One key difference between waffle batter and pancake batter is the amount of sugar used. Buttermilk waffles have a touch more sugar, not only to add flavor but it helps aid in the browning and caramelization of the exterior. Waffles also contain more fat than pancake batter. In our case, butter. As this waffle recipe uses butter as the fat source. This higher fat content also aids in a crisp exterior.