What is BSC PancakeSwap?

Can you please explain to me in simple terms what BSC PancakeSwap is? I've heard about it in the cryptocurrency community, but I'm not entirely sure what it does or how it works. Is it a type of exchange or platform? What sets it apart from other similar platforms, and what are some of its main features and benefits? I'm particularly interested in how it utilizes the Binance Smart Chain network and how that affects its functionality and performance.