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PancakeSwap: score, security record and what it is for

82/100SCORE · BTrusted Grade B, very good

PancakeSwap is the dominant exchange on BNB Chain and has expanded across most major EVM chains. Six years live with no core exploit, cheap to use, and deep where it matters. Two caveats: a multisig retains more control over the contracts than the immutable Uniswap equivalents, and BNB Chain carries a very high density of scam tokens, so contract verification matters more here than almost anywhere.

The facts

LIVE SINCE: 2020
TYPE: AMM
CHAINS: BNB Chain, Ethereum, Base, Arbitrum, Linea and more
SWAP FEE: 0.25 percent on the classic v2 pools, tiered on v3.
AUDITS: Audited by several firms. Live since 2020 with no exploit of the core exchange contracts.
WHO CAN CHANGE IT: CAKE token governance, with a multisig retaining meaningful control.

How the score breaks down

security24/30

liquidity21/25

chains14/15

costs13/15

decentralisation10/15

Where it is strong and where it is not

✓ Strengths

Dominant liquidity on BNB Chain
Very cheap to use compared with Ethereum mainnet
Now genuinely multi-chain rather than BNB only
No core exploit in six years

✗ Weaknesses

BNB Chain hosts an enormous volume of scam tokens
More admin control retained than Uniswap
The gamified extras around the exchange are a distraction

Exploit history

No exploit of the core contracts on record.

Our read

Solid record and the obvious choice on BNB Chain. Marked down slightly on decentralisation because a multisig retains more control than the immutable Uniswap contracts, and on liquidity because outside BNB Chain it is a secondary venue.

BEFORE YOU SWAP

Swap keeps failingSlippage, approvals, taxes and thin liquidity. Revoke approvalsEvery swap leaves a permission behind. Clear them. Gas tokensWhy you need the chain's native coin first. Pick a walletYou need self custody before you can use any DEX.

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