PancakeSwap pools, CAKE, and BNB: what actually happens under the hood—and what traders and LPs should watch
Common misconception first: PancakeSwap is “just another AMM” or a simple token list on BNB Chain. That framing misses two things at once—how PancakeSwap’s architecture (v3 concentrated liquidity, v4 Singleton design, and Flash Accounting) changes economic outcomes for liquidity providers, and how CAKE and BNB interact as both economic levers and risk channels for everyday…
