What is PancakeSwap?
Pancakeswap is one of the first decentralized exchanges under Binance Smart Chain (AMM DEX), allowing users to exchange BEP20 tokens (the latest token standard from Binance Smart Chain).
Similar to the AMM DEX In other words, when trading on PancakeSwap, users who provide liquidity will contribute their assets to the Pool, and traders will Swap assets back and forth in the Pool according to the predefined formula of Smart Contract, instead of the mechanism. Order-book (order book) like normal exchanges.
Initially, PancakeSwap was considered an AMM fork since Uniswap V2. However, since its first launch in September 2020, Pancakeswap has had very good performance when it is always in the top #3 DEX with the largest trading volume in the market.
Up to now, Pancakeswap is not only an AMM DEX but also a liquidity hub for the entire Binance Smart Chain system, similar to Uniswap – the liquidity center for the Ethereum system.
PancakeSwap Official Website: https://pancakeswap.finance/
How to use PancakeSwap to make money?
BILLIONrade
This is the interface of PancakeSwap floor, you can see it is quite similar to UniSwap and SushiSwap. Therefore, the usage is completely similar.
PancakeSwap floor interface.
To trade on PancakeSwap, you do the following:
1. Go to the Pancakeswap Exchange page here.
2. Select Unlock Wallet or Connect in the right corner to unlock any of your wallets.
Connect the Techtipsnreview Wallet Extension with PancakeSwap.
For example: I choose Techtipsnreview Wallet (Extension version on the computer) to connect to PancakeSwap Enter the password to log in to the wallet Techtipsnreview Extension.
Enter password to login Techtipsnreview Extension wallet.
Then choose Connect To confirm. So you have connected your Techtipsnreview Extension wallet with PancakeSwap and can conduct transactions.
Choose Connect to confirm the connection of Techtipsnreview Extension wallet with PancakeSwap exchange.
3. Select the token you want to trade and enter the amount.
Select Token and enter the quantity.
4. Check details and select “Swap”.
Check the details and select Swap.
5. Check details and select “Confirm Swap”.
Confirm Swap on PancakeSwap.
6. Select Confirm to confirm transactions in your wallet.
Confirm transaction in Techtipsnreview Extension wallet.
7. That’s it, you can go in “View on bscscan” to view your transaction details.
View your transaction details on bscscan.
Provide liquidity
Pools on PancakeSwap allows you to provide liquidity by staking your tokens into liquidity pools (LPs).
For those of you who do not understand the mechanism What is staking?then staking is the act of holding a certain amount of coins in the wallet of a Blockchain project for a period of time in order to receive a reward.
Liquidity Pools on PancakeSwap.
When you add a token pool (LP), you will receive FLIP tokens (the token that represents PancakeSwap’s liquidity provision). For example, if you deposit $CAKE and $BNB into a liquidity pool, you will receive CAKE – BNB FLIP tokens.
The amount of FLIP tokens you receive represents your share in the CAKE – BNB liquidity pool. You can also get your money back at any time by canceling the liquidity you provided.
You take the following steps to provide liquidity on PancakeSwap:
1. Visit the Liquidity page on PancakeSwap here.
2. Select Add liquidity.
Select Add Liquidity to provide liquidity on PancakeSwap.
3. Choose coin/token to stake in pool, here I choose to stake coin BNB and CAKE. Then choose Supply.
Note: You must provide tokens with equal total USD value. For example, when you stake 10$ BNB, you also have to stake 10$ CAKE.
Select Token and Supply.
4. Carefully check the information and select Confirm Supply.
Choose Confirm Supply to confirm liquidity offer on PancakeSwap.
5. Select Confirm to confirm stake coin.
Confirm transaction in Techtipsnreview Extension wallet.
6. You have now completed staking coins on Pancakeswap and have the liquidity token CAKE/BNB FLIP.
Liquidity Token CAKE/BNB FLIP on PancakeSwap.
Farming
After holding LP token, you can use it to earn CAKE. There are many Pools for you to Farm coins on the PancakeSwap floor.
Farm interface on PancakeSwap.
1. Go to the farm section on Pancakeswap here and choose Connect to connect a wallet similar to the one above.
2. Select the Farm you want to join. For example, here I choose CAKE – BNB farm.
Select the Farm you want to join on PancakeSwap.
4. Select Select.
Choose Select.
5. Select the button “+” to stake liquidity tokens.
Stake tokens by selecting the “+” sign.
6. Enter the amount of liquidity tokens you want to stake and choose Confirm.
Enter the amount of liquidity tokens and Confirm.
7. So you have completed the CAKE token farm.
Join Lottery
Lottery is a special lottery feature on PancakeSwap floor.
The PancakeSwap Lottery.
Usually each Lottery ticket will be worth 5 USD in CAKE, after buying the ticket, you will be given 6 random numbers from 0 to 9. Every day there will be 2 lottery draws, each lasting 12 language.
The number of tickets to participate is unlimited, so you can buy as many tickets as you like.
Rules for playing Lottery on PancakeSwap.
To win, the numbers on your ticket must match the Lottery results in the correct order from left to right.
Example: The lottery result is 913662 and there are 2 tickets to participate in the Lottery:
- Ticket A – 913962: Match the first 3 numbers and the last 2 numbers with the lottery results Ticket A will win a prize”Match First 3“.
- Ticket B – 013662: Although the last 5 digits are matched, the first number does not match ⇒ Ticket B will not win any prizes.
Lottery winning criteria on PancakeSwap.
The distribution of rewards for each prize will be presented as follows:
- Joint 1 digit first – Match First 1: first% Pool prizes.
- Joint 2 digits first – Match First 2: 3% Pool prizes.
- Joint 3 digits first – Match First 3: 6% Pool prizes.
- Joint 4 digits First – Match First 4: ten% Pool prizes.
- Joint 5 digits first – Match First 5: 20% Pool prizes.
- Match all 6 digits – Match All 6: 40% Pool prizes.
Lottery prize distribution.
To join Lottery on Pancakeswap, follow these steps:
1. Brothers join Lottery on Pancakeswap here.
2. Select Buy Tickets.
Buy Ticket to join Lottery on PancakeSwap.
3. Enter the number of tickets you want to buy and select Enable.
Enter the number of tickets you want to buy and select Enable.
7. Select Confirm in the Techtipsnreview Extension wallet associated with PancakeSwap.
Confirm transaction on Techtipsnreview Extension wallet.
8. So you have successfully bought 1 lottery ticket, now just sit and wait for the lottery results.
Pancake Collectibles
You can still earn NFTs special in Pancake Collectibles set and trade them for CAKE.
Pancake Collectibles set.
Here are the steps to join and earn NFT on PancakeSwap:
1. Register to participate here and choose Register for a chance to win.
Sign up to earn NFT on PancakeSwap.
2. Brothers will be randomly selected to receive NFTs.
On October 7, 2021, Pancake continues to release a new set of NFTs called Pancake Squad with a total supply of 10,000 NFTs, with the price of 15 CAKE for one NFT. That amount of NFT sold out within 1 minute.
Currently, this NFT set Pancake Squad is sold out, and you can buy them again on Pancake’s NFT Marketplace. You can trade here.
Join IFO
IFO (Initial Farm Offering) is a way for you to buy newly launched tokens through yield farmingby staking LP tokens from supporting pools to be granted the right to participate in buying new tokens.
IFO on PancakeSwap.
With the outstanding feature that Total commit will be public at the place of sale, IFO has brought PancakeSwap a large number of users with 2 million transactions in a day (April 20), and achieved ATH on all 3 fronts: 24h volume , users and transactions on BSC on the same day.
Note when participating:
- You must have CAKE-BNB LP tokens.
- When the Token CAKE tokens are equivalent to half of the total fund, they will be burned forever.
Example: If the total allocated capital is $1,000,000 USD then $500,000 CAKE tokens will be burned.
To participate in IFOs on PancakeSwap, follow these steps:
Brothers go to the page: https://pancakeswap.finance/ifo to see IFOs projects.
Before sale:
- Buy CAKE and BNB tokens.
- Generate CAKE-BNB LP tokens by adding CAKE and BNB to the liquidity pool.
During the sale: You must deposit CAKE-LP tokens to buy IFO tokens.
After the sale ends: You claim the IFOs tokens you bought. The rest of the money will be sent back to you.
Epilogue
That’s how I introduced you to What is PancakeSwap and guide you to use the features on the PancakeSwap floor. Pancakeswap is really interesting with a variety of forms so you can make more profits. If you still have questions or haven’t done any of the steps, please comment below so I can help!
Besides, you can learn more about the potential for development and some other investment ways with PancakeSwap through a detailed analysis article about PancakeSwap. PancakeSwap . Operation Model.
If you have any questions or problems in any of the above steps, please comment below to discuss with Techtipsnreview!
Don’t forget to subscribe and join Techtipsnreview Insights’ groups and channels below to discuss with admins and many other community members:
Source: What is PancakeSwap? Instructions for using PancakeSwap (details)
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