PancakeSwap is a decentralized exchange (DEX) built on Binance Smart Chain (BSC) that utilizes an automated market making (AMM) system. PancakeSwap is a fork of SushiSwap and has an almost identical codebase, but it has the advantage of cheaper and faster transactions from being built on BSC. It also offers additional features compared to SushiSwap, such as yield farming across other protocols, lotteries, and initial farm offerings (IFO).