PancakeSwap is a decentralized exchange (DEX) built on BNB Smart Chain. It shares a lot in common with other DEXes like Uniswap and SushiSwap, the difference being that PancakeSwap has a focus on BNB Chain’s BEP20 tokens as opposed to Ethereum’s ERC20 token standard. CAKE is the platform’s aptly named governance token which users can stake in pools to earn rewards on.