CAKE is the governance token of PancakeSwap, a decentralised exchange (DEX) protocol that is built on top of the Binance Smart Chain (BSC). PancakeSwap is the biggest Automated Market Maker (AMM) in BSC. One of the benefit of using PancakeSwap is that given it is built on BSC, transaction fees are typically lowered compared to Ethereum. PancakeSwap rewards FLIP tokens for liquidity providers, but also allows users to farm additional tokens, including CAKE and SYRUP. These tokens can be used to acquire tickets in lotteries. PancakeSwap also allows users to win special non-fungible tokens (NFTs).