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PancakeSwap Liquidity on BNB Chain: How Capital, Concentration, and Costs Shape Real Trading OutcomesPancakeSwap Liquidity on BNB Chain: How Capital, Concentration, and Costs Shape Real Trading Outcomes
Surprising fact to start: adding liquidity to an AMM like PancakeSwap is not just “earning fees” — your outcome is the result of three interacting mechanisms (price movement, fee income,