Pancakeswap is a decentralized exchange (DEX) that runs on the Binance Smart Chain (BSC). When compared to other DEXs like Uniswap, Sushiswap, and Curve, Pancakeswap gained immense popularity in the DeFi space due to its low transaction fees, fast confirmation times, and ease of use. This has led to an increase in demand for Pancakeswap clones.