Simply click Harvest, and PancakeSwap will return your tokens. You’ll then need to confirm the transaction in your wallet. Start by connecting your wallet to PancakeSwap using the Connect Wallet button in the top right corner. A unique feature of PancakeSwap is its daily lottery draw, which requires an entry fee of $5 worth of CAKE.
You can do this by buying BNB on a cryptocurrency exchange like Binance. Then, you’ll be able to use BNB to swap for another token. However, this PancakeSwap tutorial focuses on swapping BNB for another token. On PancakeSwap, you can swap BNB for another token like ElonTech. Earn CAKE and other tokens for free with super high interest rates. Smart Router is now the default route for PancakeSwap Exchange V3.
Syrup Pools, CAKE Farming And…. NFTs!
Farms are similar to liquidity pools and let you earn interest in your holdings. PancakeSwap is the world’s third most popular decentralized cryptocurrency exchange providing users with fast transactions and low fees of 0.25%. However, you need to connect a cryptocurrency wallet to PancakeSwap before you can swap BNB for another token.
Earn CAKE with Yield Farms
Once you’ve sent BNB to Trust Wallet, you’ll be able to swap it for another token on PancakeSwap. Once you’ve created a new wallet on Trust Wallet, you’ll see a list of cryptocurrencies. You take on a little more exposure to market fluctuations than with the Syrup Pools, but can earn higher APR to offset the risk. It’s really that easy.CAKE holders right now are earning tens of millions of USD worth of free tokens each week from major projects. New projects join the party frequently, so you can earn more, for even longer.
Import the token & swap BNB for it
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. After you’ve tapped on “Select a currency”, you’ll see a list of tokens that you can swap BNB for. Now that you’ve connected Trust Wallet to PancakeSwap, you’ll see your address on the top navigation bar. Once you’ve deposited BNB into your Smart Chain address on Trust Wallet, you’ll be able to use PancakeSwap to swap BNB for another token. PancakeSwap is a decentralized exchange that allows you to swap BEP-20 tokens.
It hosts by far the largest number of markets with over 3798 options to choose from. The closest to this is Uniswap V3, with 613 markets. Other competitors such as Curve Finance and dYdX are significantly smaller with 59 and 10 markets. If nobody wins, the prize money is rolled over to the next day, increasing the overall pool for the next group of players.
Users can also earn rewards from PancakeSwap as a liquidity provider. Liquidity providers can deposit tokens into a liquidity pool to earn a share of the trading fees. Each trader pays a fee of 0.25%, of which 0.17% is added to the liquidity pool and shared amongst providers.
Whichever token you choose, you will need to make sure you have a sufficient amount of them in your wallet what does being unbiased mean to trade with. Your balance is shown above the token dropdown menu. Trading on PancakeSwap is very easy compared to most exchanges. You aren’t going to be overwhelmed by charts or jargon, and trading routes and calculations are all handled for you by the PancakeSwap Smart Router. You’ll be able to withdraw your earnings at any point.
You can check your transaction on blockchain explorer by clicking the link shown above. 5 – Next, either type an amount in the upper section to input the number of tokens you want to swap (spending amount). Or, type an amount in the lower section to input the number of tokens you want to swap to (receiving amount). Alternatively, you can learn how to get an Aptos-compatible wallet here, and how to get some Aptos coins to swap within here. Although the team behind the project remains anonymous, their governance system allows the Pancake Swap Exchange users to determine the future of the platform. This allows them to adapt the platform based on what users say, instead of dictating what is best for the project.
Click Confirm and confirm the transaction in your wallet. Choose a farm that’s compatible with your LP tokens. You’ll also be able to look at the annual percentage rate (APR) offered.
- You need to deposit BNB into this address later on.
- Now that you’ve created a wallet on Trust Wallet, you need to buy some BNB.
- On PancakeSwap, you can swap BNB for another token like ElonTech.
- Choose a farm that’s compatible with your LP tokens.
First, you need to start by adding liquidity to PancakeSwap. PancakeSwap was created as a fork of SushiSwap in September 2020, using an almost identical code but instead being built on the BNB chain. PancakeSwap is an alternative, offering users several lucrative opportunities to keep them on the platform. He has researched, tested, and written thousands of articles ranging from social media platforms to messaging apps.
How to Trade
An average of 35,000 CAKE is added from the treasury each week (10,000 CAKE every other round), and the funds are rolled over if nobody wins. The majority of DEXs are built on the Ethereum network, which is known for slower transaction times and higher fees. This can make trading cryptocurrency a little more expensive and a lot more stressful. You can also stake your cryptocurrency directly on the “Pools” page without LP tokens. Now that you’ve imported the token to PancakeSwap, you’ll be able to swap BNB for it.
The draw works much like a traditional lottery, in which players must match their numbers to win. In his free time, Lim plays multiple games like Genshin Impact, League of Legends, Counter-Strike, Hearthstone, RuneScape, and many others. He creates guides, walkthroughs, solutions, and more on games that he plays to help other players with their progression. To do so, you need to add liquidity to PancakeSwap to get LP tokens on the “Liquidity” tab. PancakeSwap is typically used to swap BEP-20 tokens. On the “Search name or paste address” field, you need to paste the contact address of the token that you want to buy.
For buyers, this means they no longer need to wait to be matched with a seller but can instead deposit their current cryptocurrency into the pool and withdraw the crypto they want. After you’ve tapped on “WalletConnect”, you’ll see a list of wallets that you can connect to. In this PancakeSwap tutorial, you’ll learn how to use PancakeSwap with a wallet like Trust Wallet to swap BNB for another token. 2.Next, choose how many tokens you want to transfer. Once you’re okay with the bridge fee, click on the “Deposit” button. A message will pop up from your wallet asking for your approval.
In terms of trading volume, PancakeSwap ranks third in the world with an average volume of $944,910,070. Despite being almost identical to SushiSwap, PancakeSwap has several advantages, including faster transactions and a lower swap fee of 0.2% (the industry average is 0.3%). It also offers several additional features, such as yield farming across other protocols, initial farm offerings (IFOs), and its daily lottery. This pool consists of funds deposited by investors, which are then turned into smart contracts to offer liquidity.
