With so many features, it’s no surprise that PancakeSwap has become one of the most popular DEXs in less than two years, currently ranking as the third most popular option. Despite being a relatively new addition to the market, PancakeSwap is already what is a good current ratio the third most popular DEX in the world. Once purchased, you can store your cake with MetaMask, Binance Smart Wallet, or Trust Wallet.
Lastly, tap on “Import” to import the token to PancakeSwap. You need to open the page on Trust Wallet to allow PancakeSwap to connect to it. The pop-up contains a list of wallets that you can connect to. Firstly, navigate to your portfolio on Binance by tapping on the wallet icon on the bottom navigation bar. You need to deposit BNB into this address later on.
2 – Unlock your wallet by clicking Connect Wallet (you can also Connect in the top right-hand corner). If you haven’t yet connected your wallet to PancakeSwap, you can view the guide here. Before you can trade, you will need a wallet that is compatible with BNB Chain or Ethereum. You will also need to have some BEP-20 or ERC-20 tokens to trade with. Investors can be liquidity providers, CAKE farmers, or NFT traders. Or, they can go full degen and play in the projects lottery feature.
Trading on the PancakeSwap exchange
Check the menu for more documentation on the range of PancakeSwap features and services, including more advanced guides. When you are ready, click the Confirm Swap button. 3 – Choose the token you want to trade from the dropdown menu in the upper section.
You’ll need to deposit both tokens based on the ratio provided on the site. This unique feature not available on any other decentralized exchange showcases PancakeSwap’s fun and friendly approach to trading. The rewards start with general ticket costs combined with CAKE tokens from the treasury.
This means that Trust Wallet is successfully connected to PancakeSwap. After you’ve tapped on “Open”, Trust Wallet will open. To connect to a wallet, tap on “Connect” on the top navigation bar. On the “Withdraw BNB” page, paste your Smart Chain address from Trust Wallet in the “Address” field. Now that you’ve created a wallet on Trust Wallet, you need to buy some BNB. On the withdrawal page, paste your Smart Chain address from Trust Wallet in the “Address” field, enter the amount of BNB that you want to withdraw, and withdraw it.
Lottery
Once completed, your staked LP balance will show how much you have on the farm. Once connected, go to the Trade tab and click Liquidity. This feature is available to all CAKE holders, with voting power being proportional to the number of tokens a user holds. For example, if you want to swap 0.1 BNB, enter “0.1” in the “From” field. Firstly, enter the amount of BNB that you want to swap for the token.
Low fees
The PancakeSwap exchange is an automated market maker (AMM) that helps remove intermediaries from the trading process. Instead of relying on a counterparty to provide liquidity, its programming defines the price of crypto and provides liquidity in the form of a liquidity pool. After choosing the pair, you’ll need to sign the transaction from your wallet, and you’ll receive liquidity provider (LP) tokens based on your share of the liquidity pool. Even if your trading pair isn’t supported on the Farms page, you can still earn trading fees when you stake your tokens in Liquidity Pools (LPs).
After you’ve tapped on “Connect”, the “Connect to a wallet” pop-up will open. To swap on PancakeSwap, you need to connect to a wallet first. To begin with, you need to have a cryptocurrency wallet. In addition, you need to have some BNB in your cryptocurrency wallet. Follow these guides to get everything set up to use PancakeSwap, or feel free to jump to the guide you need if you’ve been doing okay but lost your way.
Then, you can stake your LP tokens by navigating to the “Farms” page. Lastly, tap on “Swap” to swap BNB for the token that you’ve imported. To find the contract address of the token that you want to buy, you need to visit it on bscscan.com or coinmarketcap.com. For example, if you want to buy Spore Finance, you need to paste the contact address of Spore Finance on the “Search name or paste address” field. Now, you’ll be able to swap BNB for another token.
Connect to a wallet
As well as the Pancake Swap Exchange, users can invest in non-fungible tokens (NFTs) using PancakeSwap’s new NFT store. The store is home to BNB Chain-based NFTs, including Pancake Squad, Gamester Apes, and BornBadBoys. Although not as popular as NFT stores such as OpenSea, these collections have a value of over $1 million, with many NFTs selling for over $1000 each. Now you can actually start farming by depositing your LP tokens in a farm to receive CAKE tokens. You’ll be directed to the Liquidity page, where you can click Add Liquidity and choose the token pair you want to deposit.
- Click Confirm and confirm the transaction in your wallet.
- Once completed, your staked LP balance will show how much you have on the farm.
- As of June 2022, one CAKE token is worth $3.24 and has a trading volume of $144,809,842.
- It has a total supply of 750,000,000 CAKE with 148,603,636 tokens in supply and is ranked the 69th largest cryptocurrency on the planet with a market cap of $481,653,827.
- Now you can actually start farming by depositing your LP tokens in a farm to receive CAKE tokens.
Once you’ve downloaded Trust Wallet, you need to create a new wallet.
However, users are free to customize it for their needs. If you are trading a token for the first time, you may need first to click “Enable XXX (your token)” to approve. 4 – Choose the token you want to trade to in the lower section as above. Jack Cole is a crypto expert specializing in NFTs and P2E gaming. After working as a copywriter for 3 years, Jack was introduced to the crypto industry and hasn’t looked back. His articles cover a range of topics from NFTs and crypto gaming to upcoming projects in the crypto niche.
The greater the liquidity you offer, the more rewards you can earn. The exchange lets you sell and buy BEP 20 tokens–a token developed from the Binance Smart Chain Blockchain (BNB chain) platform. PancakeSwap hosts a range of unique features, including a liquidity pool and staking rewards, a lottery system, and the ability to swap tokens without an intermediary.
