Pancakeswap is a decentralized exchange (DEX) that runs on Binance Smart Chain. It allows user to trade cryptocurrencies and tokens on the DEX without any intermediary. Pancakeswap uses a system named Automated Market Maker (AMM) which enables the trading of digital asset instantly against a liquidity pool instead of waiting for buyer or seller to fill up orders like in centralized exchange. Specifically, this platform is used to trade BEP-20 tokens on the Binance Smart Chain.
CAKE is Pancakeswap's native token. It can be staked in Syrup Pool in Pancakeswap in order to gain rewards, provide liquidity to the exchange and earn fees. Other than that, CAKE can also be obtained through other features in the DEX, such as lottery and games.