee9d293e2f87294e1c81a0292f1070.PNG)

You can check the full article here 👉 https://bit.ly/3F0l9nW

#### **Days to celebrate!**

![photo_2023-03-09_01-06-55.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/50d84bca88421e757b50889bc758e04b.jpg)

We had two exciting moments to share with our PancakeSwap community. 

🥞 First, we celebrate Pancake Day flipping pancakes with all of you

And since we are very romantic rabbits, we wrote a poem for Valentine's Day: 🌹😍 Roses are red, Violets are blue, we have love for the entire community, especially you!

We are grateful for the support and loyalty of our users, and we wanted to let them know that they are a valuable part of our PancakeSwap family.

#### **Calling for more NFT Collections!**
Are you a creator of a BSC NFT collection? Submit an application for listing!

We are processing BEP-721 NFT collections minted on BNB Smart Chain. Your metadata and images must be stored on IPFS or a similar decentralized storage platform.

Apply to list your NFT collection here: https://bit.ly/3YsKn5q

#### **Still hungry?**
Join us on Twitter, Telegram, in our Discord server, or in our growing Reddit community!

Chef Fran 🐰🥞







Market Makers Integration, First IFO on Aptos, Cheaper Fees on Stableswap, and Ambassadors Program - The Kitchen is Prepared to Ride the Wave of 2023

PancakeSwap February Recap 2023

Greetings, PancakeSwap Community and CAKE Holders!

We are beyond excited to announce our PancakeSwap V3 Early Supporter Campaign, as we gear up for the highly anticipated launch of **PancakeSwap V3 in the 1st week of April**. In celebration of this exciting new chapter, we’ll be airdropping $135K USD in CAKE and exclusive PancakeSwap V3 NFTs to reward our early supporters!

PancakeSwap V3 will come with a variety of exciting features, including competitive trading fees, trading incentives, improved liquidity provisioning, and yield farming experience. Plus, everything you need will be easily accessible in one convenient location with the most user-friendly interface.

**So, how can you participate in our campaign, you ask?**

Well, we have two exciting parts designed to reward loyal users who participate in the PancakeSwap V3 Early Supporter campaign, all of which will run from March 5th, 2023 at 13:00 UTC until April 3rd, 2023 at 12:00 UTC.

**Part 1: Maintain Your Liquidity and Claim Your Share of $105K CAKE Airdrop and Receive an Exclusive NFT**

Existing users with a minimum of $500 USD liquidity staked in BUSD/WBNB, USDT/WBNB, BTCB/WBNB, or ETH/WBNB liquidity pools on PancakeSwap’s Masterchef v2 before March 5th, 2023 at 13:00 UTC and maintain it until April 3rd, 2023 at 12:00 UTC are eligible for a share of the $105K USD worth of CAKE airdrop.

The airdrop amount will be determined by the following tiers:

![0_Nabjotif8BCrdO-d.webp](https://sgp1.digitaloceanspaces.com/strapi.space/e76fc1e49cf22f2429bb4af5d669ebd5.webp)

*We will take a snapshot on March 5th, 2023 at 13:00 UTC to determine the value of the liquidity added
**The airdrop pool will be shared and distributed among all qualified users in the various tiers.

During this campaign period, users who remove their liquidity from the selected pools on the above chart will be disqualified from the campaign. Therefore, existing users who have liquidity staked on PancakeSwap’s Masterchef v2 selected liquidity pools before March 5th, 2023 at 13:00 UTC should not remove their liquidity and maintain it until April 3rd, 2023 at 12:00 UTC.

As a friendly reminder, the vote to adjust farm multipliers has passed as of March 3rd, 2023 at 10 pm UTC, and we’ve redistributed CAKE rewards on the selected farms accordingly. If you’re looking to maximize your rewards, now is the time to consider moving your LP. Take advantage of the new APR adjustments and explore different pools for even more benefits!

**Become a PancakeSwap V3 Legend: Earn Your Exclusive NFT**
If you’ve qualified for Part 1 of this campaign, in addition to the airdrop, you’ll also receive an exclusive PancakeSwap V3 Legend NFT as a symbol of your loyalty and support for PancakeSwap.

**Part 2: Double Your Rewards: Maximize Your Earnings and Share $30K CAKE Airdrop and Receive an Exclusive NFT**

Existing Users:
If you’ve qualified for Part 1, you can participate in Part 2 of this campaign by adding an additional $500 to $20,000 liquidity in BUSD/WBNB, USDT/WBNB, BTCB/WBNB, or ETH/WBNB liquidity pools on PancakeSwap’s Masterchef v2 to claim a share of the $30k USD worth of CAKE airdrop. The additional liquidity must be added before March 18th, 2023 at 12:00 UTC and maintained until April 3rd, 2023 at 12:00 UTC. It’s important to note that users must use the same wallet used in Part 1 to add additional liquidity.

New Users:
New users must add a minimum of $500 to $20,000 liquidity in BUSD/WBNB, USDT/WBNB, BTCB/WBNB, or ETH/WBNB liquidity pools on PancakeSwap’s Masterchef v2 between March 5th, 2023 at 13:00 UTC to March 18th, 2023 at 12:00 UTC, and maintain it until April 3rd, 2023 at 12:00 UTC to qualify for a share of the $30k worth of CAKE airdrop.

The additional airdrop amount for existing users and new users will be determined by the following tiers:

![0_4GWOH8jGfAZl8VM2.webp](https://sgp1.digitaloceanspaces.com/strapi.space/ab1853fe81b9174dd57d176ae5c319ff.webp)

*We will take a snapshot on March 18th, 2023 at 12:00 UTC to determine the value of the liquidity added.
**The airdrop pool will be shared and distributed among all qualified users in the various tiers.

During this campaign period, any user who removes their liquidity from the selected pools will also be disqualified from the campaign. Therefore, users who have liquidity staked on PancakeSwap’s Masterchef v2 selected liquidity pools between March 5th, 2023 at 13:00 UTC to March 18th, 2023 at 12:00 UTC should not remove their liquidity and maintain it until April 3rd, 2023 at 12:00 UTC.

**Become a PancakeSwap V3 Early Supporter: Earn Your Exclusive NFT**
If you’ve qualified for Part 2 of this campaign, In addition to the airdrop, you’ll receive a special PancakeSwap V3 Early Supporter NFT as a symbol of your loyalty and support for PancakeSwap.

**Here are some helpful links to guide you:**

- [What are Liquidity Pools](https://docs.pancakeswap.finance/products/pancakeswap-exchange/pancakeswap-pools)
- [How to Add/Remove Liquidity](https://docs.pancakeswap.finance/products/pancakeswap-exchange/liquidity-guide)
- [ What is Yield Farming](https://docs.pancakeswap.finance/products/yield-farming)

**Notes:**

- This campaign is only on BNB Smart Chain PancakeSwap. Liquidity on other chains such as Ethereum and Aptos will not be counted.
- This campaign is only for liquidity on BUSD / WBNB, USDT / WBNB, BTCB / WBNB, or ETH / WBNB liquidity pools on BNB Smart Chain PancakeSwap’s Masterchef v2
- If a user qualifies for Part 1 and Part 2 of the campaign, the users will get an airdrop from both pools, and both NFTs.
- Please note, these NFTs are non-transferable and are only designed for the PancakeSwap V3 Early Support Campaign. You can’t sell or transfer these NFTs to any other wallets.
- The CAKE/USD exchange rate used to administer the campaign will be determined around the time of reward distribution at the sole and absolute discretion of PancakeSwap.
- PancakeSwap will announce the winners and method of distribution within 30 days after the campaign ends.
- PancakeSwap reserves the right to cancel the campaign or amend the campaign mechanics or rules at any time at our sole discretion.
- In the event of any dispute, PancakeSwap reserves the right to make all final decisions regarding the campaign.

The talented team at PancakeSwap has been working tirelessly in the kitchen for the past few months, cooking up the most delicious DEX experience you’ve ever tasted. We’re thrilled to announce that the highly anticipated PancakeSwap V3 launch is coming in the first week of April!

We can’t wait to serve up the new and improved PancakeSwap experience to all of our valued users. This launch will bring a whole host of exciting features, improvements, and opportunities to the table.

So, join us in celebrating the upcoming launch of PancakeSwap V3 and start stacking up those rewards while you savor the delicious new experience. Stay tuned for further details on the launch and all the tasty treats that come with it.

Follow us on our socials to keep yourself updated with the coming campaigns. [Twitter](https://twitter.com/PancakeSwap), [Telegram](https://t.me/PancakeSwap), and [Discord](https://discord.com/invite/pancakeswap).

The Chefs🐰

To celebrate the upcoming PancakeSwap V3 Launch on the 1st week of April, we are airdropping $135K in CAKE and an exclusive PancakeSwap V3 NFT to our early supporters

Participate in PancakeSwap V3 Launch: Claim $135K CAKE Airdrop and Receive an Exclusive NFT for Early Supporters

Dear PancakeSwap Community,

After the successful launch of Market Maker Integration on Ethereum PancakeSwap, we have been listening to your feedback and are thrilled to announce that we are extending this feature to BNB Smart Chain. You can now trade BNB and ETH with reduced slippage and the best possible pricing on the BNB Smart Chain.

Liquidity is crucial to the success of decentralized exchanges (DEX) as it ensures that there are enough assets for traders to execute their orders without experiencing significant slippage in price. Hence, Market Maker Integration plays a key role in providing an additional source of liquidity to PancakeSwap by constantly offering to buy and sell assets at certain prices which reduces price volatility and enhances the liquidity, pricing, and overall trading experience for traders. Additionally, PancakeSwap **will not charge any trading fees** for the BNB Smart Chain Market Maker Integration, providing users with the lowest trading fees on the platform. As a result, users can now trade on PancakeSwap at the most affordable prices, enhancing the platform’s appeal and competitiveness.

**How does Market Maker integration work?**
~tldr: select the tokens you want as you would in a regular trade

1. Enter the token amount you want to trade on BNB Smart Chain PancakeSwap on the usual Swap page.
2. PancakeSwap will send requests to the Market Maker(s) (MM) for the latest quotes.
3. PancakeSwap will automatically compare prices quoted by the Market Maker(s) and the Automated Market Maker (AMM).
4. The route with the better price, (MM or AMM) will be sent back to the user.

![0_e9fF6OShLLsP8dFi.png](https://sgp1.digitaloceanspaces.com/strapi.space/f6e242fcc24d35040bcba6862b9104c5.png)

5. The user will be prompted to confirm the trade. Quotes will be refreshed every 5 seconds.

![0_5OSF8EBpZhjOWwBl.png](https://sgp1.digitaloceanspaces.com/strapi.space/86aa1adacf8ca5c077807ae56b7868a3.png)

6. Once the user confirms the final quote, a quote is sent through the wallet to sign the transaction to the smart contract for execution.
7. Smart contract sends the swapped tokens from MM or AMM pool to users and sends the user’s token to MM or AMM.
8. Please note that during market-sensitive events, such as significant economic announcements, MM may temporarily halt quoting, while the AMM will continue to facilitate trades. It is recommended to check back and resume trading after these events have concluded if you want to trade with MMs.

**What are the fees for trades executed through the Market Maker?**

- PancakeSwap will not charge users any trading fees to ensure we can offer the best execution price possible.
- PancakeSwap is compensated a 0.0375% fee for trades routed to the market makers.
- If transactions are routed through the PancakeSwap AMM then users will pay the usual 0.25% trading fees on PancakeSwap AMM and 0.01% trading fees on the StableSwap.

**What does this mean for Liquidity Providers on BNB Smart Chain?**
On PancakeSwap, there are distinct responsibilities for market makers and liquidity providers. Liquidity providers contribute assets to the liquidity pool and receive rewards proportional to the trading fees generated. On the other hand, market makers are essential to sustaining liquidity and reducing trading expenses. Liquidity providers are the foundation of PancakeSwap and will continue to earn 0.17% trading fee rewards and yield on CAKE farms. Market makers will not receive any CAKE rewards for providing liquidity. Please refer to this [article](https://docs.pancakeswap.finance/products/pancakeswap-exchange/market-maker-integration) for the full fee schedule.

To learn more about this feature please refer to our documentation here. We’re always striving to make the experience better for you! If you have any feedback, please let us know on [Twitter](https://twitter.com/pancakeswap), [Telegram](https://t.me/pancakeswap), and our [Discord Server](https://discord.com/invite/pancakeswap)!

Stack ’em
The Chefs 🐰🥞

Lowest Trading Fee on BNB Smart Chain — PancakeSwap Leads the Way

PancakeSwap Launches Market Maker Integration on BNB Smart Chain

🎉 Hello PancakeSwap Community and CAKE holders!
Today we’re thrilled to introduce PancakeSwap’s Ambassador Program!

🙌 Over the past two-plus years, the PancakeSwap community has flourished thanks to the hard work and commitment of our beloved admins. However, as we strive to continually enhance our services and provide even more value to our users, we recognize that it’s time for a change. That’s why we are excited to introduce the Ambassadors Program 🤗

🤝 This program is designed to bring our community together and empower our users to represent PancakeSwap in their local regions. Our goal is to strengthen our community, increase PancakeSwap’s awareness, and provide more opportunities for our users to get involved.

📈 Our Ambassador Program is organized into several categories to ensure that our ambassadors have a clear understanding of their roles and responsibilities. Roles include: Community Moderators, Translators, Content Creators, and Event Organizers/Local Representatives. No matter if you aspire to build a strong community, create engaging content, translate, or represent PancakeSwap in your region, there’s a role for everyone!

🛠️ Our ambassadors will be equipped with the necessary tools and resources they need to succeed, and will also receive rewards for their contributions and efforts. As we have a diverse global community, our program is accessible to everyone.

🚀 A little more detail about these first two categories to launch:

**👥Community Moderation:**

As you may know, the PancakeSwap community extends across several platforms, including Telegram, Discord, and Reddit.We want to invite people who wish to participate as moderators of these communities to join the PancakeSwap family.

Community Moderators will help to manage and moderate PancakeSwap’s various social media channels and online communities, ensuring that users have a positive and engaging experience.

More detailed information can be found [here](https://docs.pancakeswap.finance/ambassador-program/community-moderation-page)

**🌎Translation:**

In order to truly reach and engage with our diverse global community, we understand the importance of offering our articles and resources in multiple languages.

Whether it’s translating blog posts, social media updates, or community events, our ambassadors will ensure that the PancakeSwap messages and initiatives are accurately and effectively communicated to users in their respective regions.

You can find more info about translation [here](https://docs.pancakeswap.finance/ambassador-program/community-translation-page).

**How do I become a PancakeSwap Ambassador?**

We have an application form for each category, which you must fill out with your verifiable and reliable information.

You can find the links here 👇

- Community Moderation: Apply now ⏩ https://forms.gle/zkkW7waJ7XvP8FUe7
- Translation: Apply now ⏩ https://forms.gle/8Subjv4eZ16XxftHA

**What is the process to become a PancakeSwap Ambassador?**
Following the announcement of this program, we will take some time to evaluate the applications submitted and coordinate interviews with the candidates we deem appropriate.

Please note: Due to the number of requests, this process may take some time. If you are pre-selected to participate in the interviews, you will be contacted by us through official channels. DO NOT accept any communication that does not come from other means.

📞Point of Contact: t.me/PancakeSwapAmbassadors

We believe that our Ambassador Program will bring our community closer together and help us reach new heights. We are excited to work with our ambassadors and look forward to seeing the impact they will have on the PancakeSwap ecosystem. We are grateful for your support, and we’re excited to witness the accomplishments of our ambassadors!

**Have further questions?**

Check our FAQs page about the Ambassador Program

Lastly, don’t forget to follow our [Twitter](https://twitter.com/pancakeswap) account , join our [Telegram](https://t.me/pancakeswap) Community and our [Discord](https://discord.com/invite/pancakeswap) server to catch up on the latest news!

Stack ‘em!

Chef Fran 🐰🥞

Join the Team and Help Shape the Future of DeFi

PancakeSwap Launches Ambassadors Program

As one of the most popular decentralized exchanges in the world, PancakeSwap offers a range of features that can be useful for users looking to participate in trading. In this episode, we are introducing some basic features and concepts: **Swap, StableSwap, Liquidity, and Market Maker Integration.**



## Swap

Swap refers to the exchange of one cryptocurrency for another. The exchange allows users to trade cryptocurrency pairs without intermediaries, it saves time, reduces fees, and makes it easier to manage your portfolio.

**1. Go to the [Trade page and select Swap](https://pancakeswap.finance/swap).**


**2. Choose the token you wish to trade from the dropdown menu in the upper token section.**

![CleanShot 2023-03-24 at 11.26.42@2x.png](https://sgp1.digitaloceanspaces.com/strapi.space/f80f553e910b4830a2f2abea1fa7e5c1.png)

**3. Regardless of which token you choose, you will need to ensure sufficient balance in your wallet. Your balance is displayed above the token dropdown menu.**

![select a token balance arrow.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/0d96ab67aa783b4736dbd9d2332f46e4.jpg)

**4. Choose the currency token you want to trade to in the lower token section. Next, decide how much currency you want to exchange and input the amount in the upper token box.**

![CleanShot 2023-03-24 at 11.27.35@2x.png](https://sgp1.digitaloceanspaces.com/strapi.space/2d0a38ac7c4a8dc05b0c3ace483dbaaf.png)


**5. Our system will choose the best router for you.**
![CleanShot 2023-03-24 at 11.28.14@2x.png](https://sgp1.digitaloceanspaces.com/strapi.space/ead8cfdd2f274687875b768e76a5cf42.png)

**6. Double-check the inputted details, and click the Swap button when ready.**

![CleanShot 2023-03-24 at 11.29.29@2x.png](https://sgp1.digitaloceanspaces.com/strapi.space/9b8c82d0d1e7230635b3dbef71d1a1b7.png)


## StableSwap


Similar to Swap, StableSwap on PancakeSwap is a feature to trade stable pairs with a lower slippage. It is designed to swap specific assets that are priced closely – such as USD stablecoins (e.g. BUSD, USDT, HAY etc) or liquid staking tokens (e.g. stkBNB).

StableSwap adds a linear invariant constant sum curve (x+y=k) on top of the constant product formula (x*y=k) to keep prices more equal as long as the liquidity pool is not extremely unbalanced. As a result, because StableSwaps are restricted to similarly priced assets, impermanent loss is not as significant of a concern, and the slippage is lower than normal AMM which just uses the constant product formula.

When you conduct a Swap (trade) on the StableSwap, you will pay lower trading fees than the usual 0.25% on normal PancakeSwap AMM. The fee attribution is broken down as follows:

- 50% to the LP as rewards 
- 40% to CAKE buyback and burn 
- 10% to the PancakeSwap Treasury

You can visit[ **here**](https://www.google.com/url?q=https://docs.pancakeswap.finance/products/stableswap&sa=D&source=docs&ust=1679576231534816&usg=AOvVaw0tMndhU3qlagPujhkG0EhN) to learn about the fees for pairs .


## Liquidity

Liquidity is a crucial concept in decentralized finance (DeFi), which refers to the amount of assets available for trading in a particular pool. Users can contribute their tokens to a liquidity pool to help provide liquidity to the platform. In exchange, they receive liquidity provider (LP) tokens, which represent their share of the pool and entitle them to a portion of the trading fees generated by that pool.


Adding and removing liquidity are important and easy to pick up. You just need to follow the steps below: 


**1. Go to the PancakeSwap website and click on the "Trade" tab in the top menu bar.**

**2. From the dropdown menu, select "[Liquidity](https://pancakeswap.finance/liquidity)."**

**3. For the top Input, click 'Select a currency'. Then choose one of the tokens in the liquidity pair you want to add liquidity to. Here, we are going to use BNB as an example.**

![Screenshot 2023-03-23 at 9.04.25 PM.png](https://sgp1.digitaloceanspaces.com/strapi.space/65c6312e2ee0d0728db0e73e8f0cb154.png)
![Screenshot 2023-03-23 at 9.04.30 PM.png](https://sgp1.digitaloceanspaces.com/strapi.space/250c3999af54f2b3ed107b43eb986da6.png)


**4. For the bottom input, click ‘Select a currency’. And choose the other token in the liquidity pair you want to add liquidity to. Here, we are going to use CAKE as an example.**

![Screenshot 2023-03-23 at 9.05.45 PM.png](https://sgp1.digitaloceanspaces.com/strapi.space/315c9fb09200d38f03d4175e3c252177.png)

**5. Enter an amount on one of the tokens under “Input”. The other should be calculated and filled automatically.**

![Screenshot 2023-03-23 at 9.06.25 PM.png](https://sgp1.digitaloceanspaces.com/strapi.space/82101fde050d7b430bba753d355f0fc3.png)

(If one of the tokens does not have enough balance. You will see an error and the button is greyed out. Please enter a lower amount to proceed.)

![Screenshot 2023-03-23 at 9.07.14 PM.png](https://sgp1.digitaloceanspaces.com/strapi.space/ae17ed5a9ad72d251817b8f66bf95c41.png)


**6. Click the Enable CAKE button. If you are adding liquidity against tokens other than BNB, you might need to click enable twice for each token in your pair. You can tab Confirm after checking the details.**

![Screenshot 2023-03-23 at 9.08.05 PM.png](https://sgp1.digitaloceanspaces.com/strapi.space/f78d9ae0a523fe82784cc7f51a04e3f9.png)


**7. The Supply button will then light up. Click to proceed.**

![Screenshot 2023-03-23 at 9.08.11 PM.png](https://sgp1.digitaloceanspaces.com/strapi.space/c38c70c2cc0e2a094228f378c38198f1.png)

**8. Confirm your transaction from your wallet.**

![Screenshot 2023-03-23 at 9.08.16 PM.png](https://sgp1.digitaloceanspaces.com/strapi.space/e2cfd7d7066f4bfdcd80b36ef11734a9.png)



## Removing liquidity 


**1. Visit the [Liquidity page](https://pancakeswap.finance/liquidity).**


**2. Click on the pair you want to remove liquidity from under “Your Liquidity".**
![Screenshot 2023-03-23 at 9.10.04 PM.png](https://sgp1.digitaloceanspaces.com/strapi.space/f26a628f8e430e4028655f8a5889e071.png)

**3. Click Remove. A new pop up will appear.**

![Screenshot 2023-03-23 at 9.10.55 PM.png](https://sgp1.digitaloceanspaces.com/strapi.space/2d4b205aed742a9c1a4e6252f354fd58.png)

**4. Use the buttons or slider to choose how much liquidity you want to remove. Choose MAX to remove all of your liquidity from this pair.**

![Screenshot 2023-03-23 at 9.11.02 PM.png](https://sgp1.digitaloceanspaces.com/strapi.space/7db28f759f93a134a6b738b03a824dd7.png)

**5. Click Enable**

![Screenshot 2023-03-23 at 9.11.09 PM.png](https://sgp1.digitaloceanspaces.com/strapi.space/756379fbd98661c4181cdbf3973005ec.png)

**6. The Remove button will light up. Click to proceed.**

![Screenshot 2023-03-23 at 9.11.14 PM.png](https://sgp1.digitaloceanspaces.com/strapi.space/e53fd391be23a46c1b37eaaeef29a28d.png)


**7. A window will appear showing how many tokens you will receive. Click Confirm. Your wallet will ask you to confirm the action.**

![Screenshot 2023-03-23 at 9.11.19 PM.png](https://sgp1.digitaloceanspaces.com/strapi.space/b98161496219c3738c6f55946a3f2fec.png)


**8. After the transaction is confirmed. You will receive two of the tokens from your pair. And if you haven't removed all of your liquidity, your remaining liquidity value will be updated on "My Liquidity" page.**



There are different steps for removing StableSwap liquidity:


1 - When you select the asset pairs that are enabled for StableSwap (e.g. HAY-BUSD), the frontend will prompt that you’re supplying “Stable LP”

2 - The supply of the two assets can be imbalanced at this stage, and there will be a confirmation page to show the ratio of your supply

3 - You will receive a Stable-LP token as the receipt for liquidity provision, which you can later withdraw and remove.


4 - PLEASE NOTE that when you remove the liquidity, you will always get 50%/50% in the assets no matter the ratio when you added the supply. As a simplified example, if you supplied 199 HAY and 1 BUSD, when you remove the liquidity you will receive 100 HAY and 100 BUSD assuming 0 slippage and stable 1:1 price.



## Market Maker Integration


Market Maker Integration is a feature in PancakeSwap that uses an automated market maker (AMM) system to determine the exchange rate between cryptocurrencies. This system is designed to be flexible and responsive to changes in market conditions, providing users with a seamless and automated trading experience. 

By using an AMM system, PancakeSwap is able to offer trustless trading and sufficient liquidity without intermediaries. PancakeSwap is now integrated with market makers on Ethereum and BNB Smart Chain to help traders execute trades at a lower cost, and the kitchen is exploring other chains.

Market makers play a crucial role in operation especially in two scenarios.

(1) When PancakeSwap already has liquidity for a given token through an automated market maker (AMM) pool. In this case, market makers are asked to provide a quote for the same trade, and PancakeSwap's smart router routes the trade to the AMM or the market makers, depending on which source provides the best price.

(2) When there are no existing AMM liquidity pools available. In such a case, the smart router automatically routes the trade to the market makers. However, this does not prevent projects from setting up their AMM liquidity pools later and working with PancakeSwap to maintain liquidity.


PancakeSwap does not charge traders any fees , however, we receive 0.05% trading fees on ETH / 0.0375% on BSC from whitelisted market makers for volumes which are executed by them. PancakeSwap receives a reduced 0.01% trading fee if the trades executed are between stablecoin pairs. Please refer to the fee breakdown below:

![Screenshot 2023-03-23 at 2.57.59 PM.png](https://sgp1.digitaloceanspaces.com/strapi.space/e3cac69715568524607832321fc79505.png)

**Assets currently supported**

The following assets are currently supported and may increase or decrease depending on the market maker(s); visit here for more details (https://docs.pancakeswap.finance/products/pancakeswap-exchange/market-maker-integration)

**On Ethereum**

Majors: WETH, WBTC
Stablecoins: USDT, USDC, DAI, BUSD
Other popular ERC-20 assets: MATIC, SAND, DYDX, CRV, MANA, SUSHI, FTM, LINK, APE, CVX, STG, LDO, AAVE, MKR, UNI, SNX

**On BNB Smart Chain:**

Majors: BNB, ETH, BTCB

We hope you enjoyed learning about the basic features of PancakeSwap in this episode of PancakeSwap Academy. 

If you're interested in trading stable pairs, make sure to check out our video tutorial: [https://www.youtube.com/watch?v=TbjJvpzxHcU](https://www.youtube.com/watch?v=TbjJvpzxHcU) on StableSwap, which will guide you through the process step-by-step. Don't forget to hang around for our next episode where we'll dish out even more cool features of PancakeSwap!



Thanks for joining us! See you next time!

The Chefs 🐰

#### Academy Series

_[EP1. Setting up PancakeSwap](https://blog.pancakeswap.finance/articles/getting-started-with-pancakeswap
)_





PancakeSwap offers a range of features that can be useful for users looking to participate in trading. In this episode, we are introducing some basic features and concepts: Swap, StableSwap, Liquidity, and Market Maker Integration.