> For the complete documentation index, see [llms.txt](https://docs.pancakeswap.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.pancakeswap.finance/chinese/jiao-yi/pancakeswap-exchange.md).

# 兑换

![](https://raw.githubusercontent.com/pancakeswap/pancake-document/en/.gitbook/assets/pancakeswap-exchange-header.png)

PancakeSwap 是一个自动做市商（AMM），而 Exchange 是 PancakeSwap 的核心。PancakeSwap 是 BNB Smart Chain 上领先的 AMM，并且正如数据所示，是有史以来最受欢迎的去中心化交易所（DEX）！

PancakeSwap Exchange 提供了多项支持去中心化交易的功能：

### 兑换/交易

PancakeSwap 让用户无需通过中心化交易所即可进行交易。你在 PancakeSwap 上所做的一切都直接通过你自己的钱包进行路由——无需将你的代币托付给他人！

### 流动性池

只有当某些代币拥有足够的流动性时，你才能在 PancakeSwap 上兑换这些代币。如果没有人为你想要兑换的代币添加足够的流动性，那么进行兑换将会很困难、成本高昂，甚至无法完成。

提供流动性将为你带来 LP 代币，这些代币将以交易手续费的形式为你赚取奖励，以确保 Exchange 始终有流动性可供使用。

### 流动性挖矿

流动性挖矿让提供流动性的用户通过将其 LP 代币锁定在智能合约中来赚取 CAKE 奖励。其激励机制旨在平衡锁定流动性所带来的[无常损失](https://academy.binance.com/en/articles/impermanent-loss-explained)风险。

### 初始农场发行（IFO）

初始农场发行是一项让用户参与限时优惠以购买新代币的活动。IFO 价格通常非常优惠。


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