While waffles and pancakes have a lot of similarities, when done correctly, there are some significant differences between the two and their batters. First, let’s look at the recipe. While waffles and pancakes are both made with the same ingredients, it is all about the ratio of those ingredients. Waffles have more butter to make them crispy on the outside and an extra egg to create their soft, chewy inside.  And of course, the difference in shape between pancakes and waffles comes from their difference in cooking equipment. Pancakes can be made in a skillet on your stove, or on an electric griddle. While waffles can only get their signature little divots by using a waffle maker.