Misconception: PancakeSwap is “just another AMM.” The reality is richer — and riskier.
Many DeFi users in the US and beyond treat PancakeSwap as a simple token-swapping kiosk: pick two tokens, execute a swap, and move on. That view captures the surface — it is an Automated Market Maker (AMM) — but misses the architectural choices, liquidity design, and user-level trade-offs that determine…