Pancake Swap how does it works
What is PancakesSwap?
PancakeSwap is a decentralized exchange native to BNB Chain. In other words, it shares some similarities with established platforms like UniSwap in that users can swap their coins for other coins without the input of middleman services.
The only difference is that PancakeSwap focuses on BEP20 tokens – a specific token standard developed by Binance.
The BEP20 standard is essentially a checklist of functions new tokens must be able to perform to be compatible with the broader Binance ecosystem of dapps, wallets, and other services.
How to buy PancakeSwap in 4 easy steps
The whole process can take as little as 15 minutes, and all you'll need is a smartphone or computer, an internet connection, photo identification, and a means of payment.
Compare crypto exchanges
The easiest way to buy PancakeSwap is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want, such as low fees, ease of use, or 24-hour customer support.
Create an account
To create an account on an exchange, you will need to verify your email address and identity. Have some photo ID and your phone ready.
Make a deposit
Once verified, you can deposit $ using the payment method that best suits you – bank transfer, credit card, debit card, and bank transfer (sepa) payments are widely accepted.
You can now exchange your funds for PancakeSwap. On easier-to-use exchanges, this is as simple as entering the amount you want to purchase and clicking buy. If you like, you can now withdraw your PancakeSwap to your Wallet.
How do I find the best places to buy PancakeSwap?
Cryptocurrency exchanges offer similar services but differ in a few key ways – mainly fees, the range of cryptos available, and payment methods. You can use our table to compare the features of popular cryptocurrency exchanges available in the US to help you choose the one that's right for you.
Some other factors you may want to consider are customer support, user reviews, ease of use, and whether or not the exchange is registered with a local regulator. You can find this information by clicking on the exchange name in the table, which will take you to its review page.
Guide to Earn
CAKE on PancakeSwap
- The first process is to go to the official site of PancakeSwap via PancakeSwap Login.
- Then, press on the Pools option.
- To step ahead, you need to select the pool where you want to stake your Lp tokens.
- Nextly, you need to Confirm the Withdrawal of CAKE tokens.
- After which, you should enter the quantity of the tokens you would like to stake.
- And now, go to the Confirm transaction option.
- Now, you need to earn rewards passively.
- At last, you must press the Harvest button on the Syrup Pool you need to stake in to withdraw your asset at any time.
Complete the Farming
- Head to your PancakeSwap Login account.
- Secondly, you must log in to your account by entering the Login Credentials properly.
- Go to the Farm option given on your screen.
- From that page, you have to select the desired pool.
- Further, click on the Enable button to confirm your transaction in MetaMask.
- Now, you must choose the amount of the LP tokens you are willing to stake.
- Re-examine the farm section daily to see how much CAKE amount you have earned.
- To harvest your newly- gained CAKE, go to the Harvest button and Confirm the transfer.
- By visiting the Syrup Pool, you get an option to stake your earned CAKE.
Guide to Set Up
a Wallet on
Is PancakeSwap a good investment?
Operational framework: PancakeSwap employs an automated market maker (AMM) model instead of a traditional order book to allow users to trade assets. Additionally, to receive steady returns and a portion of future trading fees, users must deposit their funds in a set pool. Incentives are distributed in the form of CAKE tokens, which one can later reimburse in exchange for BETH and various other cryptos.
Recycled source code: It is not uncommon for many decentralized applications (dApps) to share the same source code with a few minor tweaks here and there. For example, SushiSwap is an out-and-out copy of the popular DeFi platform UniSwap. In the same vein, PancakeSwap is, by and large, a more refined iteration of SushiSwap, with the project featuring a similar UI and design scheme.
Interoperability: Since Binance Smart Chain (BSC) is compatible with the Ethereum Virtual Machine (EVM), it allows for all of the dApps built atop it to be interoperable with a wide range of Ether-based wallets, including MetaMask, MEW, etc.
Fee model: When using the platform, participants are required to pay a flat 0.2% fee as part of their transactions. Of this figure, 0.17% is set aside for liquidity providers, with the remaining amount being burned by the protocol.
Novel product offerings: In addition to its various yield farming options, PancakeSwap also comes pre-built with a platform for Initial Farm Offerings (IFOs) as well as an NFT marketplace where users can buy/sell a wide range of tokenized assets, including synthetic shares for assets like Tesla, Google, Netflix, etc.
How to Buy NFTs on Pancakeswap?
- To begin the process, you have to visit the MetaMask Wallet.
- Now, press on the Network Selector option provided at the top of your screen.
- Then, Scroll down your screen and tap on the Custom RPC option.
- After which, a window will appear, and you need to add a few details to it.
- Network Name
- New RPC URL
- Chain ID
- Block Explorer URL
- Currency Symbol
- Once you enter the details properly, head to the Save bar.
- To proceed, you need to go to the PancakeSwap Login website.
- Click on the Connect opinion appearing in the top-right corner of that page.
- Lastly, the window will be shown on your device, asking you to select the Wallet you want to connect to.
- You have to move to the MetaMask Wallet.
How to Give Liquidity on PancakeSwap Login?
- You have to connect your Wallet with the PancakeSwap Login.
- Tap on the Liquidity bar in the Trade menu and choose a token pair you want to provide.
- Now, you need to select the number of tokens you want to mention to one half of the pair; the other half will auto-fil.
- Then, you have to click on the Farms option and stake them in their corresponding pool.
- Move downwards on that page and tap on the Enable button.
- Now confirm the deposit in MetaMask.
- After depositing the LP tokens, you will quickly begin earning CAKE rewards at the APR rate specified.
- And you can get your CAKE at any time by hitting on the Harvest option.
- Congratulations! You are done with the whole process.
How to Trade on PancakeSwap Login Using MetaMask?
- Firstly, to trade on PancakeSwap Login, you need to generate a Wallet.
- If you select MetaMask, you must Create a Wallet on the desired platform.
- Now, Add a Fund to your Wallet to buy and send it to your MetaMask BSC Wallet address.
- Then, link your Metamask Wallet to the PancakeSwap exchange.
- Further, select the tokens you would like to trade.
- For which, you have to press the Trade bar and choose the Exchange option.
- Mention the total amount you would like to sell in the From the bar.
- And enter the amount that you wish to buy in the To bar.
- You get an option to Review Settings to re-examine all the filled details.
- To proceed, click on the Approve option to confirm the transaction.
- In the end, go to the Swap option attested on your screen.
- Finally! Your transaction is complete on the PancakeSwap Login exchange.
How to do Farming on PancakeSwap Login?
If you get your liquidity provider tokens, you can easily stake the tokens in Farms to get extra rewards. Pay attention to the instructions to do farming on your PancakeSwap Login account.
- Foremost, you have to open the PancakeSwap Login webpage on your device.
- Secondly, head to the Farm section.
- Now, you need to choose the pool from that page.
- Hit on the Enable option and confirm the transaction in MetaMask.
- Then, you have to select the total quantity of LP tokens you wish to stake.
- Reanalyze the farm button over time to view how much CAKE you gained or earned.
- In case you wish to Harvest your newly-earned CAKE, hit the Harvest option and confirm the transfer.
- Lastly, you can stake your earned CAKE in a Syrup pool to earn more tokens.
How to Earn CAKE on PancakeSwap Login via Syrup Pool?
- To proceed, you have to open the official PancakeSwap Login page.
- Go to the Pools bar.
- Nextly, Choose the pool where you would like to stake your LP tokens.
- Now, you must Confirm the Withdrawal of CAKE tokens.
- Further, you must mention the total amount of the tokens you want to stake.
- Then, press the Confirm the transaction button.
- And then, you have to earn rewards passively.
- Lastly, tap on the Harvest option on the Syrup Pool you have staked in to withdraw your assets at any time.
PancakeSwap Login was introduced in September 2022 on the Binance Smart Chain as an alternative AMM to Uniswap exchange. It offers lower transaction fees and higher speeds. It has modernized some features that are the reasons which make it different from other platforms. You can earn or gain passive income. If you are searching for a decentralized exchange with lower costs and transaction fees, the PancakeSwap Login is the best option for you.