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PancakeSwap is a decentralized exchange protocol launched in September 2020 by anonymous developers on BNB Chain (formerly Binance Smart Chain), built as a low-cost, high-speed alternative to Ethereum-based DEXs. Using an automated market maker model and its native CAKE governance token, it became the first billion-dollar project on BNB Chain and has since expanded to nine blockchains, accumulating over $1.8 trillion in cumulative trading volume and ranking among the largest DEXs globally.

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