Basically lambda is just a plpaceholder for a variable which can also take more values/parameters. With those you can give them also functionalities. It is very similar to a basic function. But for flexing-reasons you will see many people using it here since you can finish most codes in just one line. But also you may need lambdas within functions for some tasks.

It also has no parameters

I think that's not true.

A lambda function in Python is a special kind of function that does not have a name. It is an anonymous function, which means you don't give it a name when you define it. It also has no parameters, and it always returns a single value.
The main difference between a classic function and a lambda function is that a classic function is named, while a lambda function is anonymous. This means that when you use a classic function, you can refer to it by name, and it is easier to read and understand. On the other hand, a lambda function is more concise and can sometimes be easier to write.